Nigerian Bank launches N150 million ram loan scheme for Sallah celebration

Yobe Microfinance Bank has introduced a “ram loans scheme” to support Sallah celebrations, as announced by the bank’s CEO, Sheriff Almuhajir, in an interview with NAN in Damaturu on Thursday.

This state-licensed microfinance bank, located in Yobe State, northeastern Nigeria, has launched a N150 million facility to help its customers purchase animals for sacrifice during the Eid el-Adha celebration on June 16.

Eid el-Adha, or the ‘feast of sacrifice’, is one of the two main Islamic holidays, commemorating Prophet Ibrahim’s willingness to sacrifice his son in obedience to God’s command. The day is marked by the symbolic ritual of sacrificing animals such as rams, sheep, cattle, and goats by Muslims worldwide.

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

The loan program, dubbed the Sallah ram loans scheme, offers two categories of loans: Category A and Category B. Customers in Category A can receive N150,000, while those in Category B can receive N75,000.

Repayment for the loans is structured monthly, with Category A customers paying N6,000 and Category B customers paying N3,300.

To qualify for the loan, customers must hold an account with the bank with a minimum balance of N2,500 for ATM cards and other services. Additionally, 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 providing two passport photographs, the national identification number (NIN), a payment slip, and other relevant documents.

Almuhajir emphasized that this initiative is designed to help individuals and families who may not have the immediate means to afford a ram for the festivities.