NYIF Loan: NPF Microfinance Bank Disburses N5Billlion (Up to 750K)

NYIF in partnership with NPF Microfinance Bank has started disbursing N5Billlion to trained beneficiaries who have opened an account

Trained Beneficiaries of NYIF are advised to visit NPF Microfinance Bank and updated their bank details in line with the account opened online, failure to do that, your fund will not hit your account

After opening your account with NPF Microfinance Bank using the code, you must visit the bank for proper documentation, like updating your account with Utility Bills, passport and I D card.

The NYIF through the NPF Microfinance Bank Disburses N5Billlion to trained beneficiaries, this amount will cover over 10,000 applicants who were shortlisted and trained last

Trained beneficiaries are been credited with an amount up to 750,000, others will get more than that, depending on the amount they gave during training

The beneficiaries are informed about the loan amount approved based on NYIF initial application, the beneficiary accepts the offer, money is disbursed to the beneficiary’s bank account by the partner bank (in this case the Federal Ministry of Youths & Sports NYIF partner bank – NPF Microfinance Bank) for immediate access.

The NYIF Money is a loan – For a maximum of 5 years (60 months), a Moratorium (a temporary period when repayment is not active) up to 1 year (12 months), and interest not more than 5% (repayment in installments).

In addition, beneficiaries shall ensure sensible use of funds, keep good records of their activities and repay their loans as and when due.

When the Loan offer is accepted by the beneficiary, Global Standing Instruction (GSI) mandate will most likely 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 (loan beneficiary now debtor) has money if such a debtor does not pay back as agreed.

With BVN, there is no way beneficiaries can hide in any financial institution in Nigeria except you bury your money in the ground.

Defaulting a financial agreement means you get a bad credit rating with the Credit Bureau Association of Nigeria. This triggers a red flag when you ask for any credit facility (e.g. borrowing money or doing credit purchases like “buy now pay later” )

I doubt NPF MB will have problems finding those to enforce this digitally and physically smiley

Reach out to the Bank via the contacts in the message you received or go to the nearest Bank branch to you and find out yourself.

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