The Nigerian Youth Investment Fund(NYIF), is a government approved Empowerment program designed by the Federal Government led by his Excellency Muhammadu Buhari to support young Nigerians in the country. The program is aimed at supporting young Nigerian Entrepreneurs whose business were bankrupt during the unprecedented disease(Coronavirus) outbreak by awarding of loans to all qualified applicants. In regard to this, they are applicants who applied for the program since last year but failed to received their funds.
However, some applicants have received their funds while some are yet to be shortlisted in the next list. Therefore, today in this article I am going to share possible reasons on why some applicants won't receive the NYIF loan despite their loan approval. Following the recent report by the Nigerian Youth Investment Fund(NYIF) management to all Applicants for account update. Some applicants have issued their complaints on why they were not notified for the account update.
Below are the reasons why some Applicants will not receive their funds despite updating their account:
1. Those that have benefited from the COVID-19 Loan
The above Category of people will not be shortlisted in the final list. However, the COVID-19 Stimulus Scheme was also a program designed by NIRSAL Microfinance Bank(NMFB) to support Nigerians during the COVID-19 outbreak.
2. Providing False Information during Account Update
Everyone is expected to provide valid information such as; Phone number, email address, and residential address, as this may cause disqualification.
3. Using Someone Else Bank account number
Some applicants are fond of using their relative's account number during the registration process, which may lead to disqualification during the time of disbursement. Therefore, Applicants are to desist from using people's number rather than their own.
I hope the information was helpful?
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