CREDICORP, in partnership with the National Youth Service Corps (NYSC), has launched the YouthCred portal, providing loans for youth, particularly for NYSC members.
About the YouthCred Program
YouthCred is a loan program created by the Nigerian government through CREDICORP aimed at assisting young Nigerians in gaining access to responsible credit. The program allows NYSC participants to borrow amounts ranging from 100,000 to 150,000 naira with a maximum limit of 50,000 naira for the first loan. The credit is offered at a rate of 1.5% per month, with repayments scheduled in small installments throughout their NYSC service.
How YouthCred Works
Each active NYSC member is required to undergo a digital financial literacy program to qualify for credit. The program includes training on credit fundamentals, budgeting, credit scores, and financial responsibility. Participants must complete courses and pass final assessments to obtain certificates verifying their eligibility for credit access.
Application Process for Loans
To apply for a loan, participants must register on the YouthCred portal, complete the mandatory financial management courses, and link their bank account for loan disbursement. Upon successful registration, they may apply for a loan that will be processed within 30 minutes to 1 hour. Participants also have the option to repay the loan early if desired.
The launch of the YouthCred portal marks a significant step in providing financial support for Nigeria's youth and fulfilling President Bola Tinubu's promise to implement a consumer credit program for 400,000 Nigerians.
