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frequently asked questions

A: YEDP stands for Youth Entrepreneurship Development Programme. The Central Bank of Nigeria, as part of its efforts to deepen credit delivery to address the challenges of unemployment, promote entrepreneurial spirits among Nigerian youths and enhance the spread of small and medium enterprises established YEDP.
A: The objectives of the YEDP Programme are to:
  1. Harness the entrepreneurial skills and innovative capacities of youths;
  2. Improve access to finance for youth entrepreneurs using a well-structured business model;
  3. Stimulate flow of finance to start-up enterprises;
  4. Encourage job creation;
  5. Increase the contribution of the non-oil sector to the GDP; and
  6. Promote diversification of the economy.
A: Applicants shall meet the following criteria to be eligible:
  1. Be between 18 and 34 years of age.
  2. Currently serving NYSC member or non-serving NYSC member (but not more than 5 years post-NYSC) possessing a verifiable tertiary institution certificate.
  3. Artisans shall possess School Leaving Certificate or Technical Certificate or approved Proficiency Certificate from NBTE (whichever is applicable).
A: Application is done online via FCMB Bank Portal. Apply here
A:
  1. A viable business plan
  2. Birth Certificate
  3. Valid ID card (International Passport, Drivers Licence, NIMC ID Card)
  4. Tertiary institution Certificate
  5. NYSC Certificate
  6. Technical Certificates for Artisans
  7. Business registration documents
  8. History and Financial projection of your business.
  9. Any other supporting documents
A: No. but if your application is successful, you will be required to register your business with Corporate Affairs Commission (CAC) before you will get the loan. You will be guided on the process of registration of your business.
A: No. You will have full ownership of your business. However, you will be required to repay the loan in full at the expiration of the agreed tenor.
A: You can only apply once. You are required to review your application very well before clicking submit. Once you submit, you will not be able to amend or review your application again.
A: You have 48hrs to complete your application. Otherwise, you will have to start all over again.
A: No. Once you have submitted your application you will not be able to update or amend it again.
A: Yes, you can return back to your application and continue from where you stopped as long as you have not submitted your application.
A: The interest rate is 9% per annum. No fees.
A: You can get up to 3 years period/tenor to pay back your loan.
A: An applicant can access up to N3m while group projects jointly owned by 3-5 qualified beneficiaries can access up to N10m.
A: Yes, your business idea is safe with the bank. The Bank will not disclose any confidential information to any unauthorized person, firm or organization, except as required by the CBN, NYSC and the law.
A:
  • Post NYSC applicants will use their
    • Tertiary institution(s) certificate(s)
    • NYSC discharge certificate.
    • NYSC exemption certificate.
    • Any other acceptable certificates
  • Serving Corp members will pledge their
    • NYSC discharge certificate and
    • Tertiary institution(s) certificates(s).
    • Any other acceptable certificates
  • Artisans will provide:
    • Verifiable Vocational/Technical Certificates.
  • Other conditions include:
    • Key-man insurance policy for the owner/manager of the company. Comprehensive insurance on asset financed.
    • Personal guarantee of business promoter supported by statement of personal net worth.
    • Third party guarantor with undated cheques covering the facility amount.
A: You will be contacted if your application is successful. You can also track your application via application status link once you log in.
A: Yes. Successful applicants will receive training on business success and development.