Are you looking for nyif loan approval on NIRSAL and CBN approved loan the you are on the right page with all the necessary information.
Many people are still having difficulty understanding the status of their NYIF application and how to pay. This article will assist you in checking your NYIF Loan approval status and payment status. This article also contains the most recent update from FMYSD regarding NYIF payment via NIRSAL/CBN.
Table of Contents
NYIF Loan Approval for Payment by NIRSAL/CBN and FMYSD Update
Many people believe that loans are restricted to Nigerians who have powerful godfathers. The Federal Ministry of Youth and Sports Development has now revealed the reasons why some applicants might not be approved for loans.
Why some applicants weren’t shortlisted for NYIF Loan Payment/Disbursement
Here are some reasons why applicants weren’t pre-qualified to receive loans.
- The applicant did not provide a valid or correct number to communicate with the lender regarding further steps in their loan application.
- The applicant has an existing AGSMEIS loan or COVID-19 loan.
- The applicant is older than 35 years, which places them outside the youth age range.
- The applicant has poor credit ratings or is currently in default on a loan.
- The applicant failed to provide a valid BVN.
- The applicant provided an incorrect or incomplete BVN.
Noteworthy Information about NYIF Loan
NYIF is a Ministry of Youth and Sports Development-operated institution that has given loans to 5200 youth in the amount of N1.63 billion.
This information was made public in the most recent update that the NIRSAL Micro Finance Bank (NMFB) provided to the Ministry. The bank disburses loans. It also indicated that it was ready to disburse another batch of youth loans to 25,000 young people as soon as their loan applications had been approved.
The Ministry released a statement stating that the total eligible applications approved was 6054, out of which 5,200 disbursements have been made. This leaves 854 unapproved applicants, who are still waiting to be disbursed. The batch had 721 unqualified applicants.
A Ministry advisory revealed that some applications were declined because applicants didn’t provide the required information.
The Ministry reminds beneficiaries and applicants that the Nigeria Youth Investment Fund’s (NYIF) monies to youth are not loans but loans.
Another batch of 25,000 youth have been pre-qualified to train ahead of final clearance for the disbursement. The Ministry disclosed that it was in consultation with other partners to improve the loan disbursement platform to speed up access to the funds.
How do you know if your NYIF loan has been approved for payment
To be eligible for the NYIF Loan Pre-approval, you will need to complete the following steps: Filling out an application, uploading a company plan via the NYIF loan portal, as well as participating in training.
You will then be pre-qualified for the NYIF loan programme, if the management sees that you have met the requirement, and then notify you to click on this link https://nyif.nmfb.com.ng/app and login to apply for the loan by providing your [Bank Verification Number(BVN)], then click on Validate. To find out if their loan application has been approved, all NYIF applicants must check their NYIF dashboard.
All applicants who have completed all the above processes and applied for the loan will be notified that their NYIF Loan application was approved. Kindly click https://nyif.nmfb.com.ng and log into your profile to accept the offer.
Out of N12.5 billion approved to fund the NYIF’s first tranche, only N3 billion was provided by the Central Bank of Nigeria. Only 54.6 percent of the N3billion has been distributed so far.
Around 25,000 people are waiting to be approved, trained and disbursed.
