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Why most NYIF loan applicants could not make it into pre-qualified phase

The Nigeria Youth Investment Fund (NYIF) loan scheme, which has pre-approved some applicants for disbursement, is still creating room to accommodate more beneficiaries. According to the Ministry of Youth and Sports Development, more partnerships are being sorted out for, to enable the scheme extend the number of persons that will benefit from its loan service.

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The Ministry went further to give the disbursement status, citing why some applicants weren’t Pre-qualify for the disbursement phase. The reasons are;

1) Affected applicants failed to input their correct/valid phone number during application, which is the major means of communicating with applicants in consecutive steps.

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2) Affected applicants exceeding the age bracket of a youth, which is stipulated to be thirty-five (35) years old.

3) Providing wrong BVN.

4) Already have records on either the COVID-19 or AGSMEIS Loan database.

5) Doesn’t have a good credit rating.

6) Didn’t provide BVN during registration.

About five thousand (5,000) applicants were recently screened (Pre-qualified) to partake in the compulsory training, after which they will be cleared to receive the Loan applied for (disbursement of funds).

Note: The NYIF gives out loans to Nigerian youths, not grant as most applicants think. Therefore, once an applicant gets funded, he/she should have the mindset to repay the money.

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For Complaints/Enquiries: Contact the Help line of the Ministry for youths through mails. You are to send your message to the email address below for swift response: nyif@youthandsport.gov.ng.

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