FG Expands YouthCred Loan Scheme: Employed Nigerians to Access Up to ₦5m Credit at Low Interest

The Federal Government has expanded the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation, introducing a broader credit window designed to support young Nigerians and deepen participation in a modern, credit-driven economy.

Under the newly upgraded scheme, employed Nigerians between ages 18 and 39 can access loans of up to ₦5 million to finance essential needs, digital tools, mobility support and personal development.

Speaking at the launch event in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the initiative as a key part of President Bola Tinubu’s plan to promote financial inclusion, strengthen consumer purchasing power and boost national productivity.

Edun stated that the government wants young Nigerians to feel the impact of ongoing economic reforms through easier access to credit that enhances stability and long-term growth. He emphasised that the programme supports the administration’s broader goal of expanding opportunities for all citizens, especially youths and women, while encouraging responsible borrowing and prompt repayment.

He explained that affordable credit is central to building a competitive and sustainable economy, adding that the YouthCred platform gives young Nigerians the financial independence and confidence needed to pursue their goals without barriers.

The Managing Director of CREDICORP, Uzoma Nwagba, noted that the YouthCred programme has grown from a pilot project into a nationwide pathway for employment support and youth empowerment. According to him, over ₦30 billion has already been disbursed within the past year to more than 200,000 beneficiaries, including corps members and young professionals who require financing for mobility and digital tools.

Nwagba revealed that the corporation has recorded zero non-performing loans so far, highlighting the effectiveness of its verification systems, automated repayment channels and responsible lending processes. The agency aims to reach one million beneficiaries by 2026, reflecting the high demand for structured credit among young Nigerians.

He confirmed that the YouthCred scheme requires no collateral, offers interest rates as low as 2 per cent monthly and provides a six-month moratorium. He added that the programme was designed to replace predatory loan options by offering safe, government-backed credit at flexible tenors of up to 24 months.

The YouthCred platform, introduced in mid-2025, features digital onboarding, tiered loan categories ranging from ₦5,000 to ₦5 million, automatic salary or allowance deductions and mandatory financial-literacy modules to build long-term credit culture. The initiative forms part of the Tinubu administration’s broader consumer credit framework aimed at stimulating spending, supporting SMEs and improving household financial stability nationwide.