The Nigerian Consumer Credit Corporation, CREDICORP has launched YouthCred for Entrepreneurs, a nationwide consumer credit scheme designed to provide young business owners with access to affordable financing of up to ₦2 million, completing the third phase of the Federal Government’s YouthCred programme.
The initiative, unveiled at the Federal Ministry of Finance Auditorium in Abuja, is aimed at addressing one of the biggest challenges facing young entrepreneurs—limited access to working capital and formal credit.
The launch fulfils President Bola Ahmed Tinubu’s commitment, announced during his Democracy Day address, to roll out structured consumer credit for young Nigerians in phases, beginning with National Youth Service Corps (NYSC) members, followed by employed youths, and now young entrepreneurs.
According to CREDICORP, the first phase enrolled more than 51,000 NYSC members, while over 30,000 beneficiaries have completed credit education and accessed financing. The second phase extended the programme to employed young Nigerians across the country.
The newly launched entrepreneurs’ phase targets business owners aged 18 to 35, including market traders, artisans, service providers and small-scale manufacturers, providing working and growth capital without the traditional requirements of corporate registration, audited accounts or collateral.
Under the scheme, eligible beneficiaries can access loans of up to ₦2 million, with financing based on affordability, financial education and repayment capacity rather than business documentation.
CREDICORP said all participants must first complete a structured credit education programme before accessing loans, equipping them with knowledge on responsible borrowing, budgeting, repayment and credit management.
The corporation explained that the programme is designed to help young entrepreneurs build credit histories and gradually integrate into Nigeria’s formal financial system.
Speaking at the launch, the Honourable Minister of Finance, Taiwo Oyedele, described the initiative as the fulfilment of the Federal Government’s promise to support Nigerian youths through structured consumer credit.
“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. YouthCred for Entrepreneurs is capital deployed with discipline, matched to young Nigerians who are already building. This is how we unlock the next million Nigerian businesses,” he said.
Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said the programme recognises that most Nigerian micro, small and medium enterprises operate under individual ownership rather than as registered corporate entities.
“Hardworking young Nigerians deserve structured credit, not charity. More than 90 per cent of our MSMEs trade in the name of the person who built them, so that is exactly how we built this credit line—for the individual, not just the entity. Every naira is tied to eligibility, repayment discipline and business growth because when builders win, Nigeria wins,” he said.
CREDICORP said the programme is being implemented in partnership with the Federal Ministry of Finance, which provides policy oversight, while participating financial institutions handle loan administration, underwriting and disbursement.
Wema Bank has been selected as the pilot partner financial institution for the entrepreneurs’ phase, with plans to expand the network to additional financial institutions, markets, trade associations and cooperative societies across the 36 states and the Federal Capital Territory.
According to the corporation, its loan portfolio currently has a non-performing loan rate of zero per cent, while more than ₦47 billion has been disbursed to over 301,000 beneficiaries nationwide across its various credit programmes.
Young entrepreneurs interested in the scheme can apply through the YouthCred portal after completing the mandatory credit education module or visit participating financial institutions as the nationwide rollout expands.