NYIF Shortlist: Check Out The 3 Basic Steps To Verify If You Have Been Selected for NYIF
GoldenNewsNg gathered that Nigerian Youth Investment Fund NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths. The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
If you have registered for the Nigerian Youth Investment Scheme (NYIF)
Congratulations.However, we will teach you how to verify your message sent into your phones.
The following are the steps:
1.The NYIF will send message via your email.
Hence,you will be expected to open your gmail app and insert your gmail.
After you have opened your gmail app, click on the three dotted line’s like. Seen the picture below:
2. Secondly, after you click on the 3 line, click the Promotion button.Seen the photo below:
3. Thirdly, after you have pressed the “promotion” button, open a message named EDC.
Therefore, it might interest you to know that if you saw this message, you are on the safer side.
FREQUENTLY ASKED QUESTIONS ON NIGERIAN YOUTH INVESTMENT FUND (NYIF FAQ)
How do I apply for NYIF loan?
Simple. Visit the NYIF application portal https://nyif.nmfb.com.ng/Applicants/New, enter personal information. Choose your preferred training center, accept terms of services and submit your application.
What are the requirements of a formal business enterprise for the Nigerian Youth Investment Fund (NYIF) qualification?
You would need to be duly registered as a formal youth owned enterprise with Corporate Affairs Commission (CAC). You also need to provide a business plan summary, a completed questionnaire, training certificate from an approved FMYSD EDIs, valid Bank Verification Number (BVN) of the Director and Tax Identification Number (TIN).
What are the requirement of a sole proprietor for the Nigerian Youth Investment Fund (NYIF) qualification?
You must be a Nigerian Youth within the age bracket of 18 to 3t years. Your business must be an operational enterprise located in Nigeria. You must not have been convicted of any financial crime in the past 10 years. You must have a valid be Bank Verification Number and local government indigene certificate.
What are the documents required for the NYIF application?
You would need to provide the training certificate approved by FMYSD EDIs, your certificate of incorporation and form CAC 2A, valid bank verification number, local government of origin indigene certificate, application form, birth certificate, Tax Identification Number (TIN), a summary of business plan, valid means of identification and a two – year bank statement analysis.
What is the purpose of NYIF?
The Nigerian Youth Investment Fund is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Enterprenuers, wealth creators and employers of labour contributing to national development.
What is the limit of a single applicant on requesting for an NYIF loan?
For a non – registered business or an individual, the limit is N250,000 and for a registered business, the limit is N3,000,000.
How long is NYIF loan for?
The maximum loan tenor is 5 years.
What is NYIF repayment structure?
The repayment will be done installmentally in accordance with businesses and NFMN evaluation.
Which organization runs the NYIF?
It is the Federal Ministry of Youth and Sports Development (FMYD) in conjunction with the Central Bank of Nigeria (CBN). The ministry is mandated to develop socio – economic development of the youths in Nigeria and provision of opportunities for self – acquisition.
Is the application for the NYIF initiative gender specific?
No. Both male and female are welcome to register for the NYIF loan.
How do I get NYIF application form for 2021
The application form is https://nyif.nmfb.com.ng/Applicants/New
How do I login in to my NYIF account?
If you want to login to check NYIF shortlisted candidates please visit https://nyif.nmfb.com.ng/app.
What is the age range of qualified applicants for NYIF?
It is the age bracket of 18 – 35 years.
What is the interest rate of NYIF loan?
The interest rate is 5% per annum (all inclusive).
Does my business need to be located in Nigeria to apply for NYIF?
Your business / enterprise must be situated and operational in Nigeria
What valid means of identification do I need for NYIF Loan?
Your valid means of identification could be your driver’s license, National ID or international passport
How much can I access?
It depends on your type of application. As a household, you can access a maximum of 3 million naira. As for SMEs, the loan depends on the activity, cashflow and industry / segmentsize of a beneficiary, with a maximum of 25 million naira.
Do I need a Bank Verification Number to apply for NYIF?
Yes. A valid Bank Verification Number (BVN) is one of the core requirements for the application of the NYIF loan.
Can I access the NYIF loan if I am enjoying another CBN intervention?
No. You cannot access the NYIF facility. The only way you can access the loan is if you have fully repaid a previous CBN intervention.
Do I need a collateral to access NYIF loan?
No. But the asset purchased under this scheme with be registered in the National Collateral Registry (NCR). And the Global Standing Instruction (GSI) will be activated so that full repayment will be made.
Where can I get trained for the NYIF scheme?
You are expected to visit the nearest approved Federal Ministry of Youth and Sports Development (FMYD) Entrepreneurship institute.
Can any NIRSAL MFB approved EDIs train applicants for the NYIF scheme?
No. Unless it is listed by FMYSD, NIRSAL Institute EDIs are not eligible to train any applicant under the NYIF scheme.
How do I validate my BVN on the Nigerian Youth Investment Fund (NYIF) portal?
You are expected to visit https://nyif.nmfb.com.ng/app, input your BVN and ensure that all your details are correct. If all goes well, you will be redirected to the next page, while NYIF will send you a verification to your email address.
How do I receive my NYIF confirmation via mail inbox?
You will login to your email address, click on your inbox or spam folder and then you will the email verification link. Click it and you will be redirected to the NYIF Loan Application portal where you fill the necessary information and click “Submit” .
How do I check the NYIF loan status?
You can visit https://nyif.nmfb.com.ng/app, input your BVN, validate your BVN, input your password.
How do I check the NYIF shortlisted beneficiaries ?
You can login into your account through NYIF online portal. Next, you will input your username and password, then you scroll down and click on 2021 beneficiaries. Download the list and search for your name.
How will NYIF loans be disbursed?
The NYIF loans will be disbursed to the beneficiaries through finance, microfinance and deposit money banks.
What if I have successfully registered for the NYIF loan but didn’t receive the loan?
You don’t have to panic. It is either not your turn to receive the loan, or your bank account doesn’t have the capacity to take the total amount approved for you.
What type of bank account do I need to receive the loan if I am a qualified beneficiary of NYIF?
You would need a standard account having the capacity to receive a minimum of 200,000 naira and above at a time.
How do I accept and receive my NYIF loan?
Simply visit the NYIF application portal. Click on NYIF loan status. Next, click on “Accept loan offer“, enter your bank details and finally click on submit.
