The launch, held at the Ministry of Finance auditorium in Abuja, was framed as a cornerstone of President Bola Tinubu’s broader economic vision. According to a statement issued by the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, the programme builds on earlier pilots and has now scaled to a nationwide platform for youth empowerment.
Speaking at the event, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the scheme represents a decisive step in expanding financial inclusion and easing economic pressures on young Nigerians. He noted that the administration’s ongoing reforms are intended to translate into real improvements in productivity and financial stability for households.
Edun emphasized that the initiative aligns with President Tinubu’s agenda to stimulate consumer spending, support emerging enterprises and provide young people with the tools needed to participate fully in a modern credit economy.
He added that responsible access to credit remains central to boosting national productivity and sustaining long-term economic growth.
“The YouthCred is about dignity, your financial independence and your access to resources to live your dreams,” he said, stressing that equal opportunity—rather than privileged access—would guide the initiative.
The minister reiterated that the government aims to build an economy that grows “rapidly, sustainably and inclusively,” with particular focus on young people, women and disadvantaged demographic groups.
CREDICORP’s Managing Director, Nwagba, highlighted the programme’s rapid expansion, noting that more than ₦30 billion had been disbursed to over 200,000 Nigerians in the past year. Beneficiaries include youth corps members and young workers seeking financing for mobility or digital tools. He also disclosed that the corporation had maintained zero non-performing loans to date, a milestone he attributed to strict verification and responsible lending systems.
With an ambitious target to reach one million youths by 2026, Nwagba said the government is committed to scaling opportunities for young Nigerians through structured, affordable credit. He added that safeguards have been built into the programme to ensure loans remain “a tool for empowerment and not a burden.”
YouthCred offers collateral-free loans, interest rates as low as 2% monthly, a six-month moratorium, flexible tenors of up to 24 months, salary or NYSC-linked automatic repayments, and mandatory financial literacy modules. The scheme also provides an alternative to exploitative informal lenders, popularly described as loan sharks.
Initially launched in mid-2025, YouthCred was designed to reach about 400,000 Nigerians aged 18–39, with loan sizes ranging from ₦5,000 to ₦5 million, depending on employment or entrepreneurial status. Its fully online onboarding and credit-building framework are intended to foster responsible borrowing while widening access to formal financial services.
Friday’s unveiling marks another push by the government to mainstream consumer credit as a driver of economic inclusion and youth empowerment.