Borno: Zulum Unveils Microfinance Bank, Approves Upward Review Of Allowances For CJTF

Borno State Governor, Babagana Umara Zulum, has unveiled Rayyan Microfinance Bank, headquartered in Maiduguri, the state capital on Sunday.

Rayyan Bank is an Ethical Compliant Digital Bank that offers non-interest financing. With a commitment to ethical compliance practices, the bank also provides a comprehensive range of banking solutions designed to meet the diverse needs of individuals and businesses.

Speaking at the unveiling ceremony held in Forshams Event Centre, Maiduguri, Zulum emphasised that the bank is a critical tool for building resilience and fostering self-reliance among the people of Borno. He highlighted its role in providing the financial backbone communities need to rebuild livelihoods affected by years of insurgency.

“Microfinance banks are crucial for driving financial inclusion, reducing poverty and promoting economic growth through providing accessible financial services to such as small loans, savings accounts and insurance amongst others to low income individuals who don’t have access to traditional banking systems in Nigeria,” Zulum said.

He added, “I want to commend the vision and tenacity of the chairman and members of this very important bank, I also want to assure you that the government, under my leadership, will partner with you to promote the ideals of the non-interest banking system which is very important to our economy.”

Demonstrating Borno State government’s confidence in the new institution, Zulum directed the State Ministry of Finance to open an account with Rayyan Microfinance Bank.

Following the unveiling, the Governor formally presented the bank to the public, urging residents, cooperatives, and business owners to utilise its services to grow their businesses, support local enterprises, and contribute to the state’s economic resurgence.

The event featured keynote addresses and lectures by academics, regulatory agencies, religious scholars, and other stakeholders, highlighting the potential of non-interest banking to promote ethical investments and foster inclusive economic growth.

Meanwhile,Governor Zulum has approved upward review of allowances for Civilian Joint Task Force (CJTF), Vigilantes Hunters and Neighbourhood even as he earmarked  N232.4 million for monthly allowance.

The  Governor, who approved an upward review of the monthly allowances to volunteers under the Borno Youth Empowerment Scheme, popularly known as the Civilian Joint Task Force (CJTF), said the decision underscores the commitment of Borno State Government to supporting those that risk their lives daily to safeguard communities and restore lasting peace in the state.

In a statement, the Special Adviser to the Governor on Media, Dauda Iliya, said Governor Zulum approved the upward review of the monthly allowance for each volunteer from ₦30,000.00 to ₦50,000.00, while leaders of the volunteer groups will now receive ₦150,000.00 each.

Already, the reviewed allowance has started hitting their accounts resulting in a revised monthly expenditure to ₦232.4 million.

The groups have been critical pillars in the fight against Boko Haram insurgency, complementing the efforts of the Nigerian military and other security agencies in maintaining peace and stability across Borno State.

Upon assumption of office in 2019, Governor Babagana Zulum graciously approved the upward review of volunteers’ monthly allowances from ₦15,000.00 to ₦20,000.00, and later further increased the allowance to ₦30,000.00. Since then, Borno State Government has consistently ensured the payment of ₦30,000.00 monthly to each volunteer.

While this support has significantly assisted the volunteers, prevailing economic realities, rising costs of living, and the increasing operational risks associated with their duties have made a further review necessary.

“The Civilian Joint Task Force (CJTF), Vigilantes, Hunters, and Neighbourhood Watch have consistently demonstrated gallantry, resilience, and unwavering commitment in the fight against Boko Haram insurgents,” Zulum stated.

“In recognition of these sacrifices and in appreciation of their steadfast dedication to peace and security, His Excellency has approved an upward review of the monthly allowance for each volunteer from ₦30,000.00 to ₦50,000.00, while leaders of the volunteer groups will now receive ₦150,000.00 each,” he added.

This increase will take effect from January 2026, with a total of 45 leaders benefiting from the leadership allowance.

The enhanced allowance is expected to further boost their morale, strengthen operational effectiveness, and reinforce the resolve of the volunteers to continue supporting ongoing security operations.

Their invaluable contributions include the arrest of key insurgent commanders and the provision of actionable intelligence to security forces that has led to the prevention of attacks and the protection of lives and property across communities in the state.

Governor Zulum commended the volunteers for their patriotism, courage, and selfless service, and call on them to re-dedicate themselves to duty, uphold discipline, and sustain their collaboration with security agencies in the collective quest to entrench peace, stability, and development across the state.