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  • CREDICORP launches 10,000 women in mobility scheme to boost economic inclusion

    CREDICORP launches 10,000 women in mobility scheme to boost economic inclusion

    The Nigerian Consumer Credit Corporation (CREDICORP) has rolled out the 10,000 Women in Mobility programme designed to empower 10,000 women across the 36 states and the Federal Capital Territory (FCT).

    Under the scheme, women will have access to vehicles, tricycles (popularly known as Keke), and motorcycles.

    It seeks to enable more women to engage in transportation, logistics, delivery services, and other mobility-related ventures, thereby strengthening their economic participation and financial independence.

    Speaking during the launch of the scheme yesterday in Abuja, Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, underscored the importance of activating economic spaces for women to ensure their credit worthiness and financial success. 

    She disclosed that the Abuja pilot phase saw mobility assets handed over to 1,000 women, noting that the programme will be expanded nationwide to reach 10,000 beneficiaries. 

    She applauded CREDICORP’s Managing Director, Uzoma Nwagba, for his commitment to driving inclusive access to consumer credit and for championing initiatives that translate policy into tangible economic opportunities for women. 

    According to her, the programme reflects the Federal Government’s resolve to remove structural barriers that limit women’s participation in key sectors of the economy.

    The minister further noted that by enabling women to own and operate mobility assets, the initiative not only creates sustainable livelihoods but also helps build credible financial histories that can unlock future access to credit. 

    She said that empowering women economically has a multiplier effect on families and communities, contributing to broader national development. 

    The minister stated: “It’s an economic empowerment. It’s how much they drive it and how many hours they put into it. There’s no economic effort that is a chicken feed. Mr. President has a goal of a $1 trillion economy, and we have all come together across sectors to ensure that we activate economic spaces and also carry women along. 

    “Because women are over 50 per cent of the population of this country, and they participate across sectors, we will like to strengthen their participation so that it translates into value, not just for them and their families, but for the country at large.” 

    In their separate goodwill messages, Minister of State for Labour and Employment, Nkeiruka Onyejeocha; Director General, National Automotive Design and Development Council (NADDC), Oluwemimo Osanipin as well as the National President, National Council for Women Society (NCWS), Princess Edna Azura, commended the Federal Government and CREDICORP for the initiative, describing it as a timely intervention that would expand women’s participation in the mobility and transport sector.

    They noted that the programme aligns with national efforts to promote decent work, industrial growth, and gender inclusion, while urging beneficiaries to utilise the opportunity responsibly to build sustainable livelihoods and contribute meaningfully to economic development. 

    “Before now, it’s strange for people to say they’re riding commercial tricycles or commercial vehicles, but with Renewed Hope Agenda of Mr. President and from skilling up artisans, you know that every person,whether you’re a man, woman, girl, you can become a driver today. So it’s cutting across the whole sector of the economy,” Onyejeocha said. 

    MD of CREDICORP, Nwagba, described the programme as a practical step towards expanding financial inclusion and deepening Nigeria’s consumer credit ecosystem. 

    Nwagba explained that CREDICORP is working with key partners to integrate financing, asset supply, training, and business support, ensuring that beneficiaries go beyond accessing credit to achieving success in their mobility businesses. 

    He assured that the agency would continue to collaborate with relevant stakeholders to ensure the success, transparency, and sustainability of the programme nationwide.

    Some of the beneficiaries expressed gratitude to the Federal Government and CREDICORP for the opportunity, describing the programme as life-changing and timely.

    They said the initiative would enable them to become financially independent, support their families, and contribute meaningfully to the economy, while pledging to make judicious use of the mobility assets and comply fully with the repayment terms.

  • CREDICORP unveils digital device credit

    CREDICORP unveils digital device credit

    The Consumer Credit Corporation (CREDICORP) has rolled out a national digital device credit program aimed at widening access to digital tools and supporting a more connected, productive, and future-ready Nigeria, one where every citizen can thrive.

    The initiative, which targets building a digitally ready Nigeria, builds on the success of the pilot phase, and will make smartphones, laptops, and other essential digital tools more affordable for working Nigerians.

    Under the first phase, CREDICORP, working through E-Finance Company with technology support from Credlock, enabled over 1,000 Nigerians to access smartphones through affordable credit, many for the first time.

    The strong repayment performance and the speed of adoption demonstrated both the appetite and the national need for this kind of support.

    With this new phase, CREDICORP is poised to scale the program significantly, targeting over 15,000 Nigerians who will be able to access smartphones or laptops that directly enhance their productivity, income potential, and digital participation.

    To deliver this initiative at scale, CREDICORP is working through one of its participating financial institutions, E-Finance Company, with technology support from Credlock, whose intelligent device-collateral system allows for secure, responsible, and efficient access to credit.

    Together, E-Finance and Credlock will ensure that Nigerians can seamlessly apply for, finance, and collect the digital devices they need, without the heavy burden of upfront payments.

    Reflecting on the launch, CREDICORP’s Managing Director, Uzoma Nwagba, noted that this is a natural progression of CREDICORP’s work.

    “From mobility to renewable energy, we have witnessed the profound impact that access to credit can have on people’s daily lives. Nigerians are ambitious and hardworking; they simply need fair pathways to acquire the tools that move them forward.

    “Digital devices now sit at the center of learning, earning, and productivity, and expanding access to them is a critical step in building a more digitally ready nation,” he said.

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    Credlock’s CEO, Dayo Fabayo, emphasised the power of turning everyday devices into pathways for progress. “Every smartphone represents potential to learn, to work, to access opportunity, and to live with dignity.

    “At Credlock, we believe the device in someone’s hand can be the bridge to their financial future. Working with CREDICORP and E-Finance allows us to scale that vision to millions of Nigerians,” he said.

    Indeed, across Nigeria, progress is increasingly driven by access to the tools that help people learn, earn, and participate fully in a modern economy.

    In a world where so much of life has moved online, digital devices have become indispensable.

    For instance, a smartphone can connect a young graduate to job portals and remote work; a laptop can help a civil servant stay more productive; a simple digital tool can enable a trader, artisan, or small business owner to reach new customers and run their operations efficiently.

    These devices are no longer luxury items; they are everyday instruments of progress. Accordingly, CREDICORP, over the past year, has supported thousands of Nigerians to acquire the assets that make daily life easier.

    From mobility solutions that shorten commutes and increase productivity to renewable energy systems that keep homes and small businesses powered and productive, the Corporation has continued to charge on.

    Each intervention has shown the same outcome: when Nigerians are allowed to access essential tools through fair and responsible credit, their lives improve rapidly.

    The CREDICORP boss urged Nigerians interested in financing their digital devices to begin the process by participating in CREDICORP PFIs via www.credicorp.ng/apply.

  • CREDICORP deploys N30b in consumer credit

    CREDICORP deploys N30b in consumer credit

    • Agency enabling 31 financial institutions to raise lending capacity

    The Nigerian Consumer Credit Corporation (CREDICORP) deployed over N30 billion in credit within a few months of operation, its Chief Executive Officer, Uzoma Nwagba, has said.

    The institution, he said, brought “life-changing financial support to nearly 200,000 Nigerians and enabled 31 financial institutions to expand their lending capacity.”

    CREDICORP is a development-finance institution established by the Federal Government in April last year.

    It was created as part of the Tinubu Administration’s “Renewed Hope Agenda,” to democratise access to consumer credit for working Nigerians who previously were denied formal lending.

    Rather than lending directly, CREDICORP partners with banks, microfinance institutions and fintechs, offering credit guarantees and wholesale funding.

    The goal is to enable citizens to buy essential goods (vehicles, solar power systems, home improvements, devices) on manageable credit rather than relying only on savings, thereby boosting consumption, raising living standards, and stimulating local industry and economic growth.

    Nwagba provided update on its performance in the organisation’s in-house publication.

    He described the development as a “significant demonstration of what a modern, high-efficiency government institution can achieve when built deliberately from the ground up.”

    Nwagba said the achievement was made possible by designing the corporation as a new kind of public institution, one purposefully created to avoid the entrenched inefficiencies that have shaped government operations for decades.

    “We built this institution from scratch with the conviction that we must rewrite rules,” he said.

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    According to him, CREDICORP’s early accomplishments show what is possible when government adopts systems that value speed, discipline, transparency and innovation.

    He noted that all the funds deployed so far remain fully performing, with a “remarkable zero non-performing loan rate,” a result he attributed to strong internal controls and a modern operational framework.

    Nwagba explained that the progress recorded by CREDICORP is the work of a small but highly driven team with a median age of 34.

    He said the corporation’s structure and culture were intentionally designed to model a new blueprint for public sector performance.

    “This effort is powered by 25 people and a few youth corps members, but it shows the kind of impact government can deliver when the right systems are in place,” he said.

    The CREDICORP CEO identified five foundational principles guiding the organisation’s work.

    The first, he said, is the decision to run a completely paperless institution.

    According to him, the corporation operates with “zero paper and a 100 per cent digital workflow,” eliminating physical files and ensuring that every request – whether for procurement, travel or internal approvals – is processed through digital platforms that are immediately time-stamped and visible to those involved.

    He said this approach removes the delays associated with physical documentation and creates a clear trail of responsibility for every action taken.

    “Traceability and speed are built into our everyday operations,” he said, adding that the model encourages data-driven decisions and strengthens service delivery.

    The second principle, Nwagba continued, is CREDICORP’s identity as a fully AI-native institution.

    He explained that staff are required to be fluent in artificial intelligence tools such as Microsoft CoPilot, ChatGPT and Gemini.

    The use of AI, he said, ensures that routine tasks, including drafting, analysis and data reconciliation, are handled automatically, freeing personnel for the strategic work of designing credit products, supporting partner financial institutions and responding to the credit needs of working Nigerians.

    “AI handles the mechanical; our people focus on the meaningful,” he said.

    The third decision shaping the institution is the complete elimination of petrol usage.

    Nwagba said CREDICORP is the first government agency in the country to operate exclusively with electric vehicles.

    He acknowledged that the choice initially raised concerns about charging points and infrastructure gaps across the country.

    However, he said the institution decided that it must “live the future before it becomes convenient,” a commitment that has now delivered a 62 per cent reduction in transportation costs and positioned CREDICORP as a leading public sector example in clean mobility.

    He added that the corporation’s headquarters runs solely on solar power, making it independent of diesel generators and reducing operational costs while also contributing to a cleaner work environment.

    He described the experience as “quiet, clean and uninterrupted power,” adding that the decision reinforces the institution’s credibility when designing credit products for clean energy users and providers.

    “If we advocate for clean energy, then we must operate on clean energy,” he said.

    The fifth pillar of CREDICORP’s operational model is a real-time accountability system built to reward performance daily rather than annually.

    Nwagba said staff members receive a set of digital tokens known as CrediCoins every two weeks and award them to colleagues whenever they observe meaningful contributions to the organisation’s objectives.

    All tokens are accompanied by explanations and linked to the corporation’s values.

    A performance dashboard is visible to the entire organisation, enabling staff to track contributions and identify those driving institutional progress.

    At the end of each quarter, the highest earner assumes the position of “Managing Director for a Day,” taking part in executive reviews and participating in leadership decisions.

    “Excellence becomes a daily habit, not a ceremony,” he said.

    Nwagba said the five principles are not symbolic initiatives but the organisation’s core operating system, designed to ensure that government institutions can meet the expectations of citizens with the urgency required to improve their lives.

    He said CREDICORP’s mission is to democratise access to consumer credit for Nigeria’s working population and to serve as a model for how public institutions can function efficiently, transparently and with a deep sense of purpose.

    “These choices show that government can work differently and deliver at the scale our people deserve,” he said, adding that CREDICORP remains committed to building a credit system that expands opportunities for millions of Nigerian households.

  • Alert MfB, CrediCorp partner on loan access

    Alert MfB, CrediCorp partner on loan access

    Alert Microfinance Bank (Alert MfB) has partnered with Nigeria Consumer Credit Corporation (CrediCorp) to deepen access to consumer credit across Nigeria.

    In a statement, Alert MfB said that CrediCorp will be leveraging its funding capacity and national consumer credit framework, while Alert MfB brings its robust operational infrastructure, including a strong branch network, disciplined risk management policies, human capacity, and a proven core banking system.

     “Together, we are creating a sustainable credit delivery channel that supports the federal government’s vision of expanding consumer finance as a driver of economic growth,” the statement said.

    The report said that The AlertXpress Credit Card remains a revolving credit facility designed to provide Nigerians with convenient and affordable access to credit.

     “It is a Verve-branded card powered by Interswitch, which ensures seamless switching and nationwide acceptance. The product is fully integrated into our core banking and risk management systems, allowing for real-time credit decisions and efficient repayment monitoring. What sets it apart is that it’s backed by institutional funding from CrediCorp, which makes it scalable and sustainable,” it said.

    It further stated that financially, the partnership enhances our lending capacity without overstretching our balance sheet.

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     “By accessing CrediCorp’s wholesale funding, we can increase our consumer credit portfolio at a lower cost of funds, improving our asset mix and return on equity. Operationally, it allows us to leverage our existing 10-branch network across Lagos, our digital banking channels, and our human capital to efficiently originate, manage, and recover credit. Our strong risk management framework ensures asset quality remains high, even as we scale,” it said.

    On Alert MfB’s performance, the bank explained that as of October 2025, Alert Microfinance Bank’s total assets stood at N26.60 billion, while our Gross Loan Portfolio (GLP) reached N20.28 billion.

     “Our Year-to-Date (YTD) loan disbursement is N25.83 billion, reflecting efficient capital deployment. With 10 branches strategically located across Lagos and a Portfolio at Risk (PAR 1-Day) well below 5%, significantly under the CBN benchmark, we continue to demonstrate sustainable growth and asset quality anchored on sound corporate governance,” it said.

    On the benefit of the credit card, it said: “The impact will be multidimensional. Firstly, it will expand access to formal consumer credit for salaried workers and small business owners who currently rely on informal sources. Secondly, it will promote financial discipline through structured repayments and credit history building. Over time, initiatives like this will help deepen the credit market, strengthen financial inclusion, and boost GDP growth”.

    It explained that the bank’s  loan portfolio is well diversified, covering most sectors except those on our exclusion list.

    “We currently offer the Business Boost Loan for MSMEs, Asset Finance for equipment acquisition, EduFinance for education-related needs, the WASH Loan for water, sanitation, and hygiene projects, and the Green Loan for environmentally sustainable initiatives. Through strategic partnerships such as Green Bucks, we finance solar energy systems to support Nigeria’s renewable energy transition, and through our collaboration with Aqua for All, we are deepening our impact in the WASH sector. These products underscore our commitment to inclusive, impact-driven, and responsible lending,” it added.

    Continuing, it said: “Our medium-term focus is on scale, technology, and diversification. We plan to expand our consumer and MSME lending portfolios, strengthen our digital platforms, and increase our presence beyond Lagos. The partnership with CrediCorp is the foundation for broader collaborations aimed at unlocking consumer credit across Nigeria. Ultimately, our goal is to remain a leading microfinance institution that combines social impact with sound financial performance”.

  • Proposed law to boost consumer credit scheme

    Proposed law to boost consumer credit scheme

    The House of Representatives has passed for second reading a bill seeking to give legal backing to the establishment of the Nigeria Consumer Credit scheme and to create a Consumer Credit Development Fund.

    The Nigeria Consumer Credit Corporation (Establishment) Bill sponsored by the Speaker of the House, Abbas Tajudeen and Wale Hammed seeks to promote and enhance consumer credit system in the country.

    Leading the debate on the bill, Hammed who represents Agege federal constituency of Lagos state said the bill seeks to establish the Nigeria Consumer Credit Corporation for the regulation of consumer credit, consumer credit reporting, protection of consumer credit beneficiaries, and to create the Consumer Credit Development Fund for the promotion and enhancement of the consumer credit system in Nigeria.

    He described Consumer credit as the foundation of modern economic life, adding that in developed economies, citizens can acquire homes, cars, household items, and education through structured credit systems that are fair, transparent, and well-regulated.

    Such systems enhance purchasing power, stimulate demand, promote job creation, and enable citizens to enjoy decent living standards while contributing productively to the economy.

    He argued that In Nigeria, access to consumer credit remains severely limited, saying “our people rely heavily on informal lending channels that are often exploitative, opaque, and inaccessible to the average worker. This has resulted in low household consumption, stifled entrepreneurship, and limited economic empowerment.

    “This Bill therefore proposes a sustainable, transparent, and inclusive legal structure to institutionalize consumer credit through the establishment of the Nigeria Consumer Credit Corporation (CREDICORP) as a statutory establishment.

    He said “this Bill aligns directly with the Renewed Hope Consumer Credit Scheme recently launched by President Bola Ahmed Tinubu GCFR in 2024 to democratize access to consumer credit for working Nigerians.

    The Scheme, under the supervision of the Presidency and the Office of the Special Adviser on Ease of Doing Business, was conceived as a catalyst for financial inclusion and household empowerment.

    “However, while the current Nigeria Consumer Credit Corporation exists as a limited liability company registered under the Companies and Allied Matters Act, its operations lack a statutory foundation.

    “This Bill therefore seeks to transform that entity into a statutory corporation established by law, with defined powers, governance, and regulatory authority ensuring transparency, sustainability, and accountability in its operations.

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    “This legislation will give CREDICORP the legal status it needs to effectively regulate credit activities, protect consumers, and manage the Consumer Credit Development Fund which will serve as a financing vehicle for credit guarantees and expansion programmes.

    “Importantly, the CREDICORP will complements the efforts of the Central Bank of Nigeria, the Federal Competition and Consumer Protection Commission, and the Federal Ministry of Finance by providing a unified framework for credit regulation and consumer protection, and also safeguards the interests of consumers by prohibiting unfair practices, ensuring data privacy, and providing mechanisms for effective dispute resolution in consumer credit transactions.”

    He explained that the supports the administration’s goal of transitioning Nigeria from a cash-based economy to a credit-driven economy, one that enables Nigerians to build credit histories, acquire assets responsibly, and enhance productivity.

    The key objectives of the Bill, he said is to as regulate consumer credit activities in Nigeria, ensuring fair, transparent, and accountable operations by lenders, credit bureaux, and credit service providers and romote the expansion of consumer credit access to working Nigerians by building a fair and inclusive market system backed by government guarantees and reliable credit data.

    It will also Institutionalize CREDICORP as a statutory body, absorbing the existing Nigeria Consumer Credit Corporation into a public regulatory framework with perpetual succession and corporate powers; and foster collaboration with key institutions such as the Central Bank of Nigeria, the Federal Ministry of Finance, the Federal Competition and Consumer Protection Commission, and subnational governments to harmonize consumer credit laws and policies.

    He said the Bill was timely, visionary, and essential as it provides the legislative backbone for one of the most transformative initiatives of the Renewed Hope Administration ensuring that every Nigerian worker, whether in the public or private sector, can access affordable and transparent consumer credit.

    He told his colleagues that “by passing this Bill, the House will not only support the President’s economic reform agenda but also deliver tangible empowerment to millions of households, strengthen financial stability, and stimulate domestic production and consumption.

    “With this Bill, we are laying the foundation for a credit-based society, one where dignity, opportunity, and prosperity are accessible to all Nigerians”.

  • CREDICORP wins “Consumer Credit Access Company of the Year”

    CREDICORP wins “Consumer Credit Access Company of the Year”

    The Nigerian Consumer Credit Corporation (CREDICORP) has been named the “Consumer Credit Access Company of the Year” at the 13th BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

    The event, organised annually by BusinessDay, was held in Lagos over the weekend, bringing together leading players across banking, fintech, and financial services.

    The Federal Government institution, which has only been in existence for barely 18 months, emerged alongside established private-sector brands like Opay and First Bank of Nigeria.

    BusinessDay’s selection committee cited CREDICORP’s speed of results, innovative products, and an “ecosystem-first model” as key factors in its decision. The committee noted that “CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.”

    CREDICORP was chosen following a data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria’s consumer credit ecosystem. BusinessDay said CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20 percent.

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    The Corporation has also enabled financial institutions to reach demographics historically excluded from formal lending—from artisans and civil servants to small traders and youth, with 65 percent of its beneficiaries being first-time successful borrowers.

    Despite having financial operations for less than a year, CREDICORP has already reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services—including vehicles, solar systems, home improvement, and productive tools—all financed with affordable credit.

    The award also acknowledged CREDICORP’s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians. This includes YouthCred for National Youth Service Corps (NYSC) members and employed youth in general, and Pensioners’ Credit for retirees seeking liquidity and dignity in retirement. Additionally, there are multiple thematic programs addressing credit for households, workers, and small business owners.

    The Corporation’s credit interventions have been strategically directed at the pain points most affecting Nigerians’ quality of life. Key initiatives include the Credit Access for Light and Mobility (CALM) Fund, which addresses mobility and alternative energy for homes and micro enterprises, and S.C.A.L.E. (Securing Consumer Access to Local Enterprises), which aims at local production and job creation by combining credit expansion with industrial deepening.

    These initiatives reflect what was described as a “double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.”

    Other winners at the event included Opay, which was named Mobile Payment Solutions Provider of the Year; First Bank of Nigeria, which secured the Dominant Force in Inclusive Banking award; Fidelity Bank, which was recognized as the Export Finance Bank of the Year; and Page Financials, which won Finance Company of the Year.

  • CREDICORP flags off first pension-backed loan for retirees

    CREDICORP flags off first pension-backed loan for retirees

    A pension-backed loan programme to empower retirees has been launched by the Nigerian Consumer Credit Corporation (CREDICORP)..

     Under the initiative, retirees can apply for loans starting at N50,000 up to a maximum determined by their pension savings.

    CREDICORP, a Federal Government corporation with a mandate to expand credit access to millions of Nigerians, will be implemented in collaboration with Leadway Trustees and Optimus Bank.

    Managing Director/CEO of CREDICORP, Uzoma Nwagba, said  in Abuja yesterday  that  the scheme,    the first   in the country,  was designed to ensure retirees can access credit   without being burdened by high interest rates or complex loan processes.

    Nwagba, who described retirees as the  pillars of Nigeria’s development,  noted that they are always  denied credit facilities by financial institutions.

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    His words: ‘’Under the initiative, retirees can apply for loans starting at N50,000 up to a maximum determined by their pension income, with repayment terms designed to align seamlessly with monthly pension inflows,

    “Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem.

    ‘’This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we’re delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering.”

    The launch, which was attended by stakeholders from the financial sector, pension industry  and annuitants associations, featured testimonials from its first  beneficiaries.

    Mrs Amina  Sule, a 68-year-old retired teacher, said: “For years, I’ve wanted to start a small poultry business to stay active and support my family.

    “This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit, it is  hope and independence.”

    Another beneficiary, Mr Chukwuemeka Okeke, a retired civil servant, said: “Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree.”

    President Bola Ahmed Tinubu, whose administration established CREDICORP, had in June this year said that over 100,000 Nigerians, including 35,000 civil servants,  benefited from affordable consumer credit through the company in one year.

    He added that the opportunity enabled   ‘’them to purchase vehicles, light up and improve their homes and purchase life essentials.’

    The President also said that 400,000 young Nigerians, including youth corps members, were expected to be covered by the scheme the following month.

  • Credicorp: Youths to get N200,000 credit facility

    Credicorp: Youths to get N200,000 credit facility

    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.

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    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.

  • Fed Govt launches N200,000 loan scheme for Nigerian youths

    Fed Govt launches N200,000 loan scheme for Nigerian youths

    The Federal Government on Thursday officially launched the Youth Credit Initiative under the Nigerian Consumer Credit Corporation (CREDICORP), describing it as a bold step towards empowering young Nigerians and giving them a solid footing in a credit-based economy.

    Under the scheme, eligible Nigerian youths could access up to N200,000 single-digit interest loan under the “YouthCred” initiative operated by CREDICORP.

    The programme, which has N9billion as take-off funds for the first phase, will commence with serving members of the National Youth Service Corps (NYSC) across the 774 local governments and over 8,000 electoral wards.  

    The Minister of Youth Development, Ayodele Olawande, unveiled the scheme on Thursday in company of Managing Director/CEO of CREDICORP, Engineer Uzoma Nwagba at the NYSC orientation camp in Kubwa, the nation’s capital.

    He said with the official launch of the scheme, corps members can register for the loan facility after which they will undergo training.

    Olawande drew parallels between the prosperity enjoyed by young people in developed countries and their access to credit facilities, stressing that the new initiative would help bridge the economic gap for Nigerian youths.

    He stated, “In America, a young person can pose with a car and look rich, not because they are millionaires, but because they have access to credit. What makes the difference is not cash in hand, but access to a credit score and a system that believes in young people.”

    He recalled a conversation with a friend in the U.S. who had built his credit score over two years and could easily purchase a car using his credit card.

    “That is the system we are trying to replicate in Nigeria,” he said.

    Olawande explained that what many Nigerian youths needed was not a handout but access to structured credit and a government that sees them as partners in national development.

    He acknowledged skepticism among young Nigerians towards government initiatives, attributing it to decades of disconnect.

    He said, “This is no longer about cosmetic policies. We are talking about structural empowerment. For the first time, you have a president that is not just ruling but leading. That’s the difference.

    “For 40 years, the government has been far away from the youth. I don’t blame any young person who doesn’t believe in government programs. But now, we are bringing government to your doorstep. For the first time, the Ministry of Youth is headed by a youth. It is Youth for Youth. And today, the Youth Credit is not just a loan scheme—it is a sign that we believe in you.”

    The goal, he said, is to eventually extend the program to all Nigerian youths, including those in informal sectors without access to traditional banking.

    “I have been where many of you are,” Olawande told corps members in attendance. “I paid my school fees myself, worked in brickyards and even in a cemetery. I didn’t have people to run to. That’s why I understand the struggle.”

    The minister also unveiled a new slogan for the ministry: “One Youth, Two Skills,” urging corps members to leave the orientation camp with at least two marketable skills.

    This, he said, would eventually feed into a broader goal of “One Local Government, One Product,” anchored on youth-driven enterprise.

    Olawande assured young Nigerians that their ideas and energies would no longer be ignored.

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    He praised the leadership of President Bola Ahmed Tinubu for supporting the vision.

    The minister added, “We believe in your ability to build businesses, create jobs, and change your communities. This program offers flexible and fair access to credit. No more gatekeeping.

    “This is not just a renewal agenda in name.”

    Managing Director/CEO of CREDICORP, Engineer Uzoma Nwagba, explained that the loan scheme aims to cater to various needs such as relocation expenses, buying work equipment or tools, skills development, and financing small-scale enterprises. 

    He emphasised that the programme seeks to offer a viable alternative to predatory lenders also known as ‘loan sharks’, providing a more affordable and sustainable credit option for beneficiaries.

    The managing director urged Corps Members to take advantage of the programme, noting that timely repayment would enable others to benefit from the initiative in the future.

  • CREDICORP, NYSC seal deal on N9b scheme

    CREDICORP, NYSC seal deal on N9b scheme

    • Programme to empower fresh graduates
    • Serving corps members to access up to N200,000 credit facility

    The Nigerian Consumer Credit Corporation (CREDICORP) has signed a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) to enable serving corps members access up to N200,000 each.

    According to the MoU, eligible corps members will access up to N200,000 single-digit interest loan under the “YouthCred” initiative.

    Speaking at the signing of the MoU yesterday in Abuja, the Managing Director/Chief Executive Officer of Credicorp, Uzoma Nwagba, said N9 billion has been earmarked for the first phase of the programme.

    Nwagba said the programme was in fulfilment of President Bola Ahmed Tinubu’s Democracy Day address on June 12, when he promised that a credit initiative targeting 400,000 Nigerians, including youth corps members, would begin.

    He also said the first phase of YouthCred focuses on NYSC members, who will be required to complete a short digital credit education programme before becoming eligible for the credit facility.

    According to him, the loans are intended to support a range of needs, including relocation, purchase of work tools or devices, skills training, and funding for small businesses.

    Describing the corps as a “national gold mine for credit reorientation,” Nwagba assured everyone that both bodies would ensure that YouthCred is 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 said corps members would be eligible to access smaller amounts after completing its credit education scheme, and would access larger sums of up to N200,000 after paying up their previous loan.

    “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.

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    The Credicorp chief executive urged corps members to take full advantage of the opportunity, stressing that financial discipline and timely repayment would be critical to the sustainability and expansion of the scheme.

    The NYSC Director-General, Brig.-Gen. Olakunle Nafiu, hailed President Tinubu for kicking off the programme with the scheme.

    Describing the MoU signing as epoch-making, the NYSC DG noted that the YouthCred programme would have a positive impact on both corps members and the NYSC scheme as a body.

    The director general said the initiative would not only enhance the financial independence of corps members but also contribute to fostering a culture of entrepreneurship and responsible credit use among Nigerian youth.

    Nafiu noted that many corps members possess innovative ideas and business acumen but are often hindered by a lack of access to start-up capital.

    The DG noted that with YouthCred, young Nigerians now have a platform to kick-start their ventures and acquire essential tools that would make them more productive during and after their service year.