The Nigerian Consumer Credit Corporation has introduced an innovative financial programme, called YouthCred aimed at young Nigerians who are currently involved in the National Youth Service Corps (NYSC).
With an initial funding amounting to N6 billion, this initiative seeks to change the landscape of consumer lending for the youth, while nurturing a generation that is educated about finances and responsible in credit usage.
In a special conversation, CREDICORP’s Chief Executive Officer, Uzoma Nwagba, stated that YouthCred is more than a simple loan programme, but a comprehensive credit empowerment initiative designed to assist corps members in fulfilling their immediate needs and gaining essential financial management skills.
“This programme is focused on providing young individuals with better living conditions now, while teaching them the significance and accountability of prudently utilizing credit,” Nwagba clarified.
He expressed that the timing is perfect, as corps members are at the beginning of entering the job market, which is a crucial period for establishing financial responsibility.
The programme permits NYSC participants to obtain consumer loans ranging from N100,000 to N150,000, which can be paid back in affordable installments over the course of their service period.
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This repayment structure corresponds with the newly increased monthly NYSC stipend of N70,000, facilitating practical repayment without overwhelming financial strain.
Nwagba pointed out that a key goal of President Bola Tinubu’s administration is to cultivate a sustainable credit culture nationwide.
He emphasized that this transformation starts with educating the youth about credit, its significance, how to safeguard it, and how to use it effectively.
“We must cultivate a generation that knows the importance of a credit score, budgeting, and smart borrowing. Corps members are the perfect place to begin this cultural change.
“YouthCred allows them to obtain necessary tools from the very start, whether for transportation, work needs, or home essentials, without having to wait months to gather savings,” Nwagba commented.
“The objective is to facilitate their transition, enhance their productivity, and boost their confidence throughout their service.”
He said CREDICORP intends to launch YouthCred in partnership with financial institutions that are already collaborating with the NYSC and relevant government agencies.
“These alliances will allow the programme to expand effectively and guarantee widespread acceptance throughout Nigeria.
“The goal for the first year is ambitious—with expectations that up to 400,000 corps members will gain from YouthCred within the next 12 months,” Nwagba stated.
