CREDICORP, NYSC launch ₦200,000 loan scheme for corps members
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By Joseph Erunke, Abuja
The Nigerian Consumer Credit Corporation (CREDICORP) has signed a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) to provide Corps Members with access to credit facilities of up to ₦200,000 each, under a new initiative tagged YouthCred.
Speaking during the MoU signing ceremony in Abuja on Wednesday, CREDICORP’s Managing Director/CEO, Engr. Uzoma Nwagba, revealed that ₦9 billion has been earmarked for the first phase of the programme, which focuses exclusively on NYSC members. He noted that the initiative is in fulfillment of President Bola Tinubu’s Democracy Day promise to roll out a credit scheme targeting 400,000 Nigerians, including youth corps members.
Under YouthCred, eligible Corps Members will first complete a brief digital credit education course before accessing the loans. The funds can be used for relocation, acquisition of work tools, vocational training, or small-scale business ventures.
“The heart of YouthCred is not just about giving credit, but building a culture of responsible borrowing and financial planning,” Nwagba said.
He added that Corps Members who responsibly repay smaller initial loans will become eligible for the maximum ₦200,000 facility. He urged beneficiaries to embrace the opportunity with commitment and discipline, emphasizing that successful repayments would ensure the sustainability and expansion of the programme.
On his part, NYSC Director-General, Brigadier General Olakunle Akinyemi Nafiu, described the initiative as “epoch-making” and expressed appreciation to President Tinubu for launching the scheme with the Corps.
“YouthCred will enhance the financial independence of our members, promote entrepreneurship, and contribute to national development,” he said.
Nafiu noted that many Corps Members possess promising business ideas but lack access to startup capital. With YouthCred, he said, they now have a platform to bring those ideas to life.
He also pledged NYSC’s full cooperation in integrating the credit education module into Corps orientation and training activities.
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