The Nigerian Consumer Credit Corporation (CREDICORP) has signed a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) to provide eligible corps members with access to loans of up to ₦200,000 under the newly launched “YouthCred” initiative.
Speaking during the signing ceremony in Abuja, CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba, said ₦9 billion has been earmarked for the first phase of the programme, which is part of President Bola Ahmed Tinubu’s broader consumer credit initiative announced during his Democracy Day address on 12 June.
Nwagba explained that the YouthCred programme targets youth corps members in its initial rollout, enabling them to access single-digit interest loans for needs such as relocation, purchase of work tools, skills acquisition, and small business support.
He noted that beneficiaries would first complete a short digital credit education course, which aims to instil responsible borrowing habits, financial planning skills, and credit history development.
“The heart of YouthCred is actually not just credit, but credit orientation—teaching young Nigerians how to borrow responsibly and build a strong financial foundation,” Nwagba said.
He added that corps members would begin by accessing smaller loan amounts and could qualify for the full ₦200,000 after repaying their initial facility.
NYSC Director-General, Brigadier-General Olakunle Nafiu, described the partnership as “epoch-making”, noting that it would significantly boost financial independence and entrepreneurial drive among corps members.
He said many young Nigerians possess innovative business ideas but lack access to start-up capital, stressing that the YouthCred scheme now offers a viable platform to realise their ambitions.
The DG commended President Tinubu for flagging off the programme with NYSC, expressing confidence that it would further empower Nigerian youth during and beyond their service year.
