By Prof. Chris Onalo, FICA, ICCF, B.Sc., M.A, PhD (credit management) Founding Registrar/Chief Executive Officer, National Institute of Credit Administration (NICA), Chartered
Distinguished Ladies and Gentlemen,
It is my honour to share a few words on a subject that sits at the very heart of Nigeria’s prosperity: Collaboration in Expanding Access to Finance.
For too long, we have tried to solve the problem of finance in silos.
- Banks work alone.
- Government designs policies alone.
- The private sector grows alone.
- Fintechs innovate alone.
- The result is what we see today — capital is available, yet millions of creditworthy Nigerians and SMEs remain unfunded.
My Perspective: Collaboration is the Bridge between Capital and Opportunity
- Collaboration Expands Access to Finance
No single institution can reach every Nigerian business. When banks, DFIs, credit bureaus, fintechs, trade creditors, and professional bodies like NICA work together, we build an ecosystem. Data is shared responsibly. Risk is distributed. Credit becomes faster, cheaper, and more inclusive. A farmer in Kebbi, a trader in Aba, and a tech startup in Yaba must all be “credit visible” through one collaborative system.
- Collaboration Drives Economic Development
Finance is the oxygen of the real sector. But oxygen alone does not build muscle. When financial institutions collaborate with industry associations, academia, and regulators, we ensure that credit flows to productive sectors: manufacturing, agriculture, housing, and infrastructure. This is how we move from consumption to production, and from import dependence to export capacity. That is real development. And we need to proof in strongent terms that we mean business; on this I call for further capitalization of NCGC to the tune of N2trillion naira to deliver their mandate across the country.
- Collaboration Advances Inclusive Growth
Inclusive growth means no one is left behind. Women, youth, MSMEs, and people in rural areas are often locked out because they lack collateral or credit history. Collaboration solves this. Government provides guarantees. Banks provide capital. NICA provides credit education and certification. Fintechs provide last-mile delivery. Development partners provide technical support. Together, we create pathways for the excluded to become economically empowered.
The Call to Action
The dividends of democratic governance and a liberal economy will only be realized when we act as one.
To Government: Create enabling policies and protect data integrity.
To Financial Institutions: Lend professionally, not just conveniently.
To the Private Sector: Be credit-ready, creditworthy, and transparent.
To Development Partners: Invest in credit infrastructure, not just projects.
At NICA, we are committed to our part of this collaboration. Through the NICA CreditAcademy, through standards, and through advocacy, we are building the next generation of credit management professionals who will manage this expanded access to finance with integrity, skill, and patriotism.
In Conclusion
As the African proverb says: “If you want to go fast, go alone. If you want to go far, go together.” Nigeria must go far.
Let us collaborate to build a credit economy where capital finds enterprise, enterprise creates jobs, and jobs deliver prosperity for all Nigerians.
Thank you, and may our collaboration yield fruit for our nation.
God bless the Federal Republic of Nigeria.
NO. 71
