The Nigerian Consumer Credit Corporation has unveiled a new initiative to empower corps members with access to single-digit interest loans of up to N200,000 under a programme dubbed “YouthCred.”
The scheme officially kicked off on Wednesday in Abuja with the signing of a Memorandum of Understanding between Credicorp and the National Youth Service Corps.
Speaking at the ceremony, the Managing Director/CEO of Credicorp, Uzoma Nwagba, disclosed that N9bn has been earmarked for the first phase of the programme, targeting NYSC members nationwide.
He explained that the initiative goes beyond credit access, aiming to instill responsible borrowing habits and financial planning among young Nigerians.
He said the programme is part of President Bola Tinubu’s consumer credit drive announced during his Democracy Day address on June 12.
“The heart of YouthCred is actually not just credit, but credit orientation that is teaching young Nigerians, especially as they are coming into the workforce, teaching them good credit habits, teaching them how to build a credit history, teaching them how to plan financially and borrow responsibly, and then ultimately also giving them credits that enables them to access goods and services,” he said.
Eligible corps members will be required to complete a brief digital credit education course before they can access the loans.
Those who repay promptly can gradually qualify for higher amounts, up to the N200,000 cap.
The loans are expected to support a variety of needs including relocation, acquisition of work tools and devices, skills training or small-scale business funding.
Nwagba emphasised the strategic importance of the NYSC scheme to national development, describing it as a “national gold mine for credit reorientation.”
“Our first target for this is N9 billion. But like I said in the signing ceremony, the loans will grow, and the amounts will grow as the programme continues to gain adoption,” he added.
He urged beneficiaries to embrace the opportunity with discipline, stressing that repayment is vital to sustaining and expanding the scheme.
In his remarks, the Director-General of the NYSC, Brigadier General Olakunle Nafiu, hailed the initiative as “epoch-making,” praising Tinubu for prioritising Nigerian youths.
The DG assured Credicorp of NYSC’s full cooperation, including the integration of credit education modules into orientation and training programmes.
He added that the programme would not only empower corps members during service but also prepare them for life afterward, creating a generation of financially literate, credit-worthy, and business-minded Nigerians.
He stated, “I am glad and I want to thank the MD/CEO of CrediCorps and his staff for this initiative and partnership. I particularly would like to appreciate His Excellency, Mr President, for having the Nigerian youths at heart and driving this initiative.
“It shows that Mr President is committed to this, and he’s passionate about this. We are glad that we are recognised at that level.”
Punch
