• Business - Companies
  • Updated: January 26, 2023

New Naira Notes: Borno Governor Calls For Establishment Of Microfinance Banks

New Naira Notes: Borno Governor Calls For Establishment Of M

The Governor of Borno State, Governor Babagana Zulum has directed the State Ministry of Finance to quickly establish branches of existing microfinance banks in  25 local government areas in the state in accordance with regulatory procedures.

This was disclosed in a statement issued by the Special Adviser to the governor on Communications and Strategy, Malam Isa Gusau, and made available to newsmen on Thursday in Maiduguri.

According to the statement, the ministry of finance is to work with that of Higher Education, Science, Technology and Innovation in that direction.

“Zulum’s directive follows the CBN’s policy on stoppage of old Naira notes amid the absence of banking services across 25 out of Borno’s 27 LGAs due to over 12 years of destructions by Boko Haram insurgents.

“The governor announced the microfinance measures on Wednesday in Maiduguri during an extraordinary stakeholders meeting which was attended by the Shehu of Borno, Abubakar Umar Garbai Elkanemi, represented by the Waziri of Borno, Mustapha Waziri Muktar.

“Zulum directed that where possible, branches of the microfinance bank should start being established this week in Monguno and Gwoza LGAs,’’ the statement explained.

Zulum also directed the ministry of finance to immediately develop a template to organise and ensure people in rural communities deposit their old Naira notes before the January 31 deadline.

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