NICA Advocates for Enhanced Consumer Credit Services

Nume Ekeghe

In a bid to bolster awareness and emphasize the pivotal role of a robust consumer credit system, the National Institute of Credit Administration (NICA) in Nigeria is championing efforts to promote credit access and cultivate a culture of responsible repayment.

The institute in a statement noted that a well-established consumer credit system enables individuals to make purchases, access services on credit, and settle payments at a later date.

NICA, as the statutory body for the control, supervision, and regulation of the credit management profession in Nigeria, envisions an economy that not only facilitates credit access but also fosters a positive repayment culture.

As NICA collaborates with the federal government, the landscape of consumer credit in Nigeria is poised for transformation, acting as a catalyst for economic development and inclusivity.

It stated: “Stakeholders in consumer credit services administration include the informal sector, the low income earners, artisans, SMEs, associations under the agriculture sector, cooperative societies, association of importers and exporters, association of market women, supervisory workers, middle class managers and their families, students in tertiary institutions, and other critical stakeholders.

“These people form the bulk of the workforce in the country, but oftentimes, lack access to funds to achieve their dreams. With student loans, a Nigerian can have the credit to finance his education, and start paying back when he is qualified and working; exporters and importers can expand their trade and become relevant players in the international market; farmers can access the funds to increase their production from small scale farming to mechanised farming; traders can also get funds for expansion among others.”