Why Your NYIF Loan Was Rejected By Ministry of Youth And NIRSAL

Last Updated on July 18, 2021 by Ope Quadri

Hundreds of Nigerians who applied for funding for their businesses during and post COVID-19 are worried that their application was rejected. Some of those whose applications were rejected concluded that the funds were only given to those who are “connected” to political heavyweights.

But the fact is we’ve received lots of testimonies from those who benefited without preferential treatment of any sort.

If you’re among the unlucky ones, there are several reasons your application for the Nigeria Youth Investment Fund also known as NYIF loans may have been rejected.

5,200 of applicants have benefited from the NYIF loan. Total eligible applications approved was 6054 out of which the 5,200 received the loan

If SME Targeted Credit Facility or Household TCF is what you applied for, but yet to get an update from the NIRSAL Micro Finance Bank, you can check your status at: https://infomediang.com/check-your-loan-application-status-with-nirsal

NYIF Loan Rejection Reasons:

According to the Federal Ministry of Youth and Sports Development, which published the 5379 successful applicants for the loan as of June June 21 stated some reasons some applicants were not pre-qualified for loan disbursement are:

1) If you did not provide a valid or correct phone number for communications on further steps in the loan application.

2) If you are an existing AGSMEIS or COVID-19 SME or Household Loan beneficiary

3) If you are beyond the age bracket for youths (above 35).

4) If you have a poor credit rating or currently has a non-performing loan

5) If you failed to provide a valid Bank Verification Number (BVN)

6) If you provided incorrect BVN

7) And finally, the ministry doesn’t have the financial capacity to approve all applications

Status of NYIF Disbursement:

NYIF is an initiative of the Federal Ministry of Youth and Sports which is being disbursed by the NIRSAL Micro Finance Bank (NMFB).

The sum of N1,629,220,000 has been disbursed as of June 2021

5,200 of applicants have benefited from the NYIF loan. Total eligible applications approved was 6054 out of which the 5,200 received the loan

854 applicants have been approved but have yet to get disbursement.

The number of unqualified applicants for the batch stood at 721

Is The Ministry of Youth Fund A Loan or Grant?

While a grant doesn’t require to repay since it is awarded by the government or financial institution or individuals, a loan requires you to repay the money you borrow.

NYIF is a loan, you’re expected to make repayment. It isn’t a “national cake”. It isn’t a gift.

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

Can I re-apply?

Yes, when the portal is reactivated. It was gathered that the ministry for youth “is in consultations with other partners to expand the loans disbursement platform in order to fast track the youth access to the Fund.”

 

2 thoughts on “Why Your NYIF Loan Was Rejected By Ministry of Youth And NIRSAL”

  1. Benjamin Ukoro

    I had read your requirement for account opening which I’d satisfy. But your branch here in Yenagoa insisted on provision of BVN print ( which is not a requirement as — I already have my BVN!)
    What would you say to this by your Yenagoa branch?
    Thanks,
    Yours in growing national economy,
    Benjamin Ukoro

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