The Nigerian Consumer Credit Corporation (Credicorp) has launched a youth-focused loan programme, “YouthCred,” offering National Youth Service Corps (NYSC) members access to single-digit interest loans of up to N200,000. The initiative, which officially kicked off in Abuja with the signing of a Memorandum of Understanding between Credicorp and the NYSC, could open new doors for youth-led micro and small enterprises (MSMEs) in Nigeria.
With an initial N9 billion earmarked for the scheme’s first phase, YouthCred is part of President Bola Tinubu’s broader push for consumer credit access, announced during his Democracy Day speech in June. The programme is designed not just to provide credit but to introduce young Nigerians to responsible borrowing, financial planning, and the concept of building a personal credit history.
Credicorp’s Managing Director/CEO explained that the loans are flexible and tailored to support corps members’ most pressing financial needs—from relocation costs and purchase of work tools to skill development and small-scale business setup. For thousands of aspiring entrepreneurs serving across the country, this could be a chance to lay the groundwork for business growth even before completing their service year.
To ensure financial discipline, eligible NYSC members must complete a short digital credit education course before accessing the loans. Those who repay on time can gradually qualify for increased loan limits, up to the N200,000 cap.
This approach, combining access with education, could have a long-term impact on Nigeria’s youth business landscape. By cultivating credit-conscious, financially literate young people, the programme may create a pipeline of future entrepreneurs better equipped to secure and manage funding, navigate risk, and scale their ventures responsibly.
Credicorp describes the NYSC population as a “national gold mine for credit reorientation,” pointing to the vast potential of channeling structured financial support into the youth economy. With many corps members already operating informal businesses or side hustles during service, this initiative offers them a rare opportunity to formalise and expand.
The Director-General of the NYSC, through his representative at the event, welcomed the scheme as “epoch-making,” pledging full institutional support. He noted that credit education will now be integrated into NYSC’s training programmes, laying a financial foundation for life after service.
For a country grappling with youth unemployment and limited MSME financing, YouthCred offers a strategic opportunity to address both challenges at once—empowering corps members not just as job seekers, but as potential job creators. Its success could set the stage for broader financial inclusion policies targeting young Nigerians eager to participate in and shape the country’s economic future
