Several Nigerians appear to be in the dark over why their Nigeria Youth Investment Fund (NYIF) loans were not approved by NIRSAL/CBN. Some people are even beginning to think that the loans are only available to Nigerians with powerful “godfathers.”
To clear the air on such an assumption, the Federal Ministry of Youth and Sports Development disclosed the reasons some applicants’ loans might not be approved.
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Below are the reasons some applicants were not pre-qualified for loan disbursement:
- Applicant did not provide valid or correct phone number for communications on further steps in the loan application.
- Applicant has an existing AGSMEIS or COVID-19 Loan.
- Applicant is over 35 years old, which puts them beyond the age bracket for youths.
- Applicant has a poor credit rating or currently has a non-performing loan.
- Applicant failed to provide a valid BVN.
- Applicant provided incomplete or incorrect BVN.
What you should know about NYIF
NYIF, which is operated by the Ministry of Youth and Sports Development, has disbursed loans to 5,200 youth amounting to about N1.63 billion.
This was revealed in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loans. The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications were approved.