FG Launches New Credit Scheme, Invites Youths to Borrow Up to N5m in Minutes
- Nigerian youths could access up to N5 million loans under the federal government's new YouthCred scheme
- The scheme targeted over 400,000 young Nigerians, including the National Youth Service Corps (NYSC) corps members
- Details showed that the loan was designed for youths to get up to N5 million with a flexible repayment term
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The Nigerian Consumer Credit Corporation (CREDICORP) has launched YouthCred to make loans available for Nigerian youths.
The national loan scheme allows young people to access up to N5 million as part of efforts to help them actualise their dreams with ease.
Source: Getty Images
FG opens loan opportunity for Nigerian youths
Ayodele Olawande, the minister of Youth Development, in a statement the scheme was not just for corps members but for all youths irrespective of their status.
He added that through the YouthCred, youths can bring their big ideas, initiatives, and inventions to life.
Uzoma Nwagba, the managing director of CREDICORP, said the credit scheme is a revolution and a movement that will start a credit culture in Nigeria.
He also noted that YouthCred is on a national campaign to change how young people in Nigeria think about money, borrowing, trust, and financial responsibility.
Nwagba described the programme as a “credit revolution,” adding that it seeks to change how young Nigerians think about money, borrowing, and financial responsibility, Guardian reports
Lagos state commissioner for Youth and Social Development, Mobolaji Ogunlende, praised the initiative.
How will YouthCred work?
Under YouthCred, corps members, including youths, can access low-cost loans for up to six months, employed youths between 18 and 39 years can borrow for up to 12 months, while young entrepreneurs are eligible for loans to expand their businesses.
Loan amounts range from as little as N5,000 to as much as N5 million, with no collateral required.
Repayments are flexible, between one and 12 months, and applicants can increase their borrowing limit by repaying on time and completing financial training modules.
CREDICORP said the scheme is backed by partnerships with banks, technology companies, and other stakeholders to ensure transparency, fair rates, and quick access to funds.
Source: Getty Images
How to apply for the loan
Nigerians aged 18 to 39 can apply by visiting the YouthCred website and filling out an online application form.
Applicants are verified within minutes, with no need for collateral or guarantors, and repayment will be in 12 months.
Once approved, funds are disbursed directly into their accounts, and repayments are deducted automatically or made manually online.
To apply use this link.
FG opens portal to train and employ jobless
Earlier, Legit.ng reported that the National Directorate of Employment (NDE) launched the second phase of its Renewed Hope Employment Initiative (RHEI), aiming to tackle youth unemployment and equip Nigerians with practical vocational and digital skills.
Speaking at the unveiling of a new digital registration platform in Abuja on Monday, NDE Director-General, Mr. Silas Agara, announced that the entire process for Phase Two would be conducted online.
According to Agara, this move was designed to ensure fairness and reach more Nigerians across the country.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
