The Nigerian Consumer Credit Corporation (CREDICORP) is set to launch a bold new initiative, YouthCred, aimed squarely at young Nigerians undergoing their National Youth Service Corps (NYSC).
The program, which is to be unveiled any moment from now, will commence with an initial funding pool of N6 billion, will offer affordable consumer credit to corps members, marking a major step forward in the federal government’s broader ambition to build a sustainable credit culture across the country.
CREDICORP CEO Uzoma Nwagba disclosed this in an exclusive interview, noting that the initiative is not just another loan scheme, but a program designed to help young Nigerians live better today, while learning how to manage credit responsibly for the future.
Nwagba noted that one of President Bola Tinubu’s key goals is to build a credit culture, and that starts with understanding how money works, what a credit score is, how to protect it, how to budget, and how to use credit productively.
“The best time to instill these values is when young people are just entering the workforce,” he said.
According to him, YouthCred allows corps members to access upfront consumer credit of N100,000 to N150,000, repayable in small installments over the course of their service year.
With NYSC members now receiving a monthly allowance of N70,000, the program makes it possible for them to borrow responsibly against future earnings.
The credit is offered at near single-digit interest rates, a rare opportunity in a country where consumer credit remains scarce and expensive.
Nwagba said this makes the initiative one of the most affordable financing options available in the country today.
Designed for real-life needs
YouthCred is tailored to help corps members meet real, practical needs. Whether they are posted to urban centers or rural communities, the program ensures they can settle in quickly and comfortably.
“Imagine you’re posted to a remote village, you need a fan, some basic furniture, maybe even a motorbike or tricycle to move around.
“Or you’re sent to a city law firm, you need a suit, shoes, or maybe a laptop. YouthCred lets you access the tools you need upfront, so you can start your service year strong, and pay back in small bits,” Nwagba explained.
According to Nwagba, access to credit under the YouthCred program is conditional on one key factor: training.
He disclosed that before any loan is disbursed, corps members must go through a digital financial literacy program covering the basics of credit, budgeting, credit scores, and financial responsibility.
The training, he said, includes interactive quizzes, gamified modules, and a final assessment.
“You don’t just walk in and collect money. You get trained first. You learn about credit habits and how to manage money. You earn a credit score in the process.
“And only after completing the training do you gain access to credit. That way, the habits are ingrained before any financial obligation is made,” Nwagba explained.
This approach supports the government’s long-term goal of building a credit-aware citizenry from the ground up. It also helps lay the foundation for a functioning consumer credit system where lenders can trust borrowers, and borrowers understand the value of their credit reputation.
Nwagba said the rollout of YouthCred will begin with partner financial institutions that already work with NYSC and related agencies.
CREDICORP is leveraging these partnerships to scale quickly and efficiently, targeting up to 400,000 corps members over the next 12 months.
