NYIF Loan Update: Ministry approves another Microfinance Bank for NYIF Loan Disbursement 2022

The Federal Ministry of Youth and Sports Development (FMHDS) has intensified efforts in the disbursement of the N75 Billion Nigeria Youth Investment Fund (NYIF Loan) to millions of its applicants.

Among such unalloyed efforts is the Shortlisting of over 25,000 new beneficiaries who are currently receiving the N250,000 to N3 Million NYIF Loan into their PFI designated Bank Accounts.

The Ministry, to ensure speedy disbursement of the NYIF Loan to the current beneficiaries and prepare the efficient ground for another batch of beneficiaries to be soon shortlisted, has added NPF Microfinance Bank (NPF MFB) and LAPO Microfinance Bank (LAPO MFB) in addition to Nirsal Microfinance Bank (Nirsal MFB) among the disbursing Banks.

As if that is not enough, the Ministry has within the week added Baobab Microfinance Bank  (Baobab MFB) as one of the NYIF Loan disbursing Banks.

Baobab Microfinance Bank, a brand of Baobab Group https://baobabgroup.com, alerting the general public in a memo announced that:

“The Federal Ministry of Youths and Sports in conjunction with the Development Bank of Nigeria has officially approved Boabab MFB to disburse the Nigeria Youth Investment Fund (NYIF) to approved candidates.

• You will receive an SMS from Baobab MFB with details of how to process your Payment soon.
• “Baobab MFB client service representative at your designated branch will attend to you when you present the required documents if your name is shortlisted, as approved by NYIF.
• “Please note that Baobab MFB is not in charge of approval or shortlisting of beneficiaries, as we only work with the list sent to us by the officials of NYIF.
• “We will ensure we reach out to all beneficiaries as soon as possible

For more inquiries, call our HOTLINE on 07000226222 or email

customercareng@baobabgroup.com”

Baobab Microfinance Bank has started sending text messages/emails to the shortlisted applicants who are on their list as sent to them by the Ministry.

For prevention of fraud, the exact message sent by Baobab MFB to the NYIF Loan beneficiaries in their list reads:

“You have been selected as a beneficiary of the Nigeria Youth Investment.

“Visit any of our branches or https://bit.ly/3N6VLOW

“Call 07000226222, check your email.”

The Federal Ministry of Youth and Sports Development through its Director of Press and Public Relations, Muhammad Manga, has warned that “Shortlisted candidates must respond to communication to conclude the disbursement process adding that “those who fail to respond risk forfeiting the opportunity.”

Locate Baobab MFB Branches by:

1.  Visiting https://baobabgroup.com
2.  Scroll down to “Find the nearest branch around you”
3.  Click “NEXT to scroll in between Locations.
4.  View your Branch Address by Clicking on the Area of your Location.
5.  E.g: If you click on Zaria, “3, MAIN STREET, NEAR PZ, ZARIA, KADUNA
   Monday- Friday 8:30 AM – 5:30 PM Saturday 10 AM – 3 PM” appears.

NYIF Loan applicants should note that checking their Dashboards on https://nyif.nmfb.com.ng/app will not reveal if the applicant has been shortlisted for the NYIF Loan. Currently, when shortlisted, the disbursing Bank to which an applicant is assigned, will contact the applicant for acceptance of the Loan offer through Text and/or Mail.

Originally published by Myinfoclock