CREDICORP and NYSC Launch YouthCred Initiative to Provide Affordable Loans to Nigerian Corps Members

In a bid to empower young Nigerians and promote financial inclusion, the Nigerian Consumer Credit Corporation (CREDICORP) has officially launched YouthCred, a credit access program designed specifically for serving members of the National Youth Service Corps (NYSC).

The initiative, introduced on Friday, aligns with President Bola Tinubu’s Democracy Day commitment to extend consumer credit to 400,000 Nigerians. YouthCred is one of the first tangible outcomes of that pledge.

What is YouthCred?

YouthCred is more than just a loan—it’s a structured financial empowerment scheme aimed at helping Corps Members meet everyday needs and build credit history from an early age. The platform offers access to consumer loans ranging from ₦100,000 to ₦150,000, which can be repaid in small, manageable installments throughout the service year.

According to CREDICORP, the credit is extended at near single-digit interest rates, making it one of the most affordable credit options available in Nigeria today. This is especially impactful in a country where access to consumer credit remains limited and often prohibitively expensive.

“YouthCred equips young Nigerians with financial education and customized credit options for relocation, personal needs, essential gadgets, or starting a small business. It’s a foundation for building creditworthiness from day one,” the organization said in a public statement.

A Partnership Backed by Training and Structure

To roll out the program effectively, CREDICORP signed a Memorandum of Understanding (MoU) with the NYSC. As part of the agreement, officials from NYSC across all 36 states have been trained on how the YouthCred platform works. This ensures every serving Corps Member has access to both the financial literacy component and the credit itself.

All Corps Members currently enrolled in NYSC are eligible to apply through the official YouthCred website: http://youthcred.com

However, there’s a key requirement: applicants must first complete a digital financial literacy course. The training covers essential topics such as budgeting, credit scores, debt management, and responsible borrowing.

Why This Matters

In an earlier interview, CREDICORP’s CEO, Uzoma Nwagba, emphasized that the initiative is structured to help Corps Members handle real-life challenges. From transportation needs in remote communities to buying work-related items like suits or laptops in urban areas, YouthCred aims to fill practical gaps during the service year.

“Imagine being posted to a rural area—you may need a motorcycle or basic furniture to function. Or perhaps you’re assigned to a law office in the city—you’ll likely need office wear or a laptop. With YouthCred, Corps Members can get what they need immediately and repay conveniently from their monthly allowances,” Nwagba explained.

The recent adjustment of the NYSC allowance to ₦70,000 per month means that young graduates now have a steady income to responsibly manage small-scale credit. By linking credit disbursement to financial education, the program not only solves immediate needs but also cultivates long-term financial discipline.

An Eye on the Bigger Picture

YouthCred is part of CREDICORP’s broader strategy to boost consumer credit access in Nigeria and promote a culture of responsible borrowing. Only about 13% of Nigerians currently have credit bureau records—a challenge that the government and CREDICORP hope to address through initiatives like this.

The introduction of YouthCred is also expected to strengthen the foundation for a national credit system tied to the National Identification Number (NIN), which will eventually help track unpaid loans and prevent loan defaults.

By targeting young people at the beginning of their financial journeys, CREDICORP is planting the seeds for a healthier, more inclusive credit system.

For More Information:

Interested Corps Members can visit the official YouthCred portal at http://youthcred.com to learn more and apply.