The LAPO Microfinance Bank has taken the lead in disbursing the Nigeria Youth Investment Fund (NYIF Loan) to the 25,000 beneficiaries of the program who were recently shortlisted.
In addition to the Nirsal Microfinance Bank (Nirsal MFB), the Federal Ministry of Youth and Sports Development approved LAPO Microfinance Bank (LAPO MFB), NPF Microfinance Bank (NPF MFB), and Baobab Microfinance Bank (Baobab MFB) as NYIF loan disbursing banks in 2022.
The NYIF Loan beneficiaries under the bank complimented the efforts of LAPO MFB Management in ensuring that the loan reached the beneficiaries without delay, while encouraged other NYIF Loan disbursing Banks to follow their lead in timely disbursement of the loan.
Yesterday, as the LAPO MFB massively released the NYIF Loan to the beneficiaries, songs of delight filled the social space with the NYIF Loan beneficiaries exhibiting their credit alerts ranging from N250,000 to N3million.
The Nigeria Youth Investment Fund (NYIF) is a N75 billion youth-based financing program launched by President Muhammadu Buhari’s administration to invest in young Nigerians’ innovative skills and business ventures.
The loan has a single-digit APR of 5% and a 12-month grace period before repayment. The Federal Executive Council approved the Nigeria Youth Investment Fund in July 2020.
Only roughly 10,000 youths benefited from the loan scheme between 2020 and 2021, according to Ministry data, with Nirsal Microfinance Bank as the only disbursing bank.
The Ministry enlisted the help of NPF Microfinance Bank, LAPO Microfinance, and Baobab Microfinance to expedite the loan payment to nearly 3 million youths who had registered for the program.
Each of the NYIF Loan disbursing Banks is assigned a number of beneficiaries and communicates with them using the phone numbers and email addresses provided during registration.
While the disbursement of NYIF Loans to beneficiaries is the responsibility of the disbursing banks, the Ministry of Youth and Sports Development is solely responsible for shortlisting and training of shortlisted applicants.
Applicants must be taught before they can access the Nigeria Youth Investment Fund (NYIF Loan), according to the Ministry.
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