The Nigerian Consumer Credit Corporation (CREDICORP) has signed a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) to provide single-digit interest loans of up to ₦200,000 to serving corps members under the newly launched YouthCred initiative.

The MoU, signed on Tuesday in Abuja, marks the beginning of the first phase of the programme, which has been allocated ₦9 billion. Speaking at the event, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said the initiative is in line with President Bola Ahmed Tinubu’s Democracy Day promise to provide access to consumer credit for 400,000 Nigerians, including youth corps members.

“YouthCred is not just about loans; it’s about building a culture of responsible credit use,” Nwagba said. “We want young Nigerians to learn financial discipline, understand how credit works, and gradually build a credit history that will empower their futures.”

To access the loan, corps members must complete a brief digital credit education programme. Initially, they will be eligible for smaller sums and, upon successful repayment, can access larger amounts of up to ₦200,000. The loans are designed to support needs such as relocation, the purchase of work tools or digital devices, vocational training, and seed capital for small businesses.

Describing the NYSC as a “national gold mine for credit reorientation”, Nwagba emphasised the importance of repayment discipline for the scheme’s sustainability and future expansion. The loans will grow, and the amount disbursed will increase as the programme gains adoption and corps members demonstrate financial responsibility,” he added.

NYSC Director-General, Brigadier General Yushau Dogara Ahmed, commended the initiative and President Tinubu’s commitment to youth empowerment. He described the partnership as a milestone that would enhance corps members’ financial independence and promote entrepreneurship among Nigerian youths.

“Many of our corps members have brilliant business ideas but are often constrained by the lack of access to capital,” the DG said. “YouthCred provides a platform for them to pursue their dreams, acquire tools, and become more productive during and after their service year.”

Both CREDICORP and NYSC pledged to fully integrate the YouthCred programme into the national service structure and ensure corps members take advantage of the opportunity to build a secure financial future.