NYIF Loan Disbursement News, LAPO MFB starts disbursement of Loan.
Newsonline reports that LAPO Microfinance Bank has taken the lead in disbursing the Nigeria Youth Investment Fund (NYIF loan). Loans will be disbursed to 25,000 recently selected beneficiaries of the program.
Remember that the Federal Ministry of Youth and Sports Development approved the payment of NYIF loans in 2022 to LAPO Microfinance Bank (LAPO MFB), NPF Microfinance Bank (NPF MFB), and Baobab Microfinance Bank (Baobab MFB).
The NYIF loan beneficiaries under the bank praised the efforts of LAPO MFB management and fast lending to other NYIF loan disbursing banks in response to their enthusiasm in ensuring that the loan reaches the beneficiaries without delay. Encouraged to follow in their distribution footsteps.
NYIF loan beneficiaries sang songs of joy on social media yesterday, flashing credit alerts ranging from N250,000 to N3 million as LAPO MFB delivered NYIF loans on a huge scale to the beneficiaries.
The Nigeria Youth Investment Fund (NYIF) is a N75 billion youth-based financing initiative introduced by President Muhammadu Buhari’s administration to invest in young Nigerians’ innovative skills and entrepreneurship.
The loan has a single-digit APR of 5% and a 12-month mortgage before repayment. The Federal Executive Council approved the Nigeria Youth Investment Fund in July 2020.
According to ministry data, just 10,000 young people benefited from the loan scheme between 2020 and 2021, despite its approval in 2020.
The Ministry has enlisted the help of NPF Microfinance Bank, LAPO Microfinance, and Baubab Microfinance to speed the delivery of NYIF loans to the more than 3 million youth who have registered for the program.
Each NYIF loan disbursing bank provides several beneficiaries to whom it communicates via the phone numbers and email addresses provided after registration.
While banks are responsible for disbursing NYIF loans to recipients, the Ministry of Youth and Sports Development is solely responsible for shortlisting and training of shortlisted applicants.
Before applying for the Nigeria Youth Investment Fund, applicants should be taught, according to the ministry (NYIF loan).
How to Check NYIF Loan List of Shortlisted Candidates
- First visit to the official login page: https://nyif.nmfb.com.ng/app
- Input your Bank Verification Number ( BVN).
- Click on ‘Validate BVN’.
- A page will pop up, for you to enter a Password (ensure you enter the correct password).
- A confirmation link will be sent to your email address to activate your account.
- After you have successfully followed the steps above, log in to complete your application.
To check your Nigerian Youth Investment Fund (NYIF) loan status, follow the steps below;
Login to your NYIF dashboard.
Enter your Usernames and Password.
Scroll down, and click on 2021 NYIF Beneficiaries.
Download the NYIF pdf file.
Search for your names.