NYIF Loan Update: Approval and Disbursement Ongoing
The Federal Ministry of Youth and Sports Development is joining forces with the NPF Microfinance Bank to approve and distribute the N75 billion NYIF loan scheme, and the Nigerian Youth Investment Fund (NYIF loan) will take a new turn.
Keep in mind that in a previous NYIF loan update we have made it clear that emails sent by the NPF microfinance bank letters and text messages to trained NYIF loan scheme applicants were not fraudulent, as some claimed, and requested recipients. Follow bank instructions when opening a bank account.
We are pleased to announce that the approval of applicants who have followed the guidelines for opening a bank account with the NPF Microfinance Bank has been restored.
If you have received a text message or an e-mail Check your e-mail from NPF Microfinance Bank and follow the bank account opening procedures. mailbox, or there is no message confirming the NYIF loan amount. Do what has been approved for you. Check all your emails. email accounts, including the spam folder.
Accept or decline the loan offer according to the postal instructions.
For the sake of clarity and to prevent fraud, the following is an example of a letter:
Some Nigerian Youth Investment Fund candidates have been notified of the approval of the NYIF N250,000 and N650,000 NYIF loans following instructions from the NPF Microfinance Bank, while others have received large sums under the NYIF loan scheme and are awaiting distribution in bank accounts.
Please note that Nirsal Microfinance Bank has set a maximum NYIF loan of N300,000 per application for the disbursement of a NYIF loan to beneficiaries.
An explanation was given at the time that there were too many applicants, so 300,000 N would be allocated to one NYIF borrower to allow money to flow between them.
However, the current collaboration with the NPF Microfinance Bank has taken a new turn, as many of the beneficiaries whose loans have been approved have received more than 300,000 loans.
Please note that the amount approved for the beneficiary is based on the details of the business plan, in particular the financial information provided when completing the business plan form.
Although the Federal Ministry of Youth and Sports Development has not decided to cooperate with the NPF Microfinance Bank and make the loan ceiling public, we are pleased that the applicants are receiving the long-awaited NYIF approval and distribution method.
Congratulations to the existing recipients. More will be released soon, so stay tuned.