NYIF Loan Disbursement Update: Reasons Why Some Applicants Were Not Pre-qualified

NYIF Loan Update: Reasons Some Applicants Were Not Pre-qualified

NYIF Loan Update: Reasons Some Applicants Were Not Pre-qualified: The Nigeria Youth Investment Fund (NYIF) failed to pre-qualified some handful of applicants based on reasons they mentioned below, in her new update, the NYIF highlighted some six reasons why they disqualified applicants

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Why some were related to Poor Credit Rating, Bad Debt And Non-Performing Loan, others have incomplete data needed to process their loan disbursement

Applicants who applied for AGSMEIS or COVID-19 Loan were also not pre-qualified for loan disbursement

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Age was also a limiting factor, as those over 35 were not pre-qualified for loan disbursement

Reason Why Some Applicants Were Not Pre-qualified

Applicant failed to provide a valid BVN

Applicants provided incomplete or incorrect BVN

Applicants did not provide valid or correct phone number for communications on further steps in the loan application

Applicant has existing AGSMEIS or COVID-19 Loan

Applicant is older than 35 years old, which puts them beyond the age bracket for youth

Applicant has a poor credit rating or currently has a non-performing loan

NYIF also started that Another batch of 5,000 have been pre-qualified for training ahead of final clearance for disbursement.

Beneficiaries and applicants are reminded that the Nigeria Youth Investment Fund (NYIF) disburses repayable loans to the youth and not grants.

The Ministry for Youth and Sports Development is in consultations with other partners to expand the loans disbursement platform in order to fast track the youth access to the Fund.

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