The Yobe State Government has introduced new microfinance products targeting traders, farmers, artisans and young entrepreneurs as part of efforts to improve financial inclusion and stimulate economic activities.
Governor Mai Mala Buni unveiled the products during the maiden Yobe Business Community Development Day organised by the Yobe State Microfinance Bank Limited at the Government House Banquet Hall in Damaturu.
The initiative is part of efforts by the bank, under Managing Director Prof. Sheriff Almuhajir, to strengthen support for businesses across the state.
The products include wallet accounts, Point-of-Sale channels, ATM cards, banking cubicles, home solar energy solutions and electric motorcycles for staff mobility.
Buni said the products were designed to expand access to financial services and strengthen the capacity of beneficiaries.
He said the bank was particularly important to traders in Potiskum, farmers in Gashua, artisans in Nguru and young entrepreneurs in Damaturu.
The governor said the microfinance institution could play a key role in reviving economic activities disrupted by years of insurgency.
He recalled that insecurity had affected businesses and forced some commercial banks to close branches in parts of the state.
According to him, the situation deprived residents of economic opportunities and made it necessary for the government to ensure that the state-owned microfinance bank remained financially viable.
Buni described the institution as a bridge linking small businesses and entrepreneurs with formal financial services.
He commended the management and staff of the bank for improving its operations and building customer confidence.
The Secretary to the Yobe State Government and Chairman of the bank’s Board, Dr Mohammad Goje, said the institution had expanded its operations and was competing with financial institutions beyond the state.
Goje said the board would continue working to extend the bank’s services to more communities.
The maiden Business Community Development Day brought together stakeholders from the business and financial sectors to discuss enterprise development and financial inclusion.
The bank said additional local government areas would be incorporated into future editions of the programme.
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