NYIF Loan: Doubts taking opportunities away from Youths, FMYSD lament | NYIF Disbursement 2022 | NYIF News 2022 | Lapo Microfinance Bank | NPF Microfinance Bank

The Federal Ministry of Youth and Sports Development has decried the low response of youths to mails and text messages notifying them of their NYIF Loan Approval. 

The Ministry through a statement signed by its Director of Press and Public Relations, Mohammed Manga, on Tuesday lamented that "less than 14% of the newly shortlisted applicants from the over 25,000 successful candidates, who are expected to be part of the loan, have responded to emails confirming their approval to receive the soft loan." 

Manga furthered that instructions on how to access the the NYIF Loan are contained in the email sent to the beneficiaries [which proves it's not fake] but the rate of response to the emails have been quite low. 

"However, others who responded have received the funds into their PFI designated bank accounts, he added.

We have clarified severally that mails and text messages sent to the recent 25,000 beneficiaries of the NYIF Loan by either NPF Microfinance Bank or LAPO Microfinance Bank are not Fake or Scam in anyway.

In our explanation, Daily Info Update buttressed that "just as the Federal Ministry of Youth and Sports Development recently partnered the NPF Microfinance Bank in the disbursement of the NYIF Loan in 2022, it is also partnering the LAPO Microfinance Bank in the disbursement of the NYIF Loan.

"Currently, three Microfinance Banks are disbursing the NYIF Loan in 2022 as follows: Nirsal Microfinance Bank, NPF Microfinance Bank and LAPO Microfinance Bank." 

It is baffling how many youths who applied for the NYIF Loan called it a Scam, forcing a lot of the recent beneficiaries to refuse taking appropriate action as advised.

The ministry in the Statement on Tueday had warned that "Shortlisted candidates must respond to communication in order to conclude the disbursement process adding that "those who fail to respond risk forfeiting the opportunity."

The Nigerian Youth Investment Fund (NYIF Loan) is currently being disbursed to over 25,000 shortlisted youths among those who have expressed business needs within a range of N250,000 (Two Hundred and Fifty Thousand Naira) to N3m (Three Million Naira) depending on the scale of the business and its evaluation, the Ministry reiterated. 

About 6,000 youth benefitted from the first set of disbursements in 2020 and the names of the beneficiaries have since been made public.

While in the second batch 4,375 have so far responded to their loan offer messages and received their funds.

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