FG launches credit scheme for young Nigerians, NYSC members

The Federal Government has introduced YouthCred, a national consumer credit scheme for Nigerians aged 18 to 39.

This also include members of the National Youth Service Corps (NYSC), to expand credit access and boost financial literacy.

This was made known in a statement by the National Orientation Agency on its official X page on Friday.

According to the statement, the programme is aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda and offers low-interest, collateral-free loans without guarantors, managed by the Nigerian Consumer Credit Corporation (CREDICORP).

“Launched in July 2025, YouthCred has reached its 1,000th beneficiary and targets 400,000 youths nationwide,” the statement reads.

“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,”the statement read.

Earlier on Thursday, the federal government unveiled the programme in Abuja during the flag-off of the scheme at the orientation camp for NYSC Batch B Stream 1 participants.

Ayodele Olawande, Minister of Youth Development, described the move as a bold step towards empowering young Nigerians, giving them a solid footing in a credit-based economy, The Guardian reported.

He encouraged National Youth Service Corps (NYSC) members to take advantage of the initiative.