The Federal Ministry of Youth and Sports Development (FMYSD) has gives a new update regarding NYIF Loans Disbursement Status, Read the update below:-
1. Some applicants were not pre-qualified for loan disbursement for the following reasons:
- Applicants did not provide valid or correct phone number for communications on further steps in the loan application.
- Applicant has existing AGSMEIS or COVID-19 Loan.
- Applicant is older than 35 years old, which puts them beyond the age bracket for youth.
- Applicant has a poor credit rating or currently has a non-performing loan.
- Applicant failed to provide a valid BVN.
- Applicants provided incomplete or incorrect BVN.
2. Another Batch of 5,000 have been pre-qualified for training ahead of final clearance for disbursement.
3. Beneficiaries and applicants are reminded that the Nigeria Youth Investment Fund (NYIF) disburses repayable loans to the youth and not grants.
4. The Ministry for Youth and Sports Development is in consultations with other partners to expand the loans disbursement platform in order to fast track the youth access to the Fund.
The Ministry for Youth and Sports Development
Nigerian Youth Investment Fund (NYIF) is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
The NYIF aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry.
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