Governor of Borno State, Babagana Zulum has directed the Ministry of Finance to establish branches of existing microfinance banks in 25 local government areas in the state.
This move is aimed at ensuring all old Naira notes are returned to the banking system ahead of the January 31 deadline given by the Central Bank of Nigeria (CBN).
This instruction was contained in a statement issued by the Special Adviser to the governor on Communications and Strategy, Isa Gusau, and made available to reporters on Thursday in Maiduguri.
According to the statement, the ministry of finance is to work with the Ministry of Higher Education, Science, Technology and Innovation in that direction.
This directive is important as the state notes the absence of banking services across 25 of 27 LGAs in the state, due to over 12 years of destruction by Boko Haram insurgents.
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“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.
The governor 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.
