NICA Asks Professionals to Establish Credit Awareness Desks

• The National Institute of Credit Administration (NICA) has asked credit professionals to set up awareness desks
• The institute said such desks will enable professionals to establish a robust relationship with customers and businesses
• It also said the move will enhance cooperation between customers and credit agencies in resolving issues

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The National Institute of Credit Administration (NICA) has asked employers of credit professionals in Nigeria to establish credit awareness desks to enhance creditworthiness requirements for the existing and potential customers in their businesses

The institute stated this in a statement issued on Sunday, March 24, 2025, saying that such desks will bridge the gap between grantors/providers and their customers.

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Importance of credit awareness desks

According to Chris Onalo, the Chief Executive of NICA, there should be a department where credit professionals can have some hours of discussion with credit customers or applicants.

Onalo said:

“There is a need for the employers of credit professionals to introduce credit awareness desks or credit counselling desks. There should be a department where credit professionals can have some hours of discussion with the credit customer applicant.”

Onalo said when credit is approved, there should be monitoring to know if the transaction is progressing or if there are challenges.

He asked the credit professionals to ask questions on issues bordering on challenges and difficulty, the progress of their businesses, prudent use of credit to grow businesses, and the consequences of a failed credit.

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“That interface will help to significantly educate credit customers, whether those who have borrowed money from financial institutions, or those who are distributors of manufactured products or goods which they have collected from manufacturers on credit terms, etc. So, that desk must be there,” he added.

NICA asks professionals to imbibe ethics

In a previous report by Legit.ng, the institute urged credit management professionals across industries in Nigeria to observe ethics and transparency in handling the customer credit appraisal process.

NICA, Nigeria’s supervisory and credit regulator made the call recently,

According to NICA’s Registrar and Chief Executive Officer, Chris Onalo, these attributes are necessary for a sound credit system.

NICA asks for business-friendly loans for SMEs

Legit.ng reported that the National Institute of Credit Administration (NICA) has stated that the availability of loans with low interest rates and easy repayment conditions will enhance the profitability of small and medium enterprises (SMEs) in Nigeria.

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According to a statement signed by NICA’s chief executive officer, Chris Onalo, the institute said a business-friendly loan will encourage new and existing business owners to borrow to start new businesses and grow existing ones.

The institute said businesses in big economies are well positioned to compete better in their countries and even in other climes, where they might expand because of access to low-interest rate loans, usually single digits.

Source: Legit.ng