National Youth Service Corps (NYSC) has partnered with Nigerian Consumer Credit Corporation (CREDICORP) to provide corps members with access to loans of up to ₦200,000 under a federal government initiative tagged YouthCred.
Gatekeepers News reports that speaking at the signing of a memorandum of understanding (MoU), CREDICORP Managing Director, Uzoma Nwagba, revealed that ₦9 billion has been earmarked for the first phase of the programme.
Nwagba noted that the scheme aligns with President Bola Tinubu’s 2023 announcement of a credit initiative targeting 400,000 Nigerians, including corps members.
He said, “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 enable them to access goods and services.”
According to him, applicants will initially be granted loans below the set amount with the option to apply for higher amounts after repayment of earlier loans. The funds can be used for purchasing tools, acquiring skills, or starting small businesses.
NYSC Director-General, Olakunle Nafiu, praised the partnership, describing it as a boost to the financial independence of corps members and a contribution to national development.
He said, “ 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.”
