Young Nigerians’ access to financing during their service year will change significantly through the CREDICORP and NYSC YouthCred Loan Initiative. The National Youth Service Corps (NYSC) and the Nigerian Consumer Credit Corporation (CREDICORP) launched the program by signing a Memorandum of Understanding (MoU) in Abuja to provide corps members with loans of up to ₦200,000.
At the signing ceremony, Engr. Uzoma Nwagba, the managing director and CEO of CREDICORP, disclosed that ₦9 billion has been set aside for the project’s initial phase, which focuses exclusively on NYSC participants. He explained that the initiative fulfills President Bola Tinubu’s Democracy Day pledge to launch a credit program that will support 400,000 Nigerians, including corps members. Consequently, YouthCred emerges not only as a financial product but also as part of a broader national drive toward financial inclusion.
YouthCred’s procedure has been carefully designed to guarantee accountability and sustainability. Before receiving funds, qualified corps members must first complete a brief digital credit education course. This requirement ensures that all participants understand the fundamentals of borrowing and the importance of repayment.
After completing the course, participants can then apply for loans to invest in small businesses, purchase work equipment, fund vocational training, or cover relocation expenses. Therefore, the initiative establishes a direct connection between entrepreneurship, skill development, and financial support.
In addition, the program promotes discipline through a progressive lending strategy. Instead of granting the full ₦200,000 upfront, it begins with smaller loans. Corps members who demonstrate responsibility by repaying on time qualify for larger facilities. According to Nwagba, the essence of YouthCred lies in “creating a culture of responsible borrowing and financial planning, not just granting credit.” His statement underscores financial literacy as the program’s foundation.
Similarly, Brigadier General Olakunle Akinyemi Nafiu, Director-General of the NYSC, described the program as “epoch-making.” He praised the federal government for empowering corps members with tools that foster financial independence. He emphasized that YouthCred not only provides money but also promotes entrepreneurship, reduces dependence, and drives national development.
Moreover, the DG highlighted that many corps members have innovative business ideas but lack startup capital. YouthCred now offers them a platform to finally bring those ideas to life. To reinforce this, he assured that NYSC would fully integrate the digital credit education module into corps orientation and training programs, ensuring participants are prepared to utilize credit responsibly. According to him, the partnership represents a new era in Nigeria’s efforts to prepare its youth for life after service.
At the end of the day, the long-term impact of the CREDICORP and NYSC YouthCred Loan Initiative extends far beyond immediate financial relief. By combining financial education with affordable loans, the program addresses present demands while simultaneously creating opportunities for the future. It equips corps members to become financially literate individuals capable of driving economic growth while skillfully navigating today’s challenges.
If sustained, this initiative could truly transform Nigeria’s credit culture and place corps members at the forefront of the nation’s financial inclusion agenda.
