Zulum Launches Rayyan Microfinance Bank to Boost Ethical Financing in Borno

Zulum Launches Rayyan Microfinance Bank to Boost Ethical Financing in Borno

By Tada Jutha, Maiduguri

Borno State Governor Babagana Umara Zulum has launched the Rayyan Microfinance Bank (RMFB), a digital and ethical-compliant financial institution designed to expand access to non-interest financing for residents of the state.

The unveiling ceremony took place on Sunday at Forshams’ Hall in Maiduguri, where the governor described the bank as a major step toward rebuilding livelihoods affected by years of insurgency.

Zulum noted that the bank’s model offers a wide range of financial solutions tailored to individuals, entrepreneurs, and organisations seeking non-interest loan schemes and other inclusive banking services.

“The Microfinance Bank is a critical tool for building resilience and fostering self-reliance among the people of Borno State,” he said.

He stressing that the institution will help revive businesses and provide a financial backbone for communities recovering from the 16-year Boko Haram conflict.

Beyond offering interest-free loans, RMFB is expected to promote financial inclusion through small credit schemes, savings platforms, and insurance options for low-income earners often excluded from traditional banking.

Zulum lamented the financial limitations faced by vulnerable groups, stating that many Nigerians still struggle to meet conditions set by conventional banks.

He also commended the management of Rayyan Microfinance Bank for what he described as visionary leadership, pledging full government support for the growth of ethical banking in the state.

“Under my leadership, government will partner with you to promote the ideals of non-interest banking, which are important to our economy,” he assured.

As a show of confidence, the governor directed the Borno State Ministry of Finance to immediately open an official account with the newly launched bank.

He further urged residents, cooperatives, traders and private enterprises to embrace RMFB’s services to grow their businesses, create jobs, and support the state’s broader economic recovery.

Banking experts at the event highlighted the rising prospects of ethical and non-interest finance in Nigeria, noting its potential to drive inclusive growth, support ethical investments and unlock new opportunities for small and medium businesses.