The Nigerian Consumer Credit Corporation (CREDICORP) has entered into a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) to provide serving corps members with access to loans of up to N200,000 under a newly launched initiative called YouthCred.
The partnership, officially sealed at a ceremony in Abuja, marks the beginning of a N9 billion credit programme aimed at promoting financial inclusion and entrepreneurship among Nigerian youth. According to CREDICORP’s Managing Director/CEO, Uzoma Nwagba, the initiative aligns with President Bola Ahmed Tinubu’s Democracy Day commitment to expand consumer credit access to 400,000 Nigerians, including members of the NYSC.
Under the YouthCred scheme, corps members will initially undergo a brief digital credit education programme before becoming eligible for the single-digit interest loan. The funds can be used for relocation, business start-ups, work tools, or skills acquisition.
Nwagba described corps members as a “national gold mine for credit reorientation,” emphasizing that the programme aims to teach financial planning, responsible borrowing, and credit history building.
He noted that successful applicants would begin with smaller loan amounts and graduate to the maximum N200,000 after repaying initial loans. “The heart of YouthCred is not just credit but credit education,” Nwagba said, adding that the programme would scale with increased adoption.
NYSC Director-General, Brig.-Gen. Yushau Dogara Ahmed, praised President Tinubu’s administration for prioritizing youth empowerment. He described the partnership as a milestone that will positively impact corps members and the NYSC scheme, fostering entrepreneurship and financial independence.
Nafiu acknowledged that many corps members are innovative but lack access to capital. With YouthCred, he said, corps members now have a financial platform to support their entrepreneurial aspirations and acquire vital tools for life beyond their service year.
