The Nigerian Consumer Credit Corporation (CREDICORP) has signed an agreement with the National Youth Service Corps (NYSC) to provide loans of up to N200,000 to serving corps members under the new “YouthCred” initiative.
CREDICORP Managing Director/CEO, Uzoma Nwagba, announced that N9 billion has been allocated for the initial phase. He said the scheme is in line with President Bola Ahmed Tinubu’s Democracy Day speech on June 12, where he promised to launch a credit programme for 400,000 Nigerians, including NYSC members.
To qualify, corps members must complete a short digital credit education course. This course will teach financial planning, credit history building, and responsible borrowing.
The loans will help corps members with relocation, work tools, skill development, or starting small businesses. After completing the credit training, participants can access smaller loans first and later qualify for the full N200,000 after repayment.
Nwagba noted that the loan size will increase over time: “As the programme grows, the loan amounts and the number of beneficiaries will increase.”
NYSC Director-General, Brig.-Gen. Olakunle Nafiu, praised the initiative, describing it as a major milestone. He said the programme would empower corps members financially and promote entrepreneurship and responsible credit use.
He added that many corps members have business ideas but lack startup funds. With YouthCred, they can now access essential tools and funds to become productive during and after service.
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