NYIF Update: see reasons why people are having verification issues and delay in disbursement
The federal government of Nigeria under the leadership of president Muhammadu Buhari came out with the mandate to improve upon the ease of doing business in Nigeria. This government philosophy is targeted towards the youths. As a result, a mechanism that would help the youth to grow and survive in small and medium scale enterprise was setup.
In this light, the National Youth Investment Fund(NYIF) was launched last year with the aim of giving soft loans to business owner and those who may not have fund(but who may be interested in doing business) to start a business.
It is interesting to note that the National Youth Investment Fund(NYIF) has the grace of 12 months moratorium. What this means is, if you are given the loan, you can use the loan for 12 months before you start to service the loan. Isn’t that huge?
Some set of applicants were shortlisted last year to test run the impact and process of the loan application.
Earlier this year , alot of applicants were sent pre-qualification messages. This message will enable applicants to setup password in order to get verified.
There are two ways to be verified. There are those who will get verification mail and there are those who may not get. what this means is, if you do not get verification mail, it could mean that you have been automatically verified-there is no cause for alarm.
The system is going through modification and upgrading. So as it is,not much could be done on the portal.
It must be noted that disbursement is ongoing. To this end, there are those who have verified and trained since last year but could not access the fund. The problem could be from your bank.
In a situation as this, if you are at the final stage of the loan application, that is, if your loan is in process or if you have accepted the loan offer by submitting your account details, you may need to visit your bank manager to make enquiry about the status of your account.
There are those account who can not take more than a maximum single deposit of 100,000. In the same vein, no savings account operated in Nigeria can take more than a cumulative balance of 500,000.
This implies that there are those savings account that can only receive a maximum of one hundred thousand naira per credit transaction and you can only have a maximum account balance of five hundred thousand naira.
You need to find out if your account is in such category especially those operating savings account.
If you are one of those that have received pre-qualification messages and is expecting the loan, and you have more than 100,000 in your bank account, you may need to make necessary adjustments in order not to fall short of the maximum account balance of 500,000 which could be a prerequisite.