Are you looking for a step-by-step guide that will help you check the status of your loan application and log in to your NYIF account? If that is the case, then you have arrived at the correct location.
In this article, I will outline a step-by-step process that 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 their email address, BVN number, or phone number, and then a password. This process can be found further down in the article. This procedure is straightforward and quick.
The Nigerian Youth Investment Fund is what, exactly? (NYIF)
The Nigerian Youth Investment Fund (NYIF) was developed by the Federal Ministry of Youth and Sports Development (FMYSD) and is sponsored by the Central Bank of Nigeria (CBN). Its purpose is to invest in the ideas of young people to build sustainable businesses that can activate enterprises and increase the number of job opportunities available 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 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
- Individuals 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
Applicants to attend compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Apply for Loan
Successfully trained prospective applicants to proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make the appropriate decision, and forward recommended applications to CBN for final approval.
CBN reviews applications and gives final approval for disbursement to NMFB
CHECK YOUR LOAN APPROVAL STATUS HERE
We urge you to register your business and join thousands of Nigerians already enjoying loans and funding benefits.
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