Rayyan Bank Unveils N2bn Empowerment Projects For Borno MSMEs

Rayyan Microfinance bank has announced the launch of N2 billion banking projects, aimed at supporting Micro, Small and Medium Enterprises across Borno state

The managing director of the Bank, Abubakar Musa disclosed this yesterday while addressing journalists during an event organised to mark the grand opening of the bank in Maiduguri, the state capital

The MD described the bank as an “indigenous non-interest bank”, focussing on providing access to finance for business owners

He said, “This bank (Rayyan Microfinance bank) is an indigenous non-interest micro finance bank. We have physical office here in Borno state, but we have our digital presence everywhere through our mobil app, Internet banking and USSD.

Speaking about the projects, Musa said they target women’s empowerment, energy, and small business development.

He stated, “This gathering is just to introduce the bank officially to the public, if not, we have been existing for some time now.

We launched five products; they are, Rayyan Micro Small and Medium Enterprises, which will cater for traders, entrepreneurs and the rest.

“We have Rayyan Women, focusing on women entrepreneurs. We have Sun ray, which is an alternative source of energy initiative for households and offices

“We have committed N2 billion to finance these four projects we launched. The fifth project is on investment. Here, it is customers that will bring their money. From the money they bring, from our shareholders fund and depositors fund, we will be able to finance the other four projects.”

He further added that 500 million naira will be invested in each of the four projects

“Each of the projects will take N500, million, ” he explained

He however commended the Borno state government for creating an enabling environment for private businesses to thrive

“Anything you are doing, if you want to grow, you must involve the wider community and the state government. So we are glad that the administration under the leadership of Professor Babagana Zulum have created the pathway to bring in private investors,” he added.

Speaking earlier, the governor of Borno state, Babagana Zulum, commended the bank, while pledging the state government’s partnership

“Let me use this opportunity to commend the chairman of the Rayyan Microfinance bank and other members for this great initiative. Basically, Microfinance bank exist to draw innovation and reduce poverty through the provision of access to finances, insurance, and others for low income individuals who lacks access to finance”

He added, “I want to assure you that the government of Borno under my leadership will partner with Rayyan Microfinance bank to serve our people”

Similarly, the chairman, Borno Elders Forum, Sheriff Gambo praised the management of the bank, while praying for the sustainability of the initiative.

“As elders, we commend this initiative, and we will continue to pray for sustainability. We wish them success and grant them our blessings”, he said.