In a press statement credited to “Mr. Credit” — Professor Chris Onalo, Nigeria’s renowned Credit Economist and Registrar/Chief Executive Officer of the National Institute of Credit Administration (NICA), chartered — a strong call was made to global financial institutions to prioritize credit management infrastructure in Africa. According to the credit Legend, “Credit is trust, measured. A credit-ready Africa is a prosperous Africa.”
Professor Onalo urged the World Bank, IMF, African Development Bank, and other development partners to deepen the credit economy and provide direct support for building the creditworthiness of African countries and their citizens to be credit-ready.
“Africa cannot achieve inclusive growth if African nations and people remain outside a formal credit system. Creditworthiness reduces the cost of capital, unlocks MSME financing, and attracts responsible investment,” Professor Onalo stated.
The world is facing a critical shortage of certified credit management professionals. NICA, with 9 chartered credit management certification programmes, is positioned to supply ethical, trained manpower for Africa and the world. It is very clear in practical terms, that support is needed for modern credit bureaus, credit management and credit accessibility education in schools and communities, with strong consumer and enterprise credit protection laws. Additionally, development financing and technical assistance should be tied to measurable improvements in both sovereign and individual credit profiles.
NICA reaffirmed its mandate to lead the professionalization of credit management in Nigeria and across Africa, and its readiness to partner with the World Bank, IMF, AFDB, CBN, and other stakeholders to build a robust credit culture that makes Africa a creditworthy continent, and its nations both investment-ready, and credit-ready.
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