The Nigerian Consumer Credit Corporation (Credicorp) has signed a Memorandum of Understanding with the National Youth Service Corps to launch the YouthCred initiative, a financial empowerment scheme that allows serving corps members to access loans of up to 200,000 naira at single-digit interest rates. A total of 9 billion naira has been earmarked for the first phase of the program.
According to Credicorp CEO Uzoma Nwagba, corps members must complete a short digital credit education course before becoming eligible. The initiative aims to promote financial literacy among Nigerian youth by teaching them how to build credit history, plan financially, and borrow responsibly. Beneficiaries will begin with smaller loans and may qualify for larger amounts upon successful repayment.
NYSC Director General Brigadier General Olakunle Nafiu praised President Tinubu for supporting youth development through the initiative. He described the scheme as a major boost to corps members’ financial independence and a gateway to entrepreneurship, noting that many young Nigerians have viable business ideas but lack access to start-up capital. With YouthCred, they now have a platform to launch their ventures and acquire essential tools for productivity during and after their service year.
