Zulum Launches Rayyan Microfinance Bank to Boost Financial Inclusion in Borno

Michael Olugbode in Abuja

Borno State Governor, Prof. Babagana Zulum, has formally unveiled Rayyan Microfinance Bank, a non-interest financial institution headquartered in Maiduguri, as part of efforts to strengthen economic recovery and promote financial inclusion in the state.

The unveiling ceremony took place on Sunday at the Forshams Event Centre in Maiduguri, drawing stakeholders from the financial sector, academia, regulatory bodies, and religious institutions.

Rayyan Microfinance Bank operates as an ethical-compliant digital bank, offering non-interest financing alongside a variety of banking products tailored to individuals, cooperatives, and small businesses.

The institution is designed to serve people who are often excluded from conventional banking systems.

Speaking at the event, Zulum described the bank as a strategic platform for rebuilding livelihoods and encouraging self-reliance among communities affected by years of insurgency and economic disruption.

According to him, microfinance institutions play a vital role in poverty reduction and economic growth by providing access to essential financial services such as small loans, savings products, and insurance to low-income earners.

“Microfinance banks are key drivers of financial inclusion. They provide the support many citizens need to start businesses, grow enterprises, and improve their standard of living,” Zulum said.

The governor commended the leadership and vision of the bank’s board and management, assuring them of the state government’s readiness to collaborate in advancing non-interest banking as a viable alternative within Nigeria’s financial system.

As a demonstration of confidence in the new institution, Zulum directed the Borno State Ministry of Finance to open an official account with Rayyan Microfinance Bank.

He also encouraged residents, business owners, and cooperative societies to take advantage of the bank’s services to expand their economic activities and contribute to Borno’s long-term recovery and development.

The event featured lectures and goodwill messages from experts and stakeholders, who highlighted the role of non-interest banking in promoting ethical finance, inclusive growth, and sustainable development.