Step-by-Step Guide To NYIF Loan Application Portal
The Nigerian Youth Investment Fund (NYIF) was launched by the Federal Ministry of Youth and Sports Development (FMYSD) and is supported by the Central Bank of Nigeria (CBN).
Its primary goal is to support the innovative ideas and talents of Nigerian youths by providing funding for sustainable businesses.
This initiative aims to empower young entrepreneurs, stimulate job creation, and contribute to national development.
About NYIF Loan Scheme
- Access to Finance: The fund seeks to improve financial access for young people and youth-led businesses, contributing to broader national development.
- Employment Creation: One of the key goals is to generate job opportunities to address youth unemployment and restiveness.
- Skill Development: The scheme focuses on enhancing the managerial skills of young people, preparing them to build large, successful businesses in the future.
Eligibility Criteria
For Individuals and Non-registered Businesses:
- NYIF Loan Applicants need to be between the ages of 18 and 35.
- They need a valid Bank Verification Number (BVN) and a recognized form of identification.
- A summary of the business plan or a completed questionnaire is required.
- An Entrepreneurship Training Certification from FMYSD’s approved Entrepreneurship Development Institutes (EDIs) is also needed.
For Registered Businesses:
- For businesses, they must be officially registered with the Corporate Affairs Commission (CAC) and owned by young entrepreneurs.
- A summary of the business plan or a completed questionnaire is necessary.
- Directors must have valid BVNs.
- You must include a Tax Identification Number (TIN) in your NYIF Loan application
- An Entrepreneurship Training Certification from FMYSD’s EDIs is required.
NYIF Loan Application Process
Step 1: Get Trained
- Prospective applicants must attend mandatory entrepreneurship training through an approved FMYSD EDI.
Step 2: Apply for the Loan
- After completing the training, applicants can apply for the loan on the NIRSAL Microfinance Bank (NMFB) portal.
Step 3: Submit Your Application
- Applicants must submit their completed applications on the NMFB portal.
Step 4: Loan Assessment
- NMFB will assess the applications according to the Risk Assessment Criteria and program guidelines, then forward recommended applications to CBN for final approval.
Step 5: Disbursement
- CBN reviews the approved applications and authorizes NMFB to disburse the funds. If your loan is approved, you will need to pay a collateral fee to receive a withdrawal token.
To Withdraw Your Approved Loan:
- Enter your withdrawal token.
- Provide your account details.
- Proceed with the withdrawal process.
For more details and to start your application, click here to apply.