Applicants for the Nigeria Youth Investment Fund (NYIF) Loan have been given an update regarding loan disbursement. We urge all the applicants of NYIF loan to be at alert and respond to the message sent to them by the management of NYIF before it is too late. Before we proceed, check out list of Federal Goverment free-interest loans.
Did you receive any message from the NYIF loan disbursing agency, NIRSAL Microfinance Bank (NMFB)? Below is the latest NYIF news update for you. If you are yet to apply for NYIF, Click Here to submit your application. Whether you received NYIF loan SMS from NMFB or not, cIick here to read this vital information.
NYIF latest news update on loan disbursement
Read the following updates;
- The Nigeria Youth Investment Fund application portal, hosted by NIRSAL Micro-Finance Bank (NMFB), has received close to four million (4,000,000) applications for the first batch of N12.5 billion, which opened on October 16th, 2020. So far, only N165,700,000 has been disbursed to 247 beneficiaries across Nigeria. This was the pilot phase.
The processing of the 2nd batch has since started with SMS and emails being sent to eligible applicants. The Ministry of Humanitarian Affairs apologized for the delays/frustrations many applicants have experienced. The Ministry promised to work earnestly to resolve all IT related/processing issues.
The Ministry wishes to alert NYIF loan applicants that some of these IT related issues include email disparity, whereby applicants registered with business centers email addresses and are now trying to proceed with their personal email addresses, which results in mismatches that is unrecognized to the system.
When submitting information online, applicants are advised to wait for the system to finish processing such that they are able to see the automatic system to finish processing such that they are able to see the automatic prompts that display the progress of their applications.
All NYIF loan applicants should note that relaying or sharing the email and/or SMS sent to them may not work for secondary recipients as only the original recipients of the SMS, with the correct credentials like emails and birthday, are able to proceed with the application. Those who have or currently benefited from other government intervention programmes cannot proceed with the application.
The NYIF loan is a repayable ‘soft’ loan, and not a grant, therefore the processing of applications must be done carefully.
Application for this 2020 batches closes on February 28, 2020. Thereafter, successful applicants will continue to be notified in batches and invited for the next processes that will lead to loan disbursement to qualified applicants.
Unable to receive verification link to your email for NYIF loan disbursement, CIick here to sort it out.
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