FG Launches YouthCred to Give NYSC Members Affordable Loans for Gadgets, Business, Others
- CREDICORP, in partnership with the NYSC, has launched YouthCred to provide serving Corps members with access to affordable consumer credit
- The program offers loans, repayable in instalments, and is designed to meet real-life needs while promoting financial literacy and credit education
- Beneficiaries must complete a digital financial training program, making YouthCred both a financial support system and a tool for responsible credit use
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Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
The Nigerian Consumer Credit Corporation (CREDICORP) has officially introduced a new program called YouthCred, in collaboration with the National Youth Service Corps (NYSC), aimed at offering credit access to serving Corps members.
This move is part of President Bola Tinubu’s pledge on Democracy Day to roll out a consumer credit initiative for 400,000 Nigerians.
Source: UGC
CREDICORP describes YouthCred not merely as a loan service, but as a platform that empowers young Nigerians with financial knowledge, targeted loans for relocation, essential gadgets, personal needs, and small businesses—while helping them begin to build their credit history.
To bring this plan to life, CREDICORP signed a Memorandum of Understanding (MoU) with the NYSC. Both bodies are now working closely to ensure Corps members across the country have access to responsible lending.
NYSC officials in all 36 states have received training on the YouthCred platform to enable them to guide Corps members effectively. Eligible members can now apply for the credit service through the official website: http://youthcred.com.
CREDICORP CEO Uzoma Nwagba explained that YouthCred is more than just a financial product designed to improve the everyday lives of young Nigerians while also teaching them how to handle credit wisely.
Through the program, Corps members can apply for loans ranging from N100,000 to N150,000, which they can repay in small instalments during their service year.
With the recent increase in NYSC monthly allowance to N70,000, the program allows participants to borrow sensibly against their expected income. The interest rate is close to single digits, making it one of the most affordable credit options in Nigeria’s currently limited and expensive credit market.
Nwagba also emphasised that YouthCred was created to address the practical needs of Corps members, whether they’re posted to rural or urban areas. The loan can be used to buy necessary items like furniture, fans, laptops, clothing, or even transportation like motorbikes or tricycles to help them settle in quickly.
Source: UGC
More about Youthcred loan
CREDICORP explained that YouthCred is one of the most affordable financing options available in the country today.
- For eligibility, a corps member must have a minimum of two months left in his service year.
- YouthCred allows corps members to access upfront consumer credit of N100,000 to N150,000, repayable in small instalments over their service year.
- However, the maximum amount for the first loan application is N50,000.
- The credit is offered at near single-digit interest rates, with little to pay back: (1.5% monthly interest).
- Access to credit under the YouthCred program is conditional on one key factor: training.
While the loan is available for every active corps member, they are mandated to go through a digital financial literacy program. This covers courses such as the basics of credit, budgeting, credit scores, and financial responsibility.
The training also includes case studies and a final assessment that guarantees qualification to access the credit.
FG launches Green Money Project for youths
In related news, Legit.ng reported that the FG has opened applications for the 2025 Green Money Project, a presidential initiative aimed at empowering youths in agribusiness.
The programme targets Nigerians with an interest in agriculture, offering training, funding opportunities, mentorship, and resources.
The initiative seeks to boost productivity, drive innovation, and position agriculture as a viable path to wealth and national development.
Source: Legit.ng
