FMYSD moves to mitigate disqualification, initiates Account Update | What you should know and more

The Federal Ministry of Youth and Sports Development (FMYSD) has initiated plans to mitigate factors which had led to inability of some applicants of the Nigeria Youth Investment Fund accessing the Loan.

Sequel to the disbursement of N1,629,220,000.00 to 5,200 youths in the Loan Scheme and pre-qualification of another batch of 25,000 Youths for the compulsory Training, the Ministry identified the following as the major reasons why some applicants were outrightly disqualified:

"Applicants Account Details were incorrect"

"Applicant failed to provide a valid BVN

"Applicants provided incomplete or incorrect BVN.

"Applicants did not provide valid or correct phone number for communications on further steps in the loan application, among others.

Related: NYIF: Why some applicants of the Nigerian Youth Investment Fund will be disqualified

To minimize these disqualifying factors, the Ministry has encouraged applicants of the Loan Scheme to log into their dashboards to "Update" their Accounts:

How to Update Account in the NYIF Dashboard

1.  Open nyif.nmfb.com.ng

2. Enter your Log in Details

3. When logged in, locate "Update Account"

4. Enter your Correct account details and submit.

5. Also verify that your BVN, Phone Number etc are correct

Applicants are advised to ensure that the Account Details being updated can accept Loan amount applied for in one Transaction. If an applicant is not sure about this, the applicant is advised to visit his/her Bank for enquiries before updating the Account Details.

How to Calculate Loan Interests on expected Loan Amount

The Nigeria Youth Investment Fund just like COVID-19 TCF, AGSMEIS are Loan offers managed by the Nirsal Microfinance Bank on a low interest rate of 5% per annum for up to 3 years maximum duration.

As an applicant, you can calculate the amount of Interest you will pay on expected Loan Amount in a year, and Amount of Interest your are expected to pay Monthly by doing these:

2. Select (No) as a none beneficiary or yet-to-be a beneficiary

3. Enter Loan Amount 

4. Enter Loan Term (Loan Duration i.e. Number of Years)

5. Click on Calculate

6. Result will be displayed based on Features such as Yearly Interest, Monthly Interest, Monthly Repayment Amount, etc.

As an existing beneficiaries of NYIF, COVID-19 TCF, AGSMEIS, you can do your calculation in a slightly different way. Kindly refer to the full guide in the link below:

Nirsal Microfinance Bank launches Loan Calculator | Learn how to use

Post a Comment