Credicorp has introduced a new initiative called YouthCred, aimed at offering financial support to members of the National Youth Service Corps (NYSC) through loans of up to N200,000 at single-digit interest rates.
The programme, launched in Abuja, is the result of a formal partnership between Credicorp and the NYSC, marked by the signing of a Memorandum of Understanding.
To kick off the initiative, Credicorp has allocated N9 billion for the first phase, with the funds intended to reach corps members nationwide.
According to Credicorp’s Managing Director/CEO, Uzoma Nwagba, YouthCred is not just about disbursing loans but also about instilling financial discipline and awareness among Nigerian youths.
He emphasized that the programme is designed to help participants understand credit systems, develop healthy borrowing habits, and make informed financial decisions from an early stage.
The YouthCred process requires corps members to complete a brief digital credit education course before becoming eligible for the loan. Those who repay promptly may become eligible for increased credit limits in the future.
The funds can be used for a range of needs, including relocation expenses, purchasing work tools or digital devices, acquiring skills, or starting small businesses.
Nwagba referred to the NYSC as a vital platform for instilling credit awareness and building a culture of responsible borrowing.
He expressed confidence that the programme would expand over time, both in scale and impact, with the initial N9 billion serving as a foundation for broader financial inclusion efforts.
Brigadier General Olakunle Nafiu, speaking on behalf of the NYSC Director-General, Brigadier General Yusha’u Ahmed, applauded the programme, calling it a landmark step in empowering young Nigerians.
He highlighted the importance of preparing corps members not only for service but for life afterward, by equipping them with the knowledge and tools to become financially literate and self-reliant.
The NYSC also committed to embedding credit education into its orientation and training programmes to support the broader goals of YouthCred.
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