The National Youth Service Corps (NYSC) has partnered with the Nigerian Consumer Credit Corporation (CREDICORP) to launch YouthCred, a loan scheme granting corps members access to credit facilities of up to ₦200,000.
The partnership was formalised on Wednesday in Abuja through the signing of a Memorandum of Understanding (MoU) between both institutions.
CREDICORP Managing Director/CEO, Engr. Uzoma Nwagba, revealed that ₦9 billion has been earmarked for the first phase of the programme, which will focus exclusively on NYSC members. He explained that the initiative aligns with President Bola Tinubu’s Democracy Day pledge to extend consumer credit to 400,000 Nigerians, including corps members.
Under YouthCred, applicants must complete a short digital credit education course before qualifying for loans, which can be used for relocation expenses, work tools, vocational training, or small business ventures. Beneficiaries who promptly repay smaller initial amounts will become eligible for the maximum ₦200,000 facility.
“The heart of YouthCred is not just about granting loans, but about cultivating a culture of responsible borrowing and sound financial planning,” Nwagba said.
NYSC Director-General, Brigadier General Olakunle Akinyemi Nafiu, described the scheme as a “milestone” in the corps’ history and praised President Tinubu for supporting the project. He noted that many corps members have viable business ideas but lack startup capital.
“With YouthCred, our members now have a credible platform to turn their ideas into reality,” Nafiu said, pledging NYSC’s commitment to ensuring the programme’s success.