By Sani Gazas Chinade, Damaturu
Yobe State Governor, Mai Mala Buni, has commended the Yobe State Microfinance Bank for surviving years of economic and security challenges, declaring that its impressive growth has justified the government’s investment in the institution.
Governor Buni spoke in Damaturu while inaugurating the bank’s maiden Business Community Development Day and unveiling a range of new financial and business-support products designed to deepen financial inclusion across the state.
The governor recalled that the height of insecurity in Yobe forced several commercial banks to shut down branches, leaving businesses and residents with limited access to banking services and creating serious economic setbacks.
According to him, the situation threatened the state’s economic prospects and deprived many residents of opportunities to access financial services.
He said the state government therefore took deliberate steps to strengthen its microfinance bank and ensure that it remained financially stable enough to continue serving residents despite the difficult operating environment.
Buni praised the management of the bank, led by Prof. Sheriff Almuhajir, for not only keeping the institution afloat but transforming it into a strong and increasingly successful microfinance bank.
He noted that the bank had earned the confidence of its customers and recognition from relevant supervisory authorities through improved service delivery.
“You have justified government’s investments in the bank,” the governor said, while applauding its management for the progress recorded.
Buni expressed optimism that the newly introduced products would further empower small businesses, expand access to financial services and support economic activities across the state.
Among the products unveiled were electric motorcycles, home solar energy solutions, wallet accounts, Point-of-Sale (POS) channels, ATM cards and banking cubicles.
The governor said the initiatives would help beneficiaries increase their productive capacity while making banking services more accessible, particularly to people and businesses previously underserved by conventional banking institutions.
He also commended Yobe’s business community for remaining resilient in the face of economic and security difficulties, describing their contributions as vital to the development of the state and the wider Nigerian economy.
Buni said government’s investments in roads, markets and other infrastructure were aimed at creating a more favourable environment for businesses to thrive and stimulate economic growth.
Earlier, the Managing Director of Yobe State Microfinance Bank, Prof. Sheriff Almuhajir, disclosed that the institution had recorded significant financial growth under its current management.
Almuhajir said the bank’s capital base had risen from N14 million to more than N800 million, while loans exceeding N100 million had been disbursed to customers to support their businesses and livelihoods.
He assured the state government that the bank would build on its current achievements and deliver even stronger results in the coming years.
The launch of the new products marks another step in the bank’s efforts to widen access to banking services, support entrepreneurship and strengthen financial inclusion across Yobe State.
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