Rayyan Bank launches N2b MSMEs empowerment projects in Borno 

Rayyan Microfinance Bank has announced the launch of two billion naira in projects aimed at supporting Micro, Small and Medium Enterprises across Borno State.

Abubakar Musa, the Managing Director of the Bank, disclosed this while addressing journalists on Sunday during an event organised to mark the grand opening of the bank in Maiduguri, the state capital.

Musa described the bank as an “indigenous non-interest bank”, focusing on providing access to finance for business owners.

“This bank is an indigenous non-interest microfinance bank. We have a physical office here in Borno state, but we also have a digital presence everywhere through our mobile app, Internet banking,g and USSD,” he said.

Speaking on the projects, Musa said they target women empowerment, energy and small business development

“This gathering is just to introduce the bank officially to the public; if not, we have been existing for some time now,” Musa added.

“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 SunRay, which is an alternative source of energy initiative for households and offices.

“We have committed two billion naira to finance these four projects we launched. The fifth project is on investment. Here, it is the customers who 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 500 million naira “, 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 has created the pathway to bring in private investors,” he said.

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 banks exist to drive innovation and reduce poverty through the provision of access to finance, insurance, and other services for low-income individuals who lack access to finance.

“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 of the 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.