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Microfinance Bank launches Ram loans scheme for Sallah celebrations

Microfinance Bank launches Ram loans scheme for Sallah celebrations

Screenshot 2024 06 07 08 10 21 85

The Yobe Microfinance Bank says it has launched a “ram loans scheme” for Sallah celebrations.

Sheriff Almuhajir, the bank’s chief executive officer (CEO), disclosed this in an interview with NAN in Damaturu on Thursday.

The financial institution is a state-licensed microfinance bank in Yobe state, north eastern Nigeria.

Almuhajir said the bank has initiated a N150 million facility to enable its customers to purchase animals for sacrifice during the Eid el-Adha celebration, slated for June 16.

Eid el-Adha, also known as the ‘feast of sacrifice’, is the second of the two main holidays celebrated in Islam to commemorate Prophet Ibrahim’s devotion to sacrifice his son as an act of obedience to God’s command.

The sacrifice of animals such as rams, sheep, cattle, and goats is a symbolic ritual performed by Muslims across the globe to celebrate the day.

 

“This loan scheme is designed to support civil servants in Yobe, especially those working with state and local councils during the festive season,” Almuhajir said.

The bank’s CEO said the facility would be carried out under the Sallah ram loans scheme and divided into categories A and B for disbursement.

According to Almuhajir, customers in category A would receive N150,000, while those in category B would receive N75,000.

He said the loan would be repaid monthly, with customers in category A paying N6,000; while those in the second group would pay N3,300.

 

Almuhajir said the conditions for obtaining the loan include having an account with the bank with a minimum balance of N2,500 for automated teller machine (ATM) cards and other services.

The CEO said applicants must purchase a form from the banking hall for N1,000 and be civil servants on the payroll of the state or local government councils.

Other requirements include the provision of two passport photographs, the national identification number (NIN), a payment slip and other relevant documents.

 

He said the initiative aims to assist individuals and families who may not be able to immediately afford a ram for the festivities.

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