The governor said the move will help spread banking services to rural areas of the state.
As a means of helping rural dwellers swap their old naira notes for the nearly designed naira notes, the Governor of Yobe State, Mai Mala Buni, has directed the state-owned bank, Yobe Microfinance Bank, to open branches in all the 17 local government areas in the state.
In a statement signed by his spokesperson, Mamman Mohammed, the governor said the move will help spread banking services to rural areas of the state.
PREMIUM TIMES reported that Mr Buni had pleaded with the Central Bank of Nigeria (CBN) for an extension of the deadline citing security challenges and the absence of banking services in rural areas of the state.
According to the governor, out of the 17 local government areas in the state, only four have banking services. He said banks are reluctant to reopen their branches, which were closed due to the Boko Haram insurgency.
The statement noted that the "lack of banks in most parts of the state has become a problem of grave concern".
"The new cashless policy of the Central Bank of Nigeria came with lots of challenges to our people in most parts of the state due to lack of banks.
"Most local government areas do not have financial institutions and have to travel far distances with heavy risks to conduct financial transactions.
"The situation is further compounded with the new cashless policy and despite our plea to the commercial banks to open branches, there have been no responses.
"As a government, we have looked inward to seek for solution that would rescue our people", Mr Buni said.
The governor said he will give the bank full support for the takeoff of the new branches.
" I want to charge the management of the Bank to prepare for the challenges that would come with the new branches and you will have our full support," he assured.
He commended the bank management for the good performance in the last few years saying, "there is room for more improvement".
Mr Buni then called on the business community, civil servants and everyone in the localities to do business with the bank.
