The Nigerian Consumer Credit Corporation (CREDICORP) has launched the Entrepreneurs phase of its flagship YouthCred programme, providing young Nigerian business owners with access to working and growth capital of up to ₦2 million.
The initiative, unveiled at the Federal Ministry of Finance Auditorium in Abuja, marks the third and final phase of the YouthCred programme and fulfils a commitment by President Bola Ahmed Tinubu to expand structured consumer credit access to hundreds of thousands of young Nigerians.
With the launch, YouthCred now extends across three key groups, NYSC Corps Members, employed young Nigerians and entrepreneurs, creating a pathway for young people to enter, build and grow within Nigeria’s formal credit system.
The first phase enrolled more than 51,000 Corps Members in the NYSC pilot, while over 30,000 young Nigerians have graduated from credit education and accessed financing. The second phase extended the programme to employed youths nationwide, while the latest phase targets young entrepreneurs who are already trading, manufacturing, providing services and building businesses across the country.
At the heart of the programme is CREDICORP’s “learn-before-you-borrow” model. Participants are required to complete structured credit education before accessing financing, equipping them with the knowledge to borrow responsibly, manage funds, repay loans and build a positive credit history.
The Entrepreneurs phase is designed to address a major challenge confronting Nigeria’s young business owners. More than 90 per cent of the country’s MSMEs operate in the name of individuals rather than registered corporate entities, making it difficult for many entrepreneurs to access conventional business loans that require formal registration, audited accounts and collateral.
YouthCred for Entrepreneurs therefore provides an alternative pathway by extending credit directly to eligible entrepreneurs aged between 18 and 35. Market traders, artisans, service providers and small-scale manufacturers can access financing based on their credit education, affordability and repayment capacity rather than documentation their businesses may not yet possess.
According to CREDICORP, each disbursement is designed not only to provide immediate capital but also to create a formal credit file and repayment history for the entrepreneur, helping to build the financial identity needed for future formalisation, expansion and business growth.
The programme is being implemented through a coordinated partnership involving the Federal Ministry of Finance, CREDICORP and Partner Financial Institutions. While the Ministry provides policy direction and oversight, CREDICORP provides the capital and credit infrastructure, while participating financial institutions handle underwriting, disbursement and last-mile business support.
Speaking at the launch, the Minister of Finance, Taiwo Oyedele, said the initiative represented the fulfilment of the President’s commitment to Nigeria’s young people.
“Mr. President made a commitment to Nigeria’s young people, and today we complete its delivery: Corps Members, employed youth, and now the entrepreneurs who power our markets and workshops. YouthCred for Entrepreneurs is capital deployed with discipline, matched to young Nigerians who are already building. This is how we unlock the next million Nigerian businesses,” he said.
The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said young Nigerians deserved structured access to credit rather than charity.
“Hardworking young Nigerians deserve structured credit, not charity. More than 90 per cent of our MSMEs trade in the name of the person who built them, so that is exactly how we built this credit line: for the individual, not just the entity,” Nwagba said.
He added that the programme was anchored on eligibility, repayment discipline and business growth, stressing that the success of young entrepreneurs would ultimately contribute to Nigeria’s economic growth.
Wema Bank, the pilot Partner Financial Institution for the Entrepreneurs phase, began onboarding applicants at the launch, with CREDICORP expected to expand the network to markets, trade associations and cooperative societies across all 36 states and the Federal Capital Territory.
The expansion forms part of YouthCred’s broader ambition to reach one million young Nigerians. Across its various programmes, CREDICORP said it has disbursed more than ₦47 billion to over 301,124 applicants nationwide, while maintaining a reported non-performing loan rate of zero per cent.
Young entrepreneurs can access the programme by visiting youthcred.com, completing the credit education module, checking their eligibility and applying for financing. Applicants may also visit participating Partner Financial Institutions as the nationwide rollout expands.
Established in April 2024 under President Bola Ahmed Tinubu’s Renewed Hope Agenda, CREDICORP is a Federal Government development finance institution mandated to expand access to consumer credit, strengthen Nigeria’s credit infrastructure, mobilise wholesale funding and credit guarantees, and promote responsible borrowing.
With the launch of the Entrepreneurs phase, YouthCred now offers a structured credit pathway through which a young Nigerian can enter the financial system as a Corps Member, progress as an employed professional and eventually build and expand a business as an entrepreneur, creating a credit identity that can support economic opportunity over a lifetime.
For more information, visit www.credicorp.ng