The Nigerian Consumer Credit Corporation (CREDICORP) has signed a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) to enable serving corps members access up to N200,000 each.
According to the MoU, eligible corps members will access up to N200,000 single-digit interest loan under the “YouthCred” initiative.
Speaking at the signing of the MoU yesterday in Abuja, the Managing Director/Chief Executive Officer of Credicorp, Uzoma Nwagba, said N9 billion has been earmarked for the first phase of the programme.
Nwagba said the programme was in fulfilment of President Bola Ahmed Tinubu’s Democracy Day address on June 12, when he promised that a credit initiative targeting 400,000 Nigerians, including youth corps members, would begin.
He also said the first phase of YouthCred focuses on NYSC members, who will be required to complete a short digital credit education programme before becoming eligible for the credit facility.
According to him, the loans are intended to support a range of needs, including relocation, purchase of work tools or devices, skills training, and funding for small businesses.
Describing the corps as a “national gold mine for credit reorientation,” Nwagba assured everyone that both bodies would ensure that YouthCred is an integral part of the NYSC scheme.
He said: “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 enables them to access goods and services.”
Nwagba said corps members would be eligible to access smaller amounts after completing its credit education scheme, and would access larger sums of up to N200,000 after paying up their previous loan.
“Our first target for this is N9 billion. But like I said in the signing ceremony, the loans will grow, and the amounts will grow as the programme continues to gain adoption,” he added.
The Credicorp chief executive urged corps members to take full advantage of the opportunity, stressing that financial discipline and timely repayment would be critical to the sustainability and expansion of the scheme.
