The National Youth Service Corps (NYSC) has officially thrown its weight behind the Nigerian Consumer Credit Corporation’s (CREDICORP) latest initiative a ₦9 billion credit card scheme designed to improve access to financial services for corps members across Nigeria.
This endorsement follows the recent unveiling of the YouthCred NYSC Loan Scheme, a consumer credit initiative specifically tailored to empower serving corps members with financial literacy, access to credit facilities, and opportunities to build responsible credit histories. The landmark collaboration was sealed during the signing of a Memorandum of Understanding (MoU) at the NYSC National Directorate Headquarters in Abuja.
This was disclosed by the Director General of NYSC, Brigadier General Olakunle Nafiu, during the signing of a Memorandum of Understanding with the Nigerian Consumer Credit Corporation at the NYSC National Directorate Headquarters in Abuja.
General Nafiu explained that the initiative would boost the efficiency and safety of online financial transactions for Corps Members and Nigerians in general. He praised President Bola Ahmed Tinubu for introducing the concept of credit finance, stating that it would play a significant role in strengthening the national economy.
According to him, “It is safe to buy with your credit card because of its attendant benefits. We are going to support you to have access to the Corps Members in order to create enlightenment and advocacy.”
Earlier, the Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation, Mr Uzoma Nwagba, described partnership with the NYSC as the best approach to educate young Nigerians on credit re-orientation.
He revealed that the initiative, known as youthcred, is a consumer credit package tailored for Corps Members. It will focus on teaching them good credit habits, building a strong credit history, planning finances effectively, and borrowing responsibly.
Nwagba noted that the Credit Corps programme, targeting over 100,000 beneficiaries, will give Corps Members access to consumer credit to purchase goods and services, start micro-enterprises, and utilise their SAED-acquired skills. He emphasised the need to promote a strong credit culture and proper utilisation of credit.
He further explained that through its collaboration with NYSC, the Nigerian Consumer Credit Corporation aims to reach about 400,000 Corps Members every year. The project is expected to help Nigerians achieve a higher standard of living.
“Our first target for this is Nine Billion Naira (N9bn) and it will continue to grow as many people have access to the credit. For a start, they will be getting a loan range of around Two Hundred Thousand Naira (N200,000) and the offer goes beyond the service year,” Nwagba stated.