FMYSD Approves LAPO Microfinance Bank to start NYIF Loan Disbursement to Selected Beneficiaries

FMYSD Approves LAPO Microfinance Bank to start NYIF Loan Disbursement to Selected Beneficiaries

This is to inform you that Federal Ministry of Youth and Sports Development (FMYSD) has approved LAPO Microfinance Bank (LAPO MFB) for 2022/2023 Nigeria Youth Investment Fund (NYIF Loan) Disbursement/Payment to Selected Beneficiaries. Good news to all NYIF Shortlisted Candidates across 36 states in Nigeria.

As we promised to update all beneficiaries of Nigeria Youth Investment Fund (NYIF) Loan concerning latest news update about Disbursement/Payment; we are glad to inform you that Federal Ministry of Youth and Sports Development has approved LAPO Microfinance Bank (LAPO MFB) for 2022/2023 Nigeria Youth Investment Fund (NYIF Loan) Disbursement/Payment to Selected Beneficiaries. Good news to all NYIF Shortlisted Candidates across 36 states in Nigeria.

LAPO Microfinance Bank Disbursement/Payment for NYIF Loan

Meanwhile, Federal Ministry of Youth and Sports Development approved LAPO Microfinance Bank (LAPO MFB), NPF Microfinance Bank (NPF MFB), and 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, while encouraged other NYIF Loan disbursing Banks to follow their lead in timely disbursement of the loan.

Currently, The LAPO MFB has released the NYIF Loan to the beneficiaries, songs of delight filled the social space with the NYIF Loan beneficiaries exhibiting their credit alerts ranging from N250,000 to N3million.

The nyif 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.

Note: 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.

While the disbursement of NYIF Loans to beneficiaries is the responsibility of the disbursing banks, the Ministry of Youth and Sports Development is solely responsible for shortlisting and training of shortlisted applicants.

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