In response to the distress of Nigerian youths, the Federal Government has expedited the payout of the Nigeria Youth Investment Fund (NYIF Loan) to the most recent recipients of the Loan Scheme.
One of its initiatives is the extension of the banks in charge of disbursing the NYIF Loan to the recent 25,000 recipients.
In addition to the pioneer, Nirsal Microfinance Bank, three banks are currently disbursing the NYIF Loan: NPF Microfinance Bank, Lapo Microfinance Bank, and Baobab Microfinance Bank.
The Baobab Microfinance has revealed its readiness to disburse the loan to beneficiaries in the South East, in line with the Federal Government’s effort to ease the tough economic slump among the youngsters through the disbursement of the NYIF Loan across the States of the Federation.
In a note sent out today, the Baobab Microfinance Bank advised recent NYIF Loan recipients in the South East region to get ready since Baobab MFB offices will be open in the region soon to disburse the NYIF Loan.
The shortlisted NYIF Loan beneficiaries in the region, who should have gotten a text message and/or mail from the bank, should have filled out the online form supplied to them with their essential details, according to Baobab MFB, as this will speed up the account opening process.
Baobab MFB wrote:
“Nigerian Youth Investment Fund (NYIF)
“1. Are you an NYIF beneficiary and reside in the South-East & South-South States? Kindly note that a Baobab Centre will be available within your Region / State very soon.Need Federal Govt Free-Interest Loan? =>See Here.
“2. You are expected to have filled out the online form sent via SMS/ Email with your relevant details as this will ease the process of account opening.
- If you did not receive the online link to open your account, kindly reach out to our contact centre or email us.
- Please note, that when your Baobab account is opened, you will get a notification on when to visit the designated centre within your Region / State to sign your Loan offer letter.
“5. Beneficiaries from other regions and states will also be advised accordingly.
“For more enquiries:
“Call 07000226222 or email email@example.com
The NYIF Loan, as it is commonly known, is a soft loan ranging from N250,000 to N3,000,000 that is repayable over three years at a 5% interest rate with a one-year moratorium, with the goal of increasing youth productivity through training and investment in youth-based enterprises.
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