The federal government has launched YouthCred, a national consumer credit scheme for young Nigerians between the ages of 18 and 39.
The initiative, which aligns with President Bola Tinubu’s Renewed Hope Agenda, aims to widen credit access and promote financial literacy among the youth.
YouthCred is being implemented by the Nigerian Consumer Credit Corporation (CREDICORP) and was officially launched in July 2025.
According to CREDICORP, the scheme has already reached its 1,000th beneficiary and is targeting 400,000 young Nigerians across the country.
The loans are offered at low interest rates, with no requirement for collateral or guarantors.
Applicants must complete a digital financial literacy course that covers areas such as credit management, responsible borrowing, and repayment plans.
CREDICORP said the onboarding process is entirely digital, requiring only a Bank Verification Number (BVN) and National Identification Number (NIN) for swift verification.
In some cases, financed items, such as digital devices, are delivered directly to the beneficiaries.
Initially targeted at members of the National Youth Service Corps (NYSC), the programme will soon be extended to employed youths and youth-led businesses.
CREDICORP noted that flexible repayment terms, strong data privacy safeguards, and financial education are core components of the scheme.
“YouthCred is more than a loan programme — it’s a nationwide movement to reorient how young Nigerians perceive credit,” the agency said.
The government said the broader goal is to reshape the country’s credit culture, encourage responsible borrowing, and promote inclusive economic growth.