Nigeria: NICA advocates for credit awareness desks

The National Institute of Credit Administration has urged employers of credit professionals in the country to set up credit awareness desks. This initiative aims to enhance awareness of creditworthiness criteria among current and prospective credit customers in their organizations.

In a statement released by the institute, it was disclosed that establishing such desks would bridge the divide between credit grantors/providers and their customers.

The Registrar/Chief Executive Officer, NICA, Prof. Chris 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.”

According to the professor of credit management, who has been a vocal advocate for a new credit-driven economy in Nigeria, there should be ongoing monitoring once credit is approved. This is essential to track progress and address any challenges that may arise during the transaction.

Onalo urged the professional credit manager or controller to ask questions on issues like, “Do you have any problems Do you have any difficulty? How is your business going? How prudent is the use of credit to grow or expand a business? The consequences of a failed credit, etc.

“That interface will help to significantly educate credit customers, whether it is those that 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.