The Federal Government in consideration of the plights of youths in the country has hastened the disbursement of the Nigeria Youth Investment Fund (NYIF Loan) to the recent beneficiaries of the Loan Scheme.
Among its efforts is the expansion of the banks charged with the responsibility of disbursing the NYIF Loan to the recent 25,000 beneficiaries.
Three Banks, NPF Microfinance Bank, Lapo Microfinance Bank and Baobab Microfinance Bank are currently disbursing the NYIF Loan inaddition to the pioneer, the Nirsal Microfinance Bank.
In line with the Federal Government's bid to alleviate the harsh economic downturn among the youths through the disbursement of the NYIF Loan across the States of the Federation, the Baobab Microfinance has disclosed its preparedness to dish out the loan to beneficiaries in the South East.
The Baobab Microfinance Bank in a memo today told the recent NYIF Loan beneficiaries in the South East region to get ready as Baoba MFB branches will be available within the region to disburse the NYIF Loan soon.
Baobab MFB furthered that the shortlisted NYIF Loan beneficiaries in the region who should have recieved a text message and/or Mail from the bank, are expected to have filled out the online form sent to them with their relevant details, as this will ease the process of account opening.
Baobab MFB wrote:
"Nigerian Youth Investment Fund (NYIF)
"UPDATED INFORMATION
"1. Are you an NYIF beneficiary and reside in the South-East & South-South States? Kindly note that a Baobab Centre will be available within your Region / State very soon.
"2. You are expected to have filled out the online form sent via SMS/ Email with your relevant details as this will ease the process of account opening.
"3. If you did not receive the online link to open your account, kindly reach out to our contact center or email us.
"4. Please note, that when your Baobab account is opened, you will get a notification on when to visit the designated center within your Region / State to sign your Loan offer letter.
"5. Beneficiaries from other regions and states will also be advised accordingly.
NYIF Loan as it is popularly called is a soft loan between N250,000 to N3,000,000 payable in 3-5 years at 5% interest rate with 1 year moratorium, meant to boost youth productivity through training and investing in youth-based businesses.
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