The Nigeria Youth Investment Fund (NYIF Loan) has witnessed a new twist in 2022 as the Federal Ministry of Youth and Sports Development partners the NPF Microfinance Bank in the Approval and Disbursement of the N75 Billion NYIF Loan Scheme.
Recall that on 1st April 2022 in a previous NYIF Loan Update, we clarified that the mails and text messages being sent to trained applicants of the NYIF Loan Scheme by the NPF Microfinance Bank was not a scam as alledged, while urging the recipient to follow the instructions specified by the Bank to Open Bank Accounts with them.
In Today's NYIF Loan Update 5th April 2022, 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 recieved the Text message and/or e-mail notification from the NPF Microfinance Bank and you opened bank account as instructed, kindly proceed to your e-mail inbox to check a mail showing how much NYIF Loan that has been approved for you. Do not forget to check all your inbox including SPAM mail inbox.
Follow the instruction on the mail to Accept or Reject that Loan offer.
A sample of the mail is showed 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 recieved approval for N250,0000, N650,000 NYIF Loan while others recieved higher amount 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 given then was that the applicants were many and to enable the funds circulate among the numerous applicants, it would be capped at N300,000 per each NYIF Loan beneficiaries.
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 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.
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