The National Institute of Credit Administration has vowed to help the economy transition from a cash-based economy to a thriving credit economy.
The Punch reported that NICA Act number 26 of 2022, which grants control, oversight, and regulation over the credit management profession in Nigeria, was also cited as a reason to celebrate the newly bestowed statutory authority.
These powers, according to a statement, include the ability to offer professional credentials and certifications to successful applicants following examinations as well as to advance and defend the interests of lenders and grantors of business credit across a range of economic sectors.
The event, which is slated to take place in October 2023, will bring together notable people from inside and outside the Institute, according to the chief executive officer of the National Institute of Credit Administration, Prof. Chris Onalo.
“The purpose of the event is to engage in meaningful interactions and exchange ideas about the institute’s mandate as Nigeria’s national authority for the control, supervision, and regulation of the credit management profession,” the speaker stated.
The event, he continued, was particularly significant because it was the first time institute members had come together to honour the duty that its founders bore for the Nigerian credit business.
“This is a time to recognize outstanding contributions and for members to collectively embrace the future of their Institute,” he said.
Additionally, a chartered institute named NICA is acknowledged as the third-largest statutory credit management professional group in the world, behind the United States of America and the United Kingdom.
