LAPO and NYIF Loan Disbursement: LAPO Starts Disbursement Of NYIF Loan To Beneficiaries
The Nigeria Youth Investment Fund (NYIF Loan) will be given to the 25,000 people who were recently chosen for the program. The LAPO Microfinance Bank is in charge of giving out the loans. LAPO and NYIF Loan Disbursement: LAPO Starts Disbursement Of NYIF Loan To Beneficiaries.
Banks Approved For NYIF Loan Disbursement
In addition to the Nirsal Microfinance Bank (Nirsal MFB), the Federal Ministry of Youth and Sports Development approved the following:
- LAPO Microfinance Bank (LAPO MFB),
- NPF Microfinance Bank (NPF MFB),
- Baobab Microfinance Bank (Baobab MFB) as NYIF loan disbursing banks in 2022.
The NYIF Loan beneficiaries under the bank complimented the efforts of LAPO MFB Management in ensuring that the loan reached the beneficiaries without delay, and encouraging other NYIF Loan disbursing banks to follow their lead in timely disbursement of the loan.
LAPO and NYIF Loan Disbursement Range
Recently, when the LAPO MFB gave out a lot of NYIF Loans to the people who needed them, people were singing songs of joy and showing off their credit alerts, which ranged from N250,000 to N3 million.
The Nigeria Youth Investment Fund (NYIF) is a N75 billion financing program for young people that was started by President Muhammadu Buhari’s government to invest in young Nigerians’ business ideas and innovative skills.
LAPO and NYIF Loan Disbursement Interest Rate
The loan has a single-digit APR of 5% and a 12-month grace period before repayment. The Federal Executive Council approved the Nigeria Youth Investment Fund in July 2020.
Only about 10,000 young people got loans through the program between 2020 and 2021, according to data from the Ministry. Nirsal Microfinance Bank was the only bank that gave out loans.
The Ministry enlisted the help of NPF Microfinance Bank, LAPO Microfinance, and Baobab Microfinance to expedite the loan payments to nearly 3 million youths who had registered for the program.
Each of the NYIF loan disbursing banks is assigned a number of beneficiaries and communicates with them using the phone numbers and email addresses provided during registration.
The disbursing banks are in charge of getting NYIF Loans to the people who need them, but the Ministry of Youth and Sports Development is in charge of choosing the best applicants and training them.
The Ministry says that applicants must go to school before they can get a loan from the Nigeria Youth Investment Fund (NYIF Loan).
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