In line with President Bola Ahmed Tinubu’s Renewed Hope agenda and in furtherance of its ongoing effort at making government-backed credit available to millions of Nigerians, particularly youths, the Nigerian Consumer Credit Corporation (CREDICORP) has launched YouthCred in Lagos.
The launch, held at the Ipaja Orientation Camp of the State National Youth Service Corps (NYSC), mirrored an earlier launch held at the Kubwa Camp of the NYSC in Abuja.
Unveiled by the Minister of Youth Development, Comrade Ayodele Olawande and the MD/CEO of CREDICORP, Engr. Uzoma Nwagba, with other stakeholders, tagged the scheme was tagged, ‘Real Financial Knowledge. Real credit: transforming a generation with the right money skills to build a great future.’
According to the organisers, the YouthCred is a national credit scheme aimed at providing responsible, fair, flexible and affordable consumer credit to over 400,000 young Nigerians, including Corp Members.
Speaking at the event, which was graced by thousands of youths, the Minister of Youth Development, Comrade Ayodele Olawande, said that the YouthCred, which kicked off in FCT Camp, was not just for corps members but for all youths irrespective of their status.
He added that through the YouthCred, youths could bring their big ideas, initiatives and inventions to life.
Also speaking at the event, the MD/CEO of CREDICORP Engr. Nwagba said that the credit scheme was a revolution and a movement that would start a credit culture in Nigeria. He noted that President Tinubu had a great vision for the young people of the country.
He also explained that CREDICORP was one of the important parts of enabling young people to empower themselves.
He noted that YouthCred was also on a national campaign to change how young people in Nigeria think about money, borrowing, trust, and financial responsibility.
Reminiscing on his stay at the Ipaja NYSC camp about 15 years ago during his National Youth Service, he said it was the positive credit history he built over time that allowed him to advance in life.
On his part, the Lagos State Commissioner for Youth and Social Development, Mobolaji Ogunlende, expressed excitement on what he described as a revolutionary initiative from the federal government; adding that the Lagos State Governor, Babajide Olusola Sanwo-Olu, in his capacity, has continued to give the youths the support in the state, which he does in social inclusion, gender equality and youth empowerment.
Speaking, the Lagos state NYSC Coordinator, Mrs. Christiana Salmwang, who had earlier in her speech welcomed and intimated distinguished guests on the state of the orientation camp, praised the Federal Government for championing the welfare of youths, particularly corps members, through the instrumentality of the CREDICORP.
Tagged, YouthCred, eligible corps members would be able to access up to N200,000 single-digit interest loan under the programme.
Speaking at the signing of a Memorandum of Understanding (MoU) between CREDICORP and NYSC in Abuja, the Managing Director/Chief Executive Officer of CREDICORP said N9billion had been earmarked for the first phase of the programme.
Nwagba stated that the first phase of YouthCred focused on NYSC members, who would be required to complete a short digital credit education programme before becoming eligible for the credit facility.
He explained that the loan was intended to support a range of needs, including relocation, purchase of work tools or devices, skills training, and funding for small businesses.
Describing NYSC as a “National gold mine for credit reorientation”, the managing director assured that both bodies would ensure that YouthCred was an integral part of the NYSC scheme.
He said, “The heart of YouthCred is actually not just credit, but credit orientation that is teaching young Nigerians, especially as they are coming into the workforce, teaching them good credit habits, teaching them how to build a credit history, teaching them how to plan financially and borrow responsibly, and then ultimately also giving them credits that enables them to access goods and services.”
Nwagba explained that corps members would be eligible for smaller amounts after completing the credit education exercise, and would access larger sums of up to N200,000 per corps member after paying up previous loans.
“Our first target for this is N9 billion. But like I said in the signing ceremony, the loans will grow, and the amounts will grow as the programme continues to gain adoption,” he added.
One of the highlights of the event at the NYSC camp in Lagos was when the Youth Minister personally gave some Youths like Ginika Anumba and Oleghibe Arthur Chiemeziem Startup money of up to one million naira for summarising the essence of Credicorp.
He also encouraged some other Youth Corps with N1million each, saying that he is passionate about skill development and would not like them to start looking for work but to be employers of labour.
“The problem the majority of young people are facing is that they have the idea, they are creative, hardworking, committed, but have no finance. Support yourself by thinking outside the box. Youth Cred will give you the push you need to start your business,” advised Olawande.
Director-General of NYSC, Brig. Gen. Olakunle Nafiu, lauded Tinubu for the facility stating that the YouthCred programme would have a positive impact on both corps members and the NYSC scheme as a whole.
According to him, the initiative would not only enhance the financial independence of corps members but also contribute significantly to national development by fostering a culture of entrepreneurship and responsible credit use among Nigerian youth.
Nafiu emphasised that many corps members possessed innovative ideas and business acumen but were often hindered by lack of access to start-up capital.
He stated that with YouthCred, the young Nigerians now had a platform to kick-start their ventures and acquire essential tools that would make them more productive during and after their service year.
Nafiu assured that NYSC would collaborate fully with CREDICORP to ensure seamless implementation of the initiative, including integrating the credit education module into corps members’ orientation and training programmes.
Credit to: The Nation Newspaper
NO. 6
