NYIF Loan Update: FMYSD Moves to Mitigate Disqualification, Initiates Account Update

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NYIF Loan Update: FMYSD Moves To Mitigate Disqualification, Initiates Account Update

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.

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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.

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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.

ALSO READ: NYIF NEWS: More Youths Have Been Pre-Approved For NYIF Loan Disbursement – FMYSD

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