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YouthCred under CREDICORP now offers up to ₦5 million to employed Nigerians aged 18–39.
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Loans are collateral-free, with 2% monthly interest, a 6-month moratorium, and flexible 24-month repayment.
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Application is fully online with verification, automatic salary deductions, and financial-literacy requirements.
The Federal Government has expanded access to consumer credit for young Nigerians through the YouthCred for Employed Youth programme under the Nigerian Consumer Credit Corporation (CREDICORP)—offering up to ₦5 million in loans for eligible applicants.
The initiative, unveiled in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is designed to empower young workers, deepen financial inclusion, and build a modern credit-driven economy aligned with President Bola Tinubu’s economic reforms.
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According to CREDICORP Managing Director Uzoma Nwagba, more than ₦30 billion has already been disbursed to over 200,000 beneficiaries, with a target of reaching one million youths by 2026.
The scheme has so far recorded zero non-performing loans, aided by strict verification systems and responsible lending structures.
How to Apply for CREDICORP YouthCred Loan
1. Confirm Eligibility
You must:
- Be 18–39 years old
- Be gainfully employed (private or public sector)
- Have a verifiable BVN, NIN, and salary account
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- Be willing to complete the financial-literacy module
2. Visit the CREDICORP Platform
Application is fully online.
You will:
- Create a profile
- Submit identification details
- Upload employment verification
- Authorize automatic salary deductions for repayment
3. Choose Loan Category
CREDICORP offers loan tiers from:
- ₦5,000 for employed youth
- Up to ₦5,000,000 for young entrepreneurs or professionals needing credit for mobility, tools, or digital equipment
4. Review Loan Terms
- No collateral required
- 2% monthly interest rate
- 6-month moratorium before repayment starts
- Tenor up to 24 months
- Automatic repayment from salary or NYSC allowances
5. Submit Application & Await Approval
Verification is carried out through:
- Employer confirmation
- BVN/NIN checks
- Income & repayment-capacity assessment
Once approved, funds are disbursed directly to your linked account.
