How To Transfer Your NYIF Loan From NPF Microfinance Bank To Your Account
I’ve seen in some Facebook groups people asking how to transfer their approved loan from the National Youth Investment Fund (NYIF) to their personal accounts so that they make use of the money.
If you haven’t transferred your funds and you are part of the beneficiaries that were approved in 2022, this post will help you with three different methods to transfer your funds.
What You Should Know About NYIF Loan Disbursement
Recall that the Nigerian government through the Federal Ministry of Youth and Sports Department (FMYSD) approved about 25,000 beneficiaries this year who are to benefit from the loan after a very long wait.
Since I was part of the beneficiaries, I can vividly tell you what to know about funds allocation and distribution.
Now, the loan disbursement has been entrusted to three banks namely: NPF Microfinance, Lapo, and Baobab. The first set of beneficiaries were the only ones who received their funds through NIRSAL.
Right now these three aforementioned banks are the official distributing parties and are fully recognized by the Nigerian government for the NYIF loan.
President Muhammadu Buhari officially gave a directive to the ministry to ensure that every successful beneficiary got the fund.
So be rest assured that no one can tamper with your funds even if you have not been credited.
The issue of accreditation is within the handling banks and not from the federal government.
Haven looked at that, lets’s find out some of the methods you can use to transfer your funds from any of these banks if you’ve been credited, most especially NPF microfinance bank.
How To Transfer NYIF Funds From NPF Microfinance Bank To Your Account
To transfer the funds from your NPF microfinance bank account to your account, there are three methods involved: Internet Banking, USSD Code, and their Official App.
I’ve written a post on how to download the NPF microfinance app since it has been removed from the Play store.
I uploaded the app to a sharing site and shared the link on this website for those who can’t download it.
So let me walk you through the process.
Method 1: Log in to the NPF website
Follow this link https://ibank.npfmicrofinancebank.com/
Once you’ve logged in to the website, register an account with your account number (the NPF microfinance bank account number).
Click on “Create a new account” beneath the page.
The procedures you will encounter are NIN validation, photo upload, signature, date of birth, etc. Even if you use the app, it’s going to be the same process.
Upload all these documents and wait till they approved you which should take about 24hrs.
Note: don’t try to hide or cloak your information as the system will reject your application.
Log in to the website and click on create an account now to get started.
Follow the whole process in method one and by the next 24 hours, you will be able to transfer your funds.
Method 2: Use the USSD code
Sometimes the code can be very annoying but it remains the best option since there is nothing like creating an account.
If you found the first method to be stressful you can use the USSD code to transfer your funds if the network allows you.
The network can be the only challenge you will face in this approach.
For me, I see nothing stressful in method one and it was the process I used. But if you don’t want to use method one you can go ahead and dial *5353#. Follow the instructions and start transferring your money.
Note: You can only transfer 50k per transaction.
Method 3: Download the App
Till today, I still see some people complaining about how to download the NPF app. You can’t find the application on Google Play Store anymore. The reason could only be explained by the authorities of the bank.
First of all, download the app here (https://www.mediafire.com/file/hozxhkplzemaxuw/NPF_Microfinance_Bank_v1.0.39_www.9apps.com_.apk/file) because you will be following the same process in method 1.
After downloading the app follow the instructions in method one above and create an account.
Note: Without creating an account either through the website or app you can’t log in and you won’t be able to transfer your funds.
Is NYIF Registration Still Possible In The Future?
Yes, very possible. According to the Presidency, the funds aim to reduce job scarcity and equipped the youths to provide jobs for themselves. So expect registration anytime soon in the future.
Possible registration may begin considering the number of successful beneficiaries who have taken up their loans.
Is Lapo, Baobab NYIF Disbursement Different From NPF Microfinance bank?
Yes, they are different entities but disbursing the same loan to beneficiaries just to make the process quick and flexible.
Once everything is in place, we might expect another list of successful beneficiaries anytime soon.
So follow any of the methods stated above for you to be able to transfer your funds. I am very certain this approach will help those who are still in that challenge.