Babagana Zulum, Borno state governor, has directed the state ministry of finance to, in accordance with regulatory procedures, hastily establish branches of Borno's existing microfinance bank across all the 27 LGAs.
Wasilat AzeezBabagana Zulum, Borno governor, has directed the state’s ministry of finance to hastily establish branches of Borno’s existing microfinance bank across all the 27 local government areas .also ordered the ministry of higher education, science, technology and innovation to set up ICT centres in the LGAs.The meeting had in attendance members of the Borno state house of assembly, commissioners, advisers, local government chairmen and other critical stakeholders.
“At the moment we only have two LGAs with banking services and these are Maiduguri and Biu. The distance from most of the local governments to either Maiduguri or Biu is too long,” Zulum said.“Despite a great improvement of the security in Borno, there are still challenges for banks to start operations.
“Therefore, to support our people, Borno state government has to take the risk. I have directed the ministry of finance to ensure the recapitalisation of Borno Renaissance Microfinance Bank to qualify it to have the capacity to open branches in all the 27 LGAs.Zulum also instructed the finance ministry to immediately come up with a template to organise and ensure people in rural communities deposit their old naira notes before the January 31 deadline.
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