The National Assembly has passed into law a bill signed by the President of the Federal Republic of Nigeria approving that Institute of Credit Administration (ICA) should now be National Institute of Credit Administration (NICA), Act No 1018 of 2021, with effective from August 16, 2022.
Commenting on the approval, the Registrar/CEO of the Institute, Prof. Chris Onalo said, “professional bodies around the world are vital to upskilling individuals and preparing them for the world of work. They are the unsung heroes in contributing to society and economic development”.
According to Onalo, with this seal of the Federal Government of Nigeria, NICA has become Nigeria’s only national professional body for the nation’s credit economy, people and organizations in credit management.
He said that our Institute is now a chartered prestigious body of eminent credit management elites charged with the national task of controlling, supervising and regulating credit management profession in Nigeria, ensuring and maintaining integrity, honesty and ethics in credit management profession, serving as a national body of expertise for all matters relating to credit management, setting professional standards and awarding professional qualifications in credit management, testing and assessing those who wish to become members; enhancing, promoting and protecting the interests of business credit providers and grantors, encouraging and advancing education and practical training and research into credit management profession, helping to foster effective credit administration, among others.
Continuing, Onalo said, “Credit management profession require specific qualifications to be able to practice, and NICA is the formal route for this, particularly recognized within the credit industry. To become a credit professional, one is required to gain professional recognition from the National Institute of Credit Administration (NICA) following the completion of a six months mandatory executive study programme with the accredited Postgraduate School of Credit & Financial Management (PSCFM).
The Institute is open to national and global membership; the only credit management professional body in the world whose membership is open to all and sundry regardless of the economic sector or industry of business an individual or organization belongs. Anyone who has ever given, taken, or managed business credit, financial credit, political credit, consumer credit, cooperatives and thrift societies, or any person who, in the course of performing his or her duties in the past, present, or future, has influenced or is likely to influence the process of business or economic policy drafting engagement which can or may lead to credit availability, credit accessibility, creditworthiness determination and default recovery, credit risk modeling and mitigation; such a person is fit and proper to become a member of the National Institute of Credit Administration(NICA). He or she can be a Fellow, Member, or Associate of the Institute – making credit management the mother of all other professions.
“With the chartered status of the Institute of Credit Administration, now known as National Institute of Credit Administration (NICA), career-focused credit management profession is in the spotlight and the National Institute of Credit Administration (NICA) is statutorily in a position to provide that link between credit professionals and credit industry. There are endless benefits for people looking to get into employment in the credit and financial industry both in Nigeria and any other country of the world. NICA is the third largest credit management Institute in the world today, after the United States and United Kingdom – the global number three badge of recognition in the credit industry which affirms and reinforces to employers that a holder of NICA’s qualification is immersed with competence.
As a professional body chartered by the act of the National Assembly and signed into law by the president, (NICA) works together with its network and partners to lobby for change within the credit industry. NICA is at the forefront of improving competency within the credit industry, and plays a pro-active role in ensuring integrity in credit business, access to credit and finance, etc, providing accreditation to credit management training providers, and a strong commitment to Continual Professional Development (CPD) and lifelong learning in credit management.
I hope you will join the new membership induction of the Institute this month virtually, subject to fulfilling all the requirements. The quicker the joining, the better.