NYIF Loan Scheme Update: Approval and Disbursement Ongoing

The Nigeria Youth Investment Fund (NYIF Loan) will take on a new twist when the Federal Ministry of Youth and Sports Development joins forces with the NPF Microfinance Bank to approve and disburse the N75 billion NYIF Loan Scheme.

Remember that in a previous NYIF Loan Update on April 1, 2022, we clarified that the emails and text messages sent by the NPF Microfinance Bank to trained applicants of the NYIF Loan Scheme were not a scam, as some had claimed, and urged the recipients to follow the instructions provided by the Bank to open bank accounts with them.

We are pleased to tell you that approval for applicants who followed the NPF Microfinance Bank’s instructions to open a bank account has been reinstated.

If you received a text message or e-mail notification from the NPF Microfinance Bank and followed the instructions to open a bank account, please check your e-mail inbox for a message indicating the amount of the NYIF Loan that has been approved for you. Remember to check all of your inboxes, including the SPAM folder.

Accept or reject the loan offer by following the instructions on the mail.

For the sake of clarity and fraud prevention, a sample of the mail is presented below:

Some trained Nigeria Youth Investment Fund candidates who followed the NPF Microfinance Bank’s instructions reported receiving clearance for N250,0000 and N650,000 NYIF Loans, while others received larger amounts under the NYIF Loan Scheme and are awaiting distribution into their bank accounts.

Recall that the Nirsal Microfinance Bank set the maximum loan per application at N300,000 when disbursing the NYIF Loan to the recipients.

The explanation cited at the time was that there were many applicants, thus the funds would be capped to N300,000 per NYIF Loan beneficiary to allow the monies to flow among them.

However, with the current cooperation with the NPF Microfinance Bank, there has been a new twist, as several beneficiaries who have had their loans approved have received more than N300,000 in NYIF loans.

Remember that the amount allowed for a beneficiary is based on the data in the Business Plan, particularly the financial information provided during the Business Plan form’s completion.

While the Federal Ministry of Youth and Sports Development has not made the decision to collaborate with the NPF Microfinance Bank and increase the loan cap public, we are pleased that applicants are receiving the long-awaited NYIF Long Approval and Disbursement is on the way.

To the current recipients, my heartiest congratulations. More are on the way, so stay tuned.

This information was first published on nyscinfo.comDMCA PROTECTED.

Source: Nyscinfo

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