The Nigerian Consumer Credit Corporation has introduced a new initiative aimed at empowering corps members by offering single-digit interest loans of up to N200,000 through a program called “YouthCred.”
The initiative was officially launched on Wednesday in Abuja with the signing of a Memorandum of Understanding between Credicorp and the National Youth Service Corps (NYSC).
During the event, Credicorp’s Managing Director/CEO, Uzoma Nwagba, announced that N9 billion has been allocated for the first phase of the program, which targets NYSC members across the country.
Nwagba explained that the initiative is designed not only to provide access to credit but also to promote responsible borrowing habits and financial planning among young Nigerians.
He noted that this program is part of President Bola Tinubu’s consumer credit initiative, which was highlighted during his Democracy Day speech on June 12.
“The core of YouthCred is not just about providing credit, but also about educating young Nigerians—especially as they enter the workforce—on good credit practices, how to build a credit history, financial planning, and responsible borrowing, ultimately enabling them to access goods and services,” he stated.
To qualify for the loans, eligible corps members must complete a short digital credit education course.
Those who make timely repayments can gradually become eligible for larger amounts, up to the N200,000 limit.
These loans are intended to assist with various needs, including relocation, purchasing work tools and devices, skills training, or funding small businesses.
Read Also:
- Ibas tasks NYSC members on selfless service to host communities
- NYSC relocates corps members to safer zones in Makurdi after Benue crisis
- NNPC empowers 531 NYSC members with ₦531,000, business starter packs in major youth empowerment drive
Nwagba highlighted the strategic significance of the NYSC program for national development, referring to it as a “national gold mine for credit reorientation.”
“Our initial target is N9 billion, but as I mentioned during the signing ceremony, the loan amounts will increase as the program gains traction,” he added.
He encouraged beneficiaries to take advantage of this opportunity responsibly, emphasizing that timely repayment is crucial for the sustainability and growth of the initiative.
In his comments, NYSC Director-General Brigadier General Yusha’u Ahmed, represented by Brigadier General Olakunle Nafiu, praised the initiative as “historic” and commended Tinubu for focusing on the needs of Nigerian youth.
The DG assured Credicorp of the NYSC’s full support, including the incorporation of credit education into orientation and training programs.
He expressed that the program would not only empower corps members during their service but also prepare them for their future, fostering a generation of financially savvy, creditworthy, and entrepreneurial Nigerians.
He concluded, “I am grateful and would like to thank the MD/CEO of Credicorp and his team for this initiative and partnership. I especially want to acknowledge His Excellency”.
