NYIF Loan Update: Approval and Disbursement continue for Nigeria Youth Investment Fund beneficiaries

Recall that on 1st April 2022 in a previous NYIF Loan Update, we clarified that the emails and text messages being sent to trained applicants of the NYIF Loan Scheme by the NPF Microfinance Bank were not a scam as alleged while urging the recipient to follow the instructions specified by the Bank to Open Bank Accounts with them.

We are happy to inform you that approval has resumed for the applicants who obeyed the instruction by the NPF Microfinance Bank to open Bank Accounts with them.

If you had received the Text message and/or e-mail notification from the NPF Microfinance Bank and you opened a bank account as instructed, kindly proceed to your e-mail inbox to check a mail showing how much NYIF Loan has been approved for you. Do not forget to check all your inbox including the SPAM mail inbox.

Follow the instruction on the mail to Accept or Reject that Loan offer.

A sample of the mail is shown below for the avoidance of doubt and prevention of fraud:

Some trained applicants of the Nigeria Youth Investment Fund who adhered to the NPF Microfinance Bank’s instruction have confirmed to have received approval for N250,0000, N650,000 NYIF Loan while others received higher amounts under the NYIF Loan Scheme, which they are waiting for disbursement into their Bank Accounts.

Recall that the Nirsal Microfinance Bank in the disbursement of the NYIF Loan to the beneficiaries had pegged the maximum loan per applicant at N300,000.

The reason was given then was that the applicants were many and to enable the funds to circulate among the numerous applicants, it would be capped at N300,000 per NYIF Loan beneficiary.

However, with the new partnership with the NPF Microfinance Bank, there has been a new twist as many beneficiaries whose loans have been approved, saw more than N300,000 NYIF Loan approved for them.

Recall that the amount approved for a beneficiary is dependent on the Business Plan data, especially the financial information supplied during the filling of the Business Plan form.

While the decision to partner with the NPF Microfinance Bank and increase the loan cap has not been made public by the Federal Ministry of Youth and Sports Development, we are glad that applicants are getting the long-awaited NYIF Long Approval and Disbursement follows soonest.

Congratulations to the current beneficiaries. Stay updated as more are on the way.

Originally published by myinfoclock