Are you looking for a step-by-step guide on how you can login NYIF account and check the status of your loan application? If so, then you are in the right place.
In this article, I will outline a step-by-step process all applicants should follow in order to log into the above portal and verify that their loan application status is approved or pending by using email / BVN / phone number and then a password. This process is simple and fast.
Contents
What is Nigerian Youth Investment Fund (NYIF)
NYIF – Nigerian Youth Investment Fund was designed by the Federal Ministry of Youth and Sports Development (FMYSD) and sponsored by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprises and increase job opportunities in Nigeria.
The NYIF Objective is as follows:
- Improve access to finance for youth and youth-owned enterprises, for national development
- Generate much-needed employment opportunities to curb youth restiveness.
- Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
- Finally, the NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.
NYIF Loan Requirements
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
NYIF Loan Approval Processes: How to Login to Check your Application Status
To access the loan, you must create an account via the NYIF Portal to enable you and access the NYIF government loan
Step 1
Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Step 2
Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Step 3
Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
Step 4
Approval
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.
Step 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
CHECK YOUR LOAN APPROVAL STATUS HERE
Finally:
We urge you to register your business and join thousands of Nigerians already enjoying loans and funding benefits.