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From Timothy Olanrewaju, Maiduguri
A non-interest microfinance bank, Rayyan Microfinance bank has unveiled a N2 billion lifeline support for the growth of Micro, Small and Medium Enterprises (MSMEs) in Borno State to boost local economy affected by nearly two decades of insurgency.
Managing Director of the bank, Alhaji Abubakar Musa, announced this at the launch of the bank services and intervention projects yesterday in Maiduguri, Borno capital.
He explained that the bank’s new intervention is structured into five projects including Rayyan Women, focusing on women entrepreneurs Sun Ray, which is an alternative source of energy initiative for households and offices, and small business development.
“We have committed two billion naira to finance these four projects we launched. The fifth project is on investment. For this it is the customers that will bring their money. It is from the money they bring and from our shareholders fund as well as depositors fund that we will be able to finance the other four projects.”
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He further explained that four of the projects will take N500 million each, totaling N2 billion.
He said the bank, established as a non-interest microfinance institution in 2022, is not entirely new, adding that the event was organized to present the bank and its new projects as well as services to the public.
The MD commended Borno state government for creating an enabling environment for private businesses to thrive
“We are glad that the administration in Borno under the leadership of Prof. Babagana Zulum has created the pathway to bring in private investors,” he said.
Governor Zulum assured of the government’s readiness to partner with the bank.
