The Federal Government has dismissed circulating claims that participants in the newly launched YouthCred loan scheme can access up to ₦200,000 immediately after signing up.
According to the program’s current policy, first-time applicants can only access loans of up to ₦50,000. However, serving members of the National Youth Service Corps (NYSC) may qualify for up to ₦200,000, but only after fully repaying their initial loan.
The YouthCred scheme, recently unveiled by the government, is designed to promote financial literacy among young Nigerians while providing them with small loans to help kickstart their financial journey. Before receiving any funds, applicants must pass a financial literacy test with a score of at least 80%.
For NYSC members, repayment is automated through their monthly allowance accounts, and those who demonstrate responsible borrowing can have their loan limits upgraded.
“YouthCred teaches financial literacy before providing loans, making it a cultural reorientation program, not just a financial product,” the program’s statement read.
The initiative aims to build a credit-ready generation, paving the way for better access to housing, business financing, and long-term financial inclusion.
Youth corps members are encouraged to apply via www.youthcred.com while the scheme remains active. Authorities remind all applicants that the loan is backed by the Federal Government but must be repaid; it is not a grant.
