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Ministry Approves Another Microfinance Bank For NYIF Loan Disbursement 2022

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Ministry Approves Another Microfinance Bank For NYIF Loan Disbursement 2022

Ministry Approves Another Microfinance Bank For NYIF Loan Disbursement 2022

The Federal Ministry of Youth and Sports Development (FMHDS) has stepped up its efforts to distribute the N75 billion Nigeria Youth Investment Fund (NYIF Loan) to millions of applicants.

The shortlisting of over 25,000 new beneficiaries who are currently getting the N250,000 to N3 Million NYIF Loan into their PFI allocated Bank Accounts is one example of such unwavering efforts.

The Ministry has added NPF Microfinance Bank (NPF MFB), LAPO Microfinance Bank (LAPO MFB), and Nirsal Microfinance Bank (Nirsal MFB) to the list of disbursing banks to ensure prompt disbursement of the NYIF Loan to current beneficiaries and to lay the groundwork for another batch of beneficiaries to be shortlisted soon.

As if that wasn’t enough, the Ministry recently added Baobab Microfinance Bank (Baobab MFB) to the list of NYIF disbursing banks.

In a communication to the general public, Baobab Microfinance Bank, a brand of Baobab Group https://baobabgroup.com, declared that:

“The Federal Ministry of Youths and Sports in conjunction with the Development Bank of Nigeria has officially approved Boabab MFB to disburse the Nigeria Youth Investment Fund (NYIF) to approved candidates.”

  • You will receive an SMS from Baobab MFB with details of how to process your Payment soon.
  • “Baobab MFB client service representative at your designated branch will attend to you when you present the required documents if your name is shortlisted, as approved by NYIF.
  • “Please note that Baobab MFB is not in charge of approval or shortlisting of beneficiaries, as we only work with the list sent to us by the officials of NYIF.
  • “We will ensure we reach out to all beneficiaries as soon as possible
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For more inquiries, call our HOTLINE on 07000226222 or email

customercareng@baobabgroup.com

The Baobab Microfinance Bank has begun sending text messages and emails to the applicants who have been shortlisted by the Ministry.

To combat fraud, Baobab MFB sent the following notice to the NYIF Loan recipients on their list:

“You have been selected as a beneficiary of the Nigeria Youth Investment.

“Visit any of our branches or https://bit.ly/3N6VLOW

“Call 07000226222, check your email.”

Muhammad Manga, the Director of Press and Public Relations for the Federal Ministry of Youth and Sports Development, has advised that “shortlisted candidates must respond to communication to complete the disbursement process,” and that “those who fail to respond risk forfeiting the opportunity.”

Baobab MFB Branches can be found by:

  • Visiting https://baobabgroup.com
  •  Scroll down to “Find the nearest branch around you”
  •  Click “NEXT to scroll in between Locations.
  •  View your Branch Address by Clicking on the Area of your Location.
  •  E.g: If you click on Zaria, “3, MAIN STREET, NEAR PZ, ZARIA, KADUNA
  • Monday- Friday 8:30 AM – 5:30 PM Saturday 10 AM – 3 PM” appears.
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Applicants for the NYIF Loan should be aware that checking their Dashboards at https://nyif.nmfb.com.ng/app will not show whether they have been shortlisted for the loan. When an applicant is shortlisted, the disbursing bank to which they are assigned will contact them through text and/or mail to request acceptance of the loan offer.

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