Rayyan Microfinance Bank has unveiled N2 billion worth of banking projects aimed at expanding access to finance for micro, small and medium enterprises (MSMEs), women entrepreneurs, and households across Borno State.
The Managing Director of the bank, Abubakar Musa, disclosed this on Sunday while speaking to journalists at an event organised to mark the grand opening of the bank in Maiduguri, the Borno State capital.
Musa described Rayyan Microfinance Bank as an indigenous non-interest financial institution established to address financing gaps faced by low-income earners, traders, and small business owners, particularly those excluded from conventional banking services.
“This bank is an indigenous non-interest microfinance bank. While we have a physical presence here in Borno State, our services are accessible everywhere through our mobile app, internet banking, and USSD platforms,” he said.
According to him, the newly launched projects are designed to stimulate economic activity, reduce poverty, and promote inclusive growth, with a strong focus on MSMEs, women empowerment, and alternative energy solutions.
Musa explained that the bank has introduced five products, four of which will be financed directly with N2 billion committed capital.
“We launched five products. Rayyan MSMEs is designed to cater to traders, entrepreneurs, and small business owners. Rayyan Women focuses on empowering women entrepreneurs. Sun Ray is an alternative energy initiative to support households and offices with sustainable power solutions. We also have an investment product, which is the fifth offering,” he said.
He disclosed that N500 million has been allocated to each of the four financing projects—Rayyan MSMEs, Rayyan Women, Sun Ray Energy, and another small business development initiative—bringing the total funding commitment to N2 billion.
“Each of these projects will take N500 million. The investment product works differently. Customers bring their funds, and together with shareholders’ funds and deposits, we are able to finance the other projects,” Musa explained.
He noted that although the formal launch was held recently, the bank had been operational for some time, gradually building its product offerings and digital infrastructure.
Commending the Borno State Government, Musa said the administration has created an enabling environment that encourages private investment and economic recovery in the state.
“For any business to grow, there must be collaboration with the community and government. We are grateful to the Borno State Government, under the leadership of Professor Babagana Zulum, for creating pathways that attract private investors and support enterprise development,” he said.
Speaking at the event, Governor Babagana Zulum praised the initiative, describing microfinance as a critical tool for poverty reduction and economic inclusion. He pledged the state government’s support and partnership with the bank.
“Microfinance banks exist to drive innovation and reduce poverty by providing access to finance, insurance, and other services for low-income individuals who lack access to traditional banking,” the governor said.
“I want to assure you that the government of Borno State under my leadership will partner with Rayyan Microfinance Bank to serve our people and strengthen economic activities across the state,” he added.
Also speaking, Chairman of the Borno Elders Forum, Sheriff Gambo, commended the management of Rayyan Microfinance Bank and prayed for the sustainability and success of the initiative.
“As elders, we commend this initiative and will continue to pray for its growth and sustainability. We wish the bank success and grant it our blessings,” he said.
The launch of Rayyan Microfinance Bank and its N2 billion financing commitment is expected to boost entrepreneurship, expand access to non-interest financing, and support post-conflict economic recovery efforts in Borno State, particularly among women-led businesses and small enterprises.
