CREDICORP Launches YouthCred to Support Young Entrepreneurs

Young entrepreneurs in Nigeria are not waiting for jobs. They are trading, building, and serving customers daily. The challenge has not been ambition but access to funds, credit history, and a way into the financial system. Today, the Nigerian Consumer Credit Corporation (CREDICORP) launched YouthCred for Entrepreneurs, a national credit line for young business owners. This is the third phase of the YouthCred programme, and the event took place at the Federal Ministry of Finance Auditorium in Abuja.

This launch is a promise fulfilled. In his Democracy Day speech, President Bola Ahmed Tinubu announced that the Federal Government would provide structured consumer credit to thousands of young Nigerians through YouthCred. The rollout started with NYSC Corps members, moved to employed youth, and now includes young entrepreneurs. The first phase saw over 51,000 Corps members in the NYSC pilot. More than 30,000 young Nigerians have completed credit education and received financing. The second phase expanded to employed youth nationwide. Now, phase three helps young business owners who drive Nigeria’s markets and workshops.

YouthCred focuses on a simple idea: real financial knowledge before real credit. Every participant goes through structured credit education before getting a loan. They learn how to borrow, budget, repay, and build a credit history correctly. This learn-before-you-borrow approach makes YouthCred effective. Each group enters Nigeria’s credit system educated and ready to borrow.

The entrepreneurs phase is based on a fact that traditional lending has ignored for years: over 90% of Nigeria’s MSMEs operate under the name of the individual, not as registered companies. Regular business loans require corporate registration, audited accounts, and collateral. YouthCred for Entrepreneurs changes this by giving working and growth capital of up to ₦2,000,000 directly to entrepreneurs aged 18 to 35. This includes market traders, artisans, service providers, and small manufacturers. The loans are based on education, affordability, and repayment records, not paperwork that many businesses do not have. Each loan creates a credit file, builds repayment history, and gives owners the financial identity they need for growth.

The programme is a national investment. The Federal Ministry of Finance provides policy and oversight. CREDICORP supplies the capital and credit structure. Partner Financial Institutions handle the last-mile delivery, underwriting, and business support. Every naira is tied to clear eligibility rules and an affordability cap that protects applicants from borrowing too much. This system is why CREDICORP’s portfolio has a non-performing loan rate of 0%. Public funds are treated as a trust, not as a handout.

“Mr. President made a promise to Nigeria’s young people, and today we fulfill that promise,” said Honourable Minister of Finance, Taiwo Oyedele. “This includes Corps members, employed youth, and now the entrepreneurs who drive our markets and workshops. YouthCred for Entrepreneurs is responsible capital for young Nigerians who are already building. This will help unlock the next million Nigerian businesses.”

“Hardworking young Nigerians deserve structured credit, not charity,” said Uzoma Nwagba, Managing Director/CEO of CREDICORP. “Over 90% of our MSMEs operate under the name of the person who built them. That is why we created this credit line for individuals, not just businesses. Every naira is connected to eligibility, repayment discipline, and business growth. When builders win, Nigeria wins.”

The delivery process started today. Wema Bank, the pilot Partner Financial Institution for the Entrepreneurs phase, accepted applicants on-site during the launch. The PFI network will expand in the coming months to reach markets, trade associations, and cooperative societies across all 36 states and the FCT. The goal is to connect with one million young Nigerians. CREDICORP has already disbursed over ₦47 billion to over 301,124 applicants nationwide. This shows that responsible structured credit works in Nigeria.

The application portal is now open. Young entrepreneurs can visit youthcred.com today. They can complete the credit education module, check their eligibility, and apply or visit a Partner Financial Institution as the rollout expands.

The Nigerian Consumer Credit Corporation (CREDICORP) is a development finance institution set up by the Federal Government in April 2024. It is under President Bola Ahmed Tinubu’s Renewed Hope Agenda. Its goal is to provide consumer credit to 50% of working Nigerians by 2030. CREDICORP aims to strengthen Nigeria’s credit infrastructure and promote responsible credit use. YouthCred is its main youth credit and education programme. With the Entrepreneurs phase now active, a young Nigerian can enter the credit system as a Corps Member, advance as a professional, and build a business as an entrepreneur, carrying a credit identity for life.