As a direct response to the plight of young people in Nigeria, the Federal Government has sped up the process of disbursing funds from the Nigeria Youth Investment Fund (NYIF Loan) to those who have most recently been approved for the Loan Scheme.
One of the steps that it has taken is to increase the number of banks that are responsible for distributing the NYIF Loan to the most recent 25,000 grantees.
NPF Microfinance Bank, Lapo Microfinance Bank, and Baobab Microfinance Bank are the three financial institutions that are currently distributing funds from the NYIF Loan. Nirsal Microfinance Bank was the first institution to do so.
The Baobab Microfinance has announced that it is prepared to disburse the loan to beneficiaries in the South East. This announcement is in accordance with the efforts being made by the Federal Government to alleviate the difficult economic slump among the younger generation through the disbursement of the NYIF Loan across the States of the Federation.
In a statement that was distributed today, the Baobab Microfinance Bank encouraged recent users of NYIF Loans in the South East region to get ready, as Baobab MFB offices will soon be opening in the region to disburse NYIF Loans. The note was included in an email that was also distributed today.
According to Baobab MFB, the shortlisted NYIF Loan beneficiaries in the area should have filled out the online form that was provided to them with their essential details in order to expedite the process of opening an account. These individuals should have received a text message and/or mail from the bank.
Baobab MFB wrote:
“Nigerian Youth Investment Fund (NYIF)
Are you an NYIF beneficiary and reside in the South-East & South-South States? Kindly note that a Baobab Centre will be available within your Region / State very soon.
You are expected to have filled out the online form sent via SMS/ Email with your relevant details as this will ease the process of account opening.
If you did not receive the online link to open your account, kindly reach out to our contact centre or email us.
Please note, that when your Baobab account is opened, you will get a notification on when to visit the designated centre within your Region / State to sign your Loan offer letter.
Beneficiaries from other regions and states will also be advised accordingly.
“For more enquiries:
“Call 07000226222 or email email@example.com
The NYIF Loan, as it is more commonly known, is a soft loan ranging from N250,000 to N3,000,000 that is repayable over three years at an interest rate of 5% with a moratorium of one year, with the intention of increasing youth productivity through the provision of training and investment in youth-based businesses.