NICA Urges World Bank, IMF, AfDB to Make Africa Credit Ready
The National Institute of Credit Administration (NICA) has urged the World Bank, International Monetary Fund (IMF) and African Development Bank (AfDB) to deepen the credit economy in Africa.
Prof. Chris Onalo, Registrar and Chief Executive Officer of NICA, made the call in a statement on Friday.
Onalo, popularly known as “Mr Credit”, urged global financial institutions to support the development of credit management infrastructure across the continent.
He said Africa could not achieve inclusive growth if its nations and citizens remained outside the formal credit system.
According to him, stronger creditworthiness will reduce the cost of capital, unlock financing for Micro, Small and Medium Enterprises (MSMEs) and attract responsible investment.
“Credit is trust, measured. A credit-ready Africa is a prosperous Africa,” Onalo said.
He called for support to modernise credit bureaus and strengthen credit management systems across African countries.
The NICA boss also advocated greater credit accessibility education in schools and communities.
He stressed the need for strong consumer and enterprise credit protection laws to support a sustainable credit economy.
Onalo further called for development financing and technical assistance to be linked to measurable improvements in sovereign and individual credit profiles.
He said the world was facing a critical shortage of certified credit management professionals.
According to him, NICA, with nine chartered credit management certification programmes, is positioned to provide ethical and trained professionals for Africa and other parts of the world.
Onalo reaffirmed NICA’s mandate to lead the professionalisation of credit management in Nigeria and across Africa.
He expressed the institute’s readiness to partner with the World Bank, IMF, AfDB, Central Bank of Nigeria (CBN) and other stakeholders.
He said such partnerships would help build a stronger credit culture and make African countries more investment ready and credit ready. #NICA Urges World Bank, IMF, AfDB to Make Africa Credit Ready# SEREC Urges Reforms, not Abandonment of NSW
