NYSC partners CREDICORP to provide corps members with N200,000 credit facility

The Nigerian Consumer Credit Corporation (CREDICORP) has partnered with the National Youth Service Corp (NYSC) to provide corps members with access to credit facilities up to N200,000.

The federal government initiative, tagged ‘YouthCred’, will allow eligible corps members to get the single-digit interest loan.

Speaking at the signing of a memorandum of understanding (MoU) between NYSC and CREDICORP, Uzoma Nwagba, the managing director of the agency, said N9 billion has been set aside for the first phase of the programme.

Nwagba said the programme is in line with President Bola Tinubu’s announcement in 2023 about a credit initiative targeting 400,000 Nigerians, including corps members.

He said the first rolloutwill focus on corps members, adding that they will be required to complete a short digital credit education programme.

He explained that the loan is to provide support in purchasing tools, skills acquisition, and funding for small businesses.

“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,” Nwagba said.

He said from the start, applicants would have access to credit below the set amount, but they can apply for larger sums after paying up their previous loans.

Olakunle Nafiu, the director-general of the NYSC, commended the initiative, noting that it will enhance the financial independence of corps members and also contribute significantly to national development.

Nafiu also assured the leadership of CREDICORP to ensure seamless implementation of the initiative.

“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,” the NYSC DG said.