The Nigerian Consumer Credit Corporation (CREDICORP) on Friday announced the launch of YouthCred in partnership with the National Youth Service Corps (NYSC) to provide credits for serving Corps members.
According to the Corporation, the initiative is in fulfillment of President Bola Tinubu’s Democracy Day promise to launch a consumer credit program for 400,000 Nigerians.
“YouthCred is not just a loan. It’s a movement. It equips young Nigerians with credit education, tailored financing for relocation, devices, business, or personal needs, and a chance to build a credit history early,” CREDICORP stated.
MoU with NYSC
To actualize its goals, CEDICORP said it has signed a formal Memorandum of Understanding (MOU) with the NYSC, and the two organizations are now working hand-in-hand to empower Corps Members with access to responsible credit.
- The Corporation said it has also trained NYSC officials across all 36 states on the YouthCred platform, ensuring that every Corps Member gets access to financial education and credit support.
- According to CREDICORP, active NYSC members can now sign up and apply for credit on the initiative’s website: http://youthcred.com
Details of the initiative
Speaking about the initiative ahead of its launch in an interview with Nairametrics earlier this year, CREDICORP CEO Uzoma Nwagba said YouthCred is not just another loan scheme, but a program designed to help young Nigerians live better today, while learning how to manage credit responsibly for the future.
According to him, YouthCred allows corps members to access upfront consumer credit of N100,000 to N150,000, repayable in small installments over the course of their service year.
- With NYSC members now receiving a monthly allowance of N70,000, the program makes it possible for them to borrow responsibly against future earnings.
- The credit is offered at near single-digit interest rates, a rare opportunity in a country where consumer credit remains scarce and expensive.
- Nwagba said this makes the initiative one of the most affordable financing options available in the country today.
Designed for real-life needs
Nwagb said YouthCred is tailored to help corps members meet real, practical needs. Whether they are posted to urban centers or rural communities, the program ensures they can settle in quickly and comfortably.
“Imagine you’re posted to a remote village, you need a fan, some basic furniture, maybe even a motorbike or tricycle to move around.
“Or you’re sent to a city law firm, you need a suit, shoes, or maybe a laptop. YouthCred lets you access the tools you need upfront, so you can start your service year strong and pay back in small bits,” Nwagba explained.
- According to Nwagba, access to credit under the YouthCred program is conditional on one key factor: training.
- He disclosed that before any loan is disbursed, corps members must go through a digital financial literacy program covering the basics of credit, budgeting, credit scores, and financial responsibility.
