NYIF Loan Disbursement: LAPO MFB starts disbursement
LAPO Microfinance Bank has taken the lead in disbursing the Nigeria Youth Investment Fund (NYIF loan). Loans will be disbursed to 25,000 recently selected beneficiaries of the program.
Recall that the Federal Ministry of Youth and Sports Development approved in 2022 LAPO Microfinance Bank (LAPO MFB), NPF Microfinance Bank (NPF MFB) and Baobab Microfinance Bank (Baobab MFB) as paying out NYIF loans in 2022, in addition to Nirsal Microfinance Bank (Nirsal MFB). (Nirsal News)
Responding to the enthusiasm of LAPO MFB in ensuring that the loan reaches the beneficiaries without any delay, the NYIF loan beneficiaries under the bank appreciated the efforts of LAPO MFB management and prompt lending to other NYIF loan disbursing banks. Encouraged to follow in their footsteps in the distribution. .
NYIF loan beneficiaries filled the social space with songs of joy yesterday by displaying credit alerts ranging from N250,000 to N3 million as LAPO MFB distributed NYIF loans to the beneficiaries on a large scale.
The Nigeria Youth Investment Fund (NYIF) is a N75 billion youth-based loan program launched by the administration led by President Mohammed Buhari to invest in the innovative skills and entrepreneurship of young Nigerians.
The loan has a 5% single digit APR and a mortgage 12 months before repayment. The Nigeria Youth Investment Fund was approved by the Federal Executive Council in July 2020.
Since its approval in 2020, ministry reports show that between 2020 and 2021, only 10,000 young people benefited from the loan program.
To expedite the disbursement of NYIF loans to the more than 3 million youth who have registered for the program, the Ministry has included the services of NPF Microfinance Bank, LAPO Microfinance and Baubab Microfinance in the disbursement of loans.
Each NYIF loan disbursing bank assigns multiple beneficiaries, and communicates with the beneficiaries through their phone numbers and email addresses provided during registration.
While it is the duty of banks to disburse NYIF loans to the beneficiaries, shortlisting and training of shortlisted applicants is the sole responsibility of the Ministry of Youth and Sports Development.
According to the ministry, applicants should be trained before accessing the Nigeria Youth Investment Fund (NYIF loan).