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Home Featured

Why NIRSAL CBN is not approving your CBN COVID-19 loan

Enudi Golden by Enudi Golden
February 15, 2022
in Featured, business, Headline
Reading Time: 1 min read
Why NIRSAL CBN is not approving your CBN COVID-19 loan
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Why NIRSAL CBN is not approving your CBN COVID-19 loan can be accessed below.

Many Nigerians are in the dark as to why their Nigerian Youth Investment Fund (NYIF) loan was not approved by NIRSAL / CBN. Some people are also beginning to think that loans are only available to Nigerians with powerful “godfathers”.

To clear the air of such perceptions, the Federal Ministry of Youth and Sports Development disclosed the reasons for non-approval of loans of some applicants.

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Nigeria @63: Christians converge, pray for Nigeria, Niger

2023/2024 SEIFAC Loan Grant Application Form

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, run by the Ministry of Youth and Sports Development, has disbursed approximately N1.63 billion in loans to 5,200 youth.

This is revealed in the latest update provided to the Ministry by NIRSAL Microfinance Bank (NMFB), which disburses loans. The update also showed that it was ready to distribute to another batch of 25,000 youth as soon as their loan applications were approved.

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Nigeria @63: Christians converge, pray for Nigeria, Niger

2023/2024 SEIFAC Loan Grant Application Form

2023/2024 SEIFAC Loan Grant Application Form

2023/2024 AAU Cut Off Mark  For All Courses & Aggregate [UPDATED]

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Union Bank Loan Review – What you should know about Union Bank Loan

Nigeria@63: Tinubu Announces Extra N25,000 Salary for Low-Ranking Workers

Nigeria@63: Tinubu Announces Extra N25,000 Salary for Low-Ranking Workers

Don’t Despair, We Survived A Civil War – Jonathan Charges Nigerians

Don’t Despair, We Survived A Civil War – Jonathan Charges Nigerians

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Tanker Explosion Kills 20 People In Warri

US Court Orders Chicago State University To Release Tinubu’s Academic Records To Atiku

US Court Orders Chicago State University To Release Tinubu’s Academic Records To Atiku

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