NYSC and CREDICORP Launch ₦200,000 Loan Scheme for Corps Members Nationwide

Loan Amount: Up to ₦200,000
Target Group: NYSC corps members
Fund Allocated (Phase 1): ₦9 billion
Requirement: Complete a credit education course
Use Cases: Relocation, work tools, training, or business setup

The NYSC, in collaboration with CREDICORP, has launched YouthCred, a ₦9 billion loan scheme offering up to ₦200,000 to corps members nationwide to support relocation, business, or vocational needs after completing a credit education course.

The National Youth Service Corps (NYSC), in partnership with the Nigerian Consumer Credit Corporation (CREDICORP), has introduced a new loan initiative called YouthCred, designed to provide corps members with access to loans of up to ₦200,000.

The initiative was officially launched in Abuja on Wednesday, following the signing of a Memorandum of Understanding (MoU) between both organizations.

According to CREDICORP CEO, Engr. Uzoma Nwagba, the government has allocated ₦9 billion for the first phase of the YouthCred program, which will focus exclusively on supporting serving NYSC members. He emphasized that the scheme is part of President Bola Tinubu’s Democracy Day commitment to expand consumer credit access to 400,000 Nigerians, including NYSC corps members.

“YouthCred is more than just a loan; it’s a way to instill a culture of financial discipline and responsible borrowing,” — Engr. Uzoma Nwagba

To qualify for the loan, corps members must complete a short online credit education course, after which they can apply for funds to support various needs including relocation, vocational training, business tools, or small startups. Borrowers who repay smaller initial loans responsibly will gain access to the full ₦200,000.

Brigadier General Olakunle Akinyemi Nafiu, Director-General of NYSC, praised the initiative, calling it a “milestone” in the scheme’s history. He highlighted how many corps members have viable business ideas but lack startup capital to bring them to life.