BREAKING: 400,000 NYSC Members To Benefit From FG ‘YouthCred’ Initiative

About 400,000 corps members are set to benefit from a new federal government scheme called YouthCred.

The initiative, a partnership between CreditCorp Nigeria and the NYSC, aims to provide affordable consumer credit to serving corps members.

According to Dada Olusegun, Special Assistant to President Tinubu on Social Media, the scheme is designed to promote a culture of good credit among young Nigerians.

He noted that the beneficiaries can access loans ranging from N100,000 to N150,000 to sort out urgent needs like clothing, mattresses, phones, and basic furniture.

Dada added that the loan will be repayable during the service year at a single-digit interest rate, making it accessible and manageable for corps members.

According to him, Before loan approval, applicants will be educated on credit scores and responsible borrowing to build financial literacy.

He states that President Tinubu’s administration hopes the program will reshape attitudes towards credit before corps members enter the workforce.

The SA also confirmed that the federal government has already set aside N6 billion for the rollout of the YouthCred scheme.

He said the implementation will start with financial institutions already working with NYSC, and full rollout is expected within the next 12 months.

The statement reads, “As part of efforts to promote good credit culture among young Nigerians starting with corp members, @CrediCorpNG in collaboration with NYSC will be launching a new scheme called “YouthCred”.

“YouthCred is an initiative that will offer affordable consumer credit to corps members.

“Corp members in need of quick cash to sort urgent bills like clothing, mattresses, mobile phones, basic furniture etc that will help them settle down in the new PPAs, will be able to access up to credit facilities of N100,000-150,000 and repay same over the course of their youth service at a single digit interest rate.

“The essence of a good credit score and how it works will be taught to interested corp members before final approvals are granted.

“This is part of President Tinubu’s administration’s efforts to instill values among the young populace and change the narrative about credit even before entering the workforce.

“An initial N6bn has been reserved for this purpose with the launch expected anytime soon.

“Rollout of YouthCred will begin with partner financial institutions that already work with NYSC and related agencies.

“The initiative will target 400,000 corp members over the next 12 months.”