Naira redesign: Gov. Buni urges banks to establish more branches

Gov. Mai Mala Buni of Yobe called on commercial banks on Monday to establish more branches across the state to ease business transactions.

Buni made the plea in Damaturu while inaugurating 50 point-of-sale (POS) machines donated to the state by the United Bank for Africa (UBA) to enhance revenue generation.

He said the establishment of more branches across the state would encourage bank transactions among rural dwellers.

"In Yobe, only four out of the 17 local government areas have banks. Many of our people are either farmers or pastoralists who believe in holding cash instead of engaging in bank transactions.

"It is high time you expanded your operations to cover the remaining local government areas," the governor said.

Buni noted that if banks had more branches, the mopping up of old currency in line with the Central Bank's Naira Redesign policy would have been more successful.

"I urge banks to conduct more sensitization on the policy and devise a means by which people can conveniently change their old notes to new ones before the January 31, 2023, deadline," he said.

The governor commended UBA for the donation, which, he said, would ease revenue payment and collection.

Buni appreciated commercial banks and other development partners for supporting the state in implementing policies and programs that have direct bearing on the lives of the people.

In his remarks, Alhaji Abatcha Geidam, Executive Chairman, Board of Internal Revenue, assured of the judicious use of the machines.