Call for applications: Ondo State Creative Industry Financing Initiative

CIFI is a loan scheme by the Central Bank of Nigeria (CBN) and the Bankers’ Committee to provide access to long-term and low-interest financing for business people in the music, fashion, film and gaming industries, among others. It forms part of efforts to boost job creation for young people in Nigeria.

The Ondo State programme offers loans of up to ₦1 350 000 ($3 268) and an internship opportunity with tech company Envivo Communications, and all interns must have applied for the loan scheme.

As part of the programme, the interns are mentored and taken through an incubation process leading to a tech venture or solution that will be taken to market. These ventures will also be seed-funded through the CBN’s Agri-Business/Small and Medium Enterprise Investment Scheme. Interns will also receive a stipend of ₦30 000 monthly for the first nine months.

How to apply:

The deadline for application is

Internship Duration

• Training (6 months)
• Mentorship and ideation (3 months)
• Incubation, development and actuation

The loan repayment will commence after interns have completed the programme.

Note: If an intern decides to withdraw from the programme prior to disbursement of the loan but after registration, they must follow the following steps:

• Payment of ₦20 000 administration fee
• Refund all allowances collected to date of withdrawal
• Payment for any registered courses
• Payment for device (laptop or Note)
• If an intern decides to withdraw after loan disbursement, they must repay the loan fully prior to withdrawal and collection of original documents.
• Certificates submitted will serve as collateral to the bank (CBN) for the loan collected to cover the internship programme. If such a situation occurs where an intern needs certificates for a short term after he/she has been documented, Envivo will make the document available with an understanding in place.