The Nigerian Consumer Credit Corporation (CREDICORP) has launched a new national initiative called CREDICORP YouthCred in partnership with the National Youth Service Corps (NYSC), aimed at empowering young Nigerians through responsible credit to transform youth financial access in Nigeria.
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The announcement follows the signing of a formal Memorandum of Understanding (MOU) between the two institutions.
“This partnership with the NYSC is a direct response to President Bola Ahmed Tinubu’s Democracy Day promise to expand access to consumer credit starting this July. We are beginning with corps members because they represent the future,” CREDICORP said.
The program is also tagged ‘as ‘Corper Credit’, and is the flagship feature of the broader YouthCred platform.
It is designed exclusively for active NYSC members and provides upfront loans ranging from N100,000 to N150,000. The repayment is spread across the service year, allowing corps members to make small, manageable installments.
About CREDICORP YouthCred Loan Scheme
The CREDICORP YouthCred Loan Scheme is a federal initiative powered by the Credit Corps (CREDICORP) under Nigeria’s Ministry of Youth Development. It is designed to empower the nation’s vibrant youth segment by providing collateral-free loans to:
- Serving NYSC members
- Young employed professionals
- Aspiring and existing youth entrepreneurs
Categories of Beneficiaries
NYSC Corps Members:
- You must be currently serving in any part of Nigeria.
- Your NYSC call-up letter and ID card will be required.
- Ideal for starting a business during or immediately after service.
Employed Youths:
- Must be in active employment.
- Must show proof of salary or employment.
- Great for those looking to fund personal or professional development.
Youth Entrepreneurs:
- Must own or run a small business.
- Must present a business plan or proof of business activity.
- Aimed at helping you scale your venture.
Benefits of the CREDICORP YouthCred Loan Scheme
Collateral-Free Loans: No need to pledge land, houses, or cars.
Low Interest Rate: Youth-friendly and manageable repayment terms.
Quick Disbursement: Funds are released shortly after approval.
Business Support Services: Access to mentorship, training, and more.
Financial Inclusion: Ideal for first-time borrowers with no credit history.
Eligibility Criteria
- To qualify for the CREDICORP YouthCred Loan Scheme, applicants must:
- Be a Nigerian citizen aged 18 to 35 years.
- Be a serving Corps member, employed youth, or active youth entrepreneur.
- Possess a valid means of identification (e.g., NYSC ID, National ID, Voter’s Card, or International Passport).
- Have a functional bank account and BVN.
- Submit a bankable business idea or proof of employment.
Selection Criteria
Selection is merit-based, with priority given to:
- Applicants with viable business ideas or existing businesses with potential for growth.
- NYSC corps members who demonstrate clear post-service entrepreneurial goals.
- Employed youths with a good repayment capacity.
- Applicants who complete the application correctly and on time.
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Method of Application
Active serving NYSC members, Young employed professionals and aspiring and existing youth entrepreneurs can now apply through a fast-track process by filling out a quick form and getting verified, click here to Apply.
