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From Timothy Olanrewaju, Maiduguri
A non-interest microfinance institution, Rayyan Microfinance Bank, has unveiled a ₦2 billion lifeline support package for the growth of Micro, Small and Medium Enterprises (MSMEs) in Borno State to boost the 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’s services and intervention projects in Maiduguri, the Borno capital.
Musa explained that the bank’s new intervention is structured into five projects, including Rayyan Women, which focuses on women entrepreneurs; Sun Ray, an alternative energy initiative for households, offices and small businesses; and other small business development schemes.
“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,” he disclosed.
He further explained that four of the projects will take ₦500 million each, totalling ₦2 billion.
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He said the bank, established as a non-interest microfinance institution in 2022, is not entirely new, adding that the event was organised to present the bank and its new projects as well as services to the public.
The MD commended the 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.
Gov Zulum, in his remarks, assured of the government’s readiness to partner with the bank.
