The Nigerian Consumer Credit Corporation (CREDICORP) and the National Youth Service Corps (NYSC) have signed a Memorandum of Understanding to roll out the YouthCred scheme a N9 billion credit initiative that will empower serving corps members with loans up to N200,000 at single-digit interest rates.
Unveiled in Abuja, CREDICORP CEO Uzoma Nwagba said the programme, a fulfilment of President Tinubu’s Democracy Day pledge, aims to build financial literacy while supporting corps members in areas such as relocation, work tools, skill acquisition, and small business funding.
Corps members must complete a short credit education course to qualify. Those who repay smaller initial loans can access larger sums later.
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“NYSC is a national gold mine for credit reorientation,” Nwagba noted, urging beneficiaries to uphold financial discipline.
NYSC DG, Brig.-Gen. Olakunle Nafiu, praised the initiative, stating it would boost youth entrepreneurship and financial independence.
YouthCred targets 400,000 Nigerians in its first phase, starting with corps members nationwide.
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