NYSC launch ₦200,000 loan scheme for Corps members nationwide
The Nigerian Consumer Credit Corporation (CREDICORP) has partnered with the National Youth Service Corps (NYSC) to launch YouthCred, a loan programme that will grant corps members access to credit facilities of up to ₦200,000.
The agreement was formalised on Wednesday in Abuja through the signing of a Memorandum of Understanding (MoU) between both institutions.
Speaking at the event, CREDICORP Managing Director/CEO, Engr. Uzoma Nwagba, disclosed that ₦9 billion has been allocated for the first phase of the scheme, which will focus exclusively on serving NYSC members.
Nwagba explained that the initiative aligns with President Bola Tinubu’s Democracy Day pledge to extend consumer credit to 400,000 Nigerians, including members of the NYSC.
Under the programme, corps members will be required to complete a short digital credit education course before qualifying for the loans, which can be applied towards relocation expenses, work tools, vocational training, or small business ventures.
“The heart of YouthCred is not just about granting loans, but about cultivating a culture of responsible borrowing and sound financial planning,” he said.
He noted that beneficiaries who repay smaller initial amounts promptly will be eligible to access the maximum ₦200,000 facility.
NYSC Director-General, Brigadier General Olakunle Akinyemi Nafiu, hailed the initiative as a “milestone” in the corps’ history and commended President Tinubu for backing the project.
According to him, the scheme will strengthen corps members’ financial independence, encourage entrepreneurship, and support national economic growth. He added that while many corps members possess viable business ideas, lack of startup capital has often hindered them.
“With YouthCred, our members now have a credible platform to turn their ideas into reality,” Nafiu stated, pledging the NYSC’s commitment to ensuring the programme’s success.
