FG Launches YouthCred Loan Scheme to Offer Nigerian Youths Up to ₦5 Million at Low Interest

The Federal Government has launched YouthCred, a new consumer credit scheme aimed at providing gainfully employed Nigerian youths aged 18 to 39 with access to affordable loans of up to ₦5 million.

The programme is being implemented through the Nigerian Consumer Credit Corporation (CREDICORP) and is designed to help young workers meet financial needs, boost productivity, and build a verifiable credit history without resorting to loan sharks or unregulated digital lenders.

According to information released on the scheme, YouthCred targets employed youths in both the public and private sectors, offering government-backed loans with low and affordable interest rates. Repayment will be done through a structured salary-deduction system, ensuring convenience, transparency, and reduced risk of default.

Officials explained that the initiative is part of the Federal Government’s broader strategy to deepen financial inclusion, protect young Nigerians from exploitative lending practices, and promote responsible borrowing among the working population.

Unlike many high-interest loan apps that often trap borrowers in cycles of debt, YouthCred provides a regulated and transparent alternative, allowing beneficiaries to access credit under fair terms while formally establishing their credit profiles for future financial opportunities.

Eligible applicants can access loans of up to ₦5 million, depending on income level and credit assessment, with repayment spread over an agreed period to minimise financial strain.

YouthCred is expected to play a significant role in supporting young professionals as they navigate rising living costs, career development, and personal investments, while also strengthening Nigeria’s formal credit ecosystem.

Interested applicants can apply online via the official portal: http://youthcred.com

The Federal Government urged eligible youths to take advantage of the scheme and cautioned against patronising unlicensed lenders, reiterating its commitment to creating safer, youth-friendly financial solutions across the country.