Nigerian Youth Investment Fund

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 to 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 a single-digit interest rate of 5%.

Disbursement will be through various channels, which will include microfinance, finance firms, and deposit money banks regulated by the Central Bank of Nigeria and supported by the Bank of Industry.

PROS

  • Low-interest rate
  • Collateral free

 

CONS

  • Numerous documentation required
  • Existing viable business required

Read, also: NYIF: Latest Update for Nigerian Youth Investment Fund Applicants

ELIGIBILITY CRITERIA

  • Official Government Identification
  • Applicant must be between the ages of 18 and 35 years old
  • Notarized Guarantor Forms
  • Passport photographs
  • Bank Verification Number
  • Training Certificate
  • Fundable business idea
  • Registered business
  • Nigeria Citizenship
  • NYSC certificate for graduates.

If you are one of the Applicants and yet to Validate your BVN, Process your Loan Application, then worry less.

Here ae the Step by Step to Create a Password, Validate Your BVN, and process your loan application.

Step 1.   Visit www.nyif.nmfb.gov.ng 

Step 2. Click on the loan application

Step 3. Enter ur bank verification number ( BVN )

Step 4.  then submit

ALSO READ:  Everything You Need To Know About XCredit Loan App

You are to wait for the NYIF portal to process your request which a mail with a link will be sent to the email address you registered on the NYIF portal.

It takes a few minutes or days to receive a confirmation mail, this is because the system is responding to millions of applications.

However, If you Enter your BVN and got a response from the system that ‘You have not been trained’. Kindly exercise patience as the next batch of 30,000 applicants will soon start receiving training messages, keep contact with your email messages.

 

Continue Reading Here