The LAPO Microfinance Bank has taken the lead in the disbursement of the Nigeria Youth Investment Fund (NYIF Loan) to the recently shortlisted 25,000 beneficiaries of the Programme.
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Recall that the Federal Ministry of Youth and Sports Development had approved LAPO Microfinance Bank (LAPO MFB), NPF Microfinance Bank (NPF MFB) and Baobab Microfinance Bank (Baobab MFB) as the NYIF loan disbursing Banks in 2022, in addition to the Nirsal Microfinance Bank (Nirsal MFB)
Reacting to the zeal of LAPO MFB in ensuring that the loan reached the beneficiaries without any delay, the NYIF Loan beneficiaries under the bank praised the efforts of LAPO MFB Management while encouraging other NYIF Loan disbursing Banks to follow their footsteps in prompt disbursement of the Loan.
Songs of joy filled the social Space with the NYIF Loan beneficiaries showcasing their credit alerts of N250,000 to N3million yesterday as the LAPO MFB massively disbursed the NYIF Loan to the beneficiaries.
| SEE ALSO: NYIF Loan Update: Ministry approves another Microfinance Bank for NYIF Loan Disbursement 2022 |
The Nigeria Youth Investment Fund (NYIF) is an N75 Billion Youth-based loan Programme initiated by President Mohammadu Buhari led administration to invest in the innovative skills and enterprise of young Nigerians.
The loan has a single-digit APR of 5% and a moratorium of 12 months before repayment. The Nigeria Youth Investment Fund was approved by the Federal Executive Council in July 2020.
Since its approval in 2020, reports from the Ministry showed that only about 10,000 Youths had benefited from the loan programme between 2020 and 2021, with Nirsal Microfinance Bank as the only disbursing Bank.
In order to speed up the NYIF Loan Disbursement to over 3 million Youths who registered for the programme, the Ministry had engaged the services of NPF Microfinance Bank, LAPO Microfinance and Baobab Microfinance in the disbursement of the loan.
| SEE ALSO: NYIF Update: BAOBAB NYIF Loan Selection SMS – What You Must Know |
Each of the NYIF Loan disbursing Banks has a number of beneficiaries assigned to it, and contacts the beneficiaries through their Phone Numbers and Email Addresses provided during Registration.
While the NYIF Loan disbursement to the beneficiaries is the duty of the disbursing Banks, the Shortlistlisting and Training of shortlisted applicants remain the sole responsibilities of the Ministry of Youth and Sports Development.
According to the Ministry, applicants must be trained before they can access the Nigeria Youth Investment Fund (NYIF Loan).
Originally published by Myinfoclock