Rayyan Bank unveils N2bn empowerment projects for Borno MSMEs

Rayyan Microfinance Bank has announced the launch of N2 billion worth of empowerment projects aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across Borno State. The Managing Director of the bank, Abubakar Musa, disclosed this while addressing journalists on Sunday during an event organised to mark the grand opening of the bank in Maiduguri, […]

Rayyan Microfinance Bank has announced the launch of N2 billion worth of empowerment projects aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across Borno State.

The Managing Director of the bank, Abubakar Musa, 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 Rayyan as an “indigenous non-interest microfinance bank” focused on providing access to finance for business owners.

“This bank, Rayyan Microfinance 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, and USSD,” he said.

Speaking on the empowerment projects, Musa explained that they are targeted at women’s empowerment, renewable energy, and small business development.

“This gathering is just to officially introduce the bank to the public. We have actually been in existence for some time,” he said.

He further stated that the bank has launched five products.

“We launched five products. Rayyan MSME will cater to traders, entrepreneurs, and other small business owners. Rayyan Women focuses on women entrepreneurs. Sun Ray is an alternative energy initiative for households and offices.

“We have committed N2 billion to finance four of these projects. The fifth product is investment-based. Under this product, customers bring their funds, and from their investments—alongside shareholders’ and depositors’ funds—we will finance the other four projects,” he explained.

Musa added that N500 million has been allocated to each of the four empowerment projects.

“Each of the projects will receive N500 million,” he said.

He also commended the Borno State Government for creating an enabling environment for private sector participation.

“Anything you do, if you want it to grow, you must involve the wider community and the state government. We are glad that the administration under the leadership of Professor Babagana Zulum has created a pathway for private investors to thrive,” Musa said.

Speaking earlier, the Governor of Borno State, Professor Babagana Zulum, commended the bank’s initiative and pledged the state government’s support.

“Let me use this opportunity to commend the chairman of Rayyan Microfinance Bank and other members of the board for this great initiative,” the governor said.

“Microfinance banks exist to drive innovation and reduce poverty through access to finance, insurance, and other services for low-income individuals who lack access to conventional financial services.”

He assured that the Borno State Government would partner with the bank to serve the people of the state.

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

Similarly, the Chairman of the Borno Elders Forum, Sheriff Gambo, praised the management of the bank and prayed for the sustainability of the initiative.

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