FG’s YouthCred Scheme — What it is, who can apply, how it works (and a generous step-by-step on applying)
The YouthCred is the Federal Government’s new youth credit programme under the Nigerian Consumer Credit Corporation (CREDICORP). Phase 1 targets NYSC corps members with up to ₦200,000 single-digit loans after a short credit-education course; it will expand to employed youth and youth-led businesses nationwide. Apply on the official portal after completing the financial literacy module.
What exactly is YouthCred?
YouthCred is a national youth credit access programme run by CREDICORP (the Federal Government’s consumer credit DFI) to help young Nigerians learn about credit and responsibly access it. It blends financial education with affordable, short-tenor loans, and is being rolled out in phases starting with NYSC members.
Applicants must complete a digital financial literacy course covering credit management, repayment, and responsible borrowing. Beyond loan disbursement, the initiative drives nationwide credit reorientation through gamified learning and a fully digital onboarding process using BVN and NIN for swift verification. In some cases, financed items, such as digital devices, are delivered directly.
Initially focused on NYSC members, the scheme will soon extend to all employed youth and youth-owned businesses, with flexible repayment plans. It also emphasises data privacy, financial education, and youth empowerment to reshape Nigeria’s credit culture and foster economic inclusion.
Who it targets (by phase)
- Phase 1: Serving NYSC corps members — up to ₦200,000 at single-digit interest after a brief digital credit education module. Take-off funding of ₦9bn; deployment across 774 LGAs and 8,000+ wards.
- Phase 2: Employed youth (18–39) and youth entrepreneurs (18–39) via YouthCred’s employed/entrepreneur products.
How much, how long, what it costs
- NYSC track: up to ₦200,000, single-digit interest, short tenor. Some applicants start with smaller limits and scale up after on-time repayment.
- Other tracks (youth employees & entrepreneurs): YouthCred states loans can start small and grow with your repayment history, with tenors of 1–12 months and no collateral/guarantors; limits may range from ₦5,000 up to ₦5,000,000 depending on your profile. Early repayment is allowed; auto-debit is supported; no hidden fees. Rates vary by product/partner.
What you can use it for
- Relocation & settling-in
- Work tools/devices
- Skills/vocational training, and
- Seed capital for small businesses — designed to replace loan sharks with fair, structured credit.
Core aims & objectives
- Unlock youth access to consumer credit and build healthy credit habits from early career.
- Pair credit with money skills through short, digital credit-education modules.
- Create a national credit culture — responsible borrowing, repayment tracking, and growing limits over time.
Eligibility snapshot
- Age: Typically 18–39 (employed youth & entrepreneurs) plus a dedicated NYSC track.
- Status: Serving corper, employed, or running a business (choose your track).
- Collateral/guarantor: Not required; limits grow as you prove repayment discipline.
Documentation & checks (what to have handy)
From YouthCred’s policies and FAQs, expect to provide basic KYC and programme-specific info such as:
- Full name, phone, email; BVN/NIN; a Nigerian bank account.
- NYSC details (if a corper) or employment status / business info (if employed/entrepreneur).
- Consent to standard credit/identity checks; set up auto-debit for repayment.
Tip: Have your ID, BVN, NIN, bank details, and (if applicable) CAC or simple business info ready before you start.
How to Apply (step-by-step)
- Go to the official portal: youthcred.com → Get Started (this jumps to the app). Create your account with phone/email + password.
- Pick your track: NYSC, Employed Youth, or Youth Entrepreneur so the portal shows the right product and limits.
- Complete the short Credit Education module: It’s mandatory for NYSC and recommended for all — finish it to unlock loan eligibility.
- Do KYC & link your bank: Provide BVN/NIN, verify identity, and set up auto-debit/e-mandate for repayments.
- Apply for your loan: Choose amount and tenor (1–12 months); confirm purpose (e.g., device, training, relocation, small business).
- Get a decision & disbursement: Once approved, funds hit your account within minutes.
- Repay on time & scale up: Pay on schedule (or early) to increase your limit over time and maintain a strong credit record. Some NYSC applicants may start with a smaller amount before graduating to the full ₦200k.
The YouthCred Card (NYSC)
YouthCred also advertises a low-interest credit card for corps members with limits that grow as you learn/repay — no shady fees. Rollout details appear tied to the NYSC track in Phase 1.
Important notes & safety
- It’s a loan, not a grant. Borrow only what you can repay.
- Only use the official portal; don’t pay anyone to “facilitate” your application. YouthCred says no hidden charges and no guarantors.
- Support: YouthCred lists [email protected] for help.
