NYIF: Email Confirmation/Code Verification & Zoom Training-See This
NYIF: Email Confirmation/Code Verification & Zoom Training-See This: The Nigeria Youth Investment Fund loan training has officially started on 1st of April 2021, if you have submitted your loan application for review and approval, keep checking your mail for training notification, there will be no rescheduling of time for training henceforth., Sunday Dare warned
For those yet to pre-invitation notification text, kind note all applications will be treated as the programme is not ending any time soon, there is even a bill at the national assembly to make it a continuous and permanent programme
The web portal of the Nigeria Youth Investment Fund is currently experience a glitch in traffic, SMS and email confirmation is massively ongoing
If you have received sms, pre-inviting you to the NYIF programme, kindly click the link and proceed with your registration, fill the blank spaces and follow all the instructions as laid down
For those whose mail has not come, should exercise maximum patience as there is a glitch in network and traffic lately
All emails and code verification and confirmation will be resolved in batches, Dara has assured all applicants. So, you need not worry, if you have filled the pre-qualification form, and waiting for the confirmation link
Hopefully, a confirmation mail will come with 7 days. Applicants are advised to have a stable network and try to refresh their browser, as network failure prevails. Those without a CAC certificate will get below 500,000 naira as seed capital
The loan is to be repaid in full – that is, principal and interest of about 5% per annum. The loan period is up to 5 years and you start paying back after a Moratorium of at least 1 year.
When the loan is granted, all assets purchased under the scheme must be registered with the National Collateral Registry (NCR). Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment of the loan.
Global Standing Instruction (GSI) enables the bank to take both principal and interest from any place the loan obligor has money if such a debtor does not pay back as agreed. With BVN, there is no way you can hide in any financial institution in Nigeria except you bury your cash in the ground.
Also, defaulting financial agreements means you get a bad credit rating. This triggers a red flag when you ask for any credit facility (e.g. borrowing money or hire purchases). So think twice and get your financial calculations right
How to Access new N75 billion
How to Qualify?
- It is meant to cater to the investment needs of those 18-35.
- An individual and group can apply for the loan.
Who funds it?
- Ministry of Finance, Budget, and National Planning (MFBNP)
- Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
It would be disbursed through various channels like
- Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
- Bank of Industry
- Fintech Organizations and
- Venture Capital Organizations registered with the CBN.
How to access loan
- Must be a citizen of Nigeria
- Present recognized means of identification and guarantors.
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business