By SADIQ ABUBAKAR, Maiduguri –
Borno State Governor, Babagana Zulum, has directed the State Ministry of Finance and The Ministry of Higher Education, Science, Technology and Innovation to liaise with the state owned Microfinance bank, Renaissance Microfinance Bank Limited, as a matter of urgency to ensure free collection of deposits from the citizens of Borno between Thursday, 26th and 31st January 2023, in accordance with CBN regulatory procedures.
The two ministries and State owned Microfinance bank are also to hastily establish branches of Borno’s existing Microfinance Bank, as well as an ICT centres across the 27 Local Government Areas to facilitate the exercise.
Governor Zulum also directed the Ministry of Higher Education, Science, Technology and Innovation to support mobile telecommunication providers towards improving their network coverage for internet connectivity across all 27 LGAs of the state.
He further directed that where possible, branches of the microfinance bank should be established this week in Monguno and Gwoza LGAs of the state.
Governor Zulum also directed the Ministry of Finance to immediately come up with a template to organize and ensure people in rural communities deposit their old naira notes before the 31st of January deadline.
He gave the directive on Wednesday evening while constituting the ad hoc standing joint committee at the Government House, Maiduguri.
The governor’s directives follows the CBN’s naira redesign policy amidst the absence of banking services across 25 out of Borno’s 27 LGAs due to over 12 years Boko Haram insurgency in the state.
Zulum lamented thus: “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”
“Despite a great improvement of the security in Borno, there are still challenges for banks to start operations. Banking is a very delicate industry and I am sure none of them is willing to take the risk of establishing branches in our LGAs for now.
”Therefore, to support our people, Borno State Government has to take the risk. I have directed the ministry of finance to ensure the recapitalization of Borno Renaissance Microfinance Bank to qualify it to have the capacity to open branches in all the 27 LGAs. This I believe will greatly alleviate the suffering of our people”, Zulum said.
“I have convened this meeting to discuss how our people in the villages can get easy windows of depositing their money to the bank accounts as stipulated in the CBN’s new policy.
”The Ministry of Finance is hereby directed to mobilize the people and ensure nobody lost his money, you should facilitate ways through which people can voluntarily deposit their money into the banks in the remaining days” Zulum said.
The extraordinary stakeholders meeting which was attended by the Shehu of Borno, Abubakar Umar Garbai El kanemi, represented by the Waziri of Borno, Mustapha Waziri Mukhtar.
The meeting also had in attendance, members of the Borno State House of Assembly to members, state Commissioners, Special Advisers, Local Government Councils Transitional Chairmen, Renaissance Microfinance Bank officials and other critical stakeholders.
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