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YouthCred

The Nigerian Consumer Credit Corporation (CREDICORP) on Wednesday launched YouthCred for Entrepreneurs, a national credit programme designed to provide young business owners with access to financing of up to ₦2 million, marking the completion of the Federal Government’s three-phase YouthCred initiative aimed at expanding financial inclusion among Nigerian youths.

The programme, unveiled at the Federal Ministry of Finance Auditorium in Abuja, is the third phase of the YouthCred scheme announced by President Bola Ahmed Tinubu during his Democracy Day address. It follows earlier phases targeting National Youth Service Corps (NYSC) members and employed young Nigerians.

Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the initiative fulfilled President Tinubu’s promise to provide structured consumer credit to hundreds of thousands of young Nigerians, describing it as a major milestone in empowering youth-led enterprises.

According to him, the scheme is designed to provide disciplined and sustainable access to credit for entrepreneurs already engaged in productive ventures rather than offering financial handouts.

“Mr. President made a commitment to Nigeria’s young people, and today we complete its delivery—Corps members, employed youth, and now the entrepreneurs who power our markets and workshops,” Oyedele said.

He added that the programme would help unlock the growth potential of young businesses by providing affordable working capital while promoting responsible borrowing.

READ ALSO: Trump Praises Tinubu’s Leadership, Backs Nigeria in

The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, explained that the initiative recognises the realities of Nigeria’s informal economy, where over 90 per cent of micro, small and medium enterprises (MSMEs) operate in the names of their owners rather than as registered corporate entities.

He said unlike conventional lending, which often requires collateral, audited financial statements and company registration, YouthCred for Entrepreneurs assesses applicants based on credit education, affordability and repayment capacity.

Under the programme, eligible entrepreneurs aged between 18 and 35 years can access loans of up to ₦2 million, enabling traders, artisans, manufacturers and service providers to expand their businesses while building formal credit histories.

Nwagba stressed that every beneficiary must first complete a structured financial literacy programme covering budgeting, responsible borrowing, repayment and credit management before qualifying for financing.

He noted that the “learn-before-you-borrow” approach is intended to improve financial discipline and ensure long-term sustainability of the scheme.

According to CREDICORP, the programme is being implemented through collaboration between the Federal Ministry of Finance, which provides policy oversight, CREDICORP, which supplies funding and credit infrastructure, and Partner Financial Institutions responsible for loan processing, disbursement and business support.

The corporation disclosed that every loan would be subject to strict eligibility requirements and affordability assessments to prevent over-borrowing, adding that its current loan portfolio maintains a zero per cent non-performing loan rate.

Wema Bank, the pilot Partner Financial Institution, commenced on-site registration of applicants during the launch, with plans to expand participation through additional financial institutions, markets, trade associations and cooperative societies across Nigeria’s 36 states and the Federal Capital Territory.

CREDICORP said it has so far disbursed over ₦47 billion to more than 301,000 beneficiaries through its various programmes and aims to reach one million young Nigerians under YouthCred.

Interested entrepreneurs can apply through the YouthCred online portal after completing the mandatory credit education module or visit participating financial institutions as the nationwide rollout progresses.

The Traffic NG
YouthCred
Amarachi Ihesiulo
The Traffic NG

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