The National Institute of Credit Administration (NICA), chartered, has commenced discussions with the Money Lenders Association on a proposed strategic collaboration aimed at promoting ethical lending practices, professionalism, and the strengthening of Nigeria’s credit culture at the microlending level.
The engagement brought together representatives of NICA and the leadership of the Money Lenders Association following a formal request by the Association for collaborative engagement. The meeting opened with mutual appreciation, as NICA welcomed the delegation and acknowledged the Association’s interest in partnering with the Institute, while the Association expressed gratitude for the opportunity to engage.
The NICA delegation was led by the Registrar and Chief Executive Officer, Prof. Chris Onalo, and included Mrs. Ibukun Daniel, Executive Assistant and Personal Assistant to the CEO, as well as Ms. Faka Emmanuella Uwamire, Executive Assistant to the CEO. The Money Lenders Association delegation was led by its President and Chairman, Mr. Gbemi Adelekan, alongside Mrs. Adegbola of Natafe Credit, Mr. Festus Isimoya of Bridge Credit, and Mr. Olusola Olugbenga of Millennium Potter.
Providing an overview of the Money Lenders Association, Mr. Adelekan explained that the Association was formed in 2014 by licensed money lenders and later registered as a Company Limited by Guarantee with the Corporate Affairs Commission in 2020. He noted that the Association was created to provide structure, guidance, and collective representation for operators within the lending space. According to him, membership has grown to nearly 100 licensed money lenders operating across the country.
He further stated that the Association was established to promote ethical lending practices, protect the interests of its members, and advance professionalism within the micro-lending industry. Emphasis was placed on the adoption of a Code of Conduct to ensure responsible lending and ethical operations. Mr. Adelekan also highlighted the rapid growth of digital lending, driven by technological innovation, which has significantly expanded customer reach and scale within the industry, while attracting increased regulatory attention.
Explaining the rationale for the visit, the Association’s President noted that the primary objective was to seek collaboration with NICA, recognised as Nigeria’s pioneer professional body established by law to regulate and advance the credit management profession in the country. He observed that many members of the Association began as small or one-man businesses and now require structured professional training, guidance, and compliance support to meet evolving regulatory and consumer expectations. He added that collaboration with NICA would help improve professionalism, enhance customer protection, and promote a positive narrative around digital lending, thereby strengthening Nigeria’s overall credit culture and financial inclusion.
In its response, NICA provided an extensive overview of its institutional background, mandate, and contributions to Nigeria’s credit ecosystem. The Institute highlighted its over three decades of existence as a professional, non-profit body and its statutory recognition following sustained engagement with government stakeholders. NICA also underscored its leadership role in advocating for credit management as a nationally recognised profession, its involvement in policy advocacy, awareness creation, and economic data generation, as well as its contributions to major national credit initiatives, including consumer and business credit development and MSME credit guarantee advocacy.
The Institute further disclosed ongoing efforts to integrate credit administration into university curricula up to postgraduate level, in addition to its vision to establish an African headquarters for credit management and attract global multilateral institutions to support the growth of the profession on the continent.
During the discussions, regulatory and industry clarifications were made regarding the operations of money lenders. It was noted that money lenders are licensed by State Governments, operate using proprietary funds, and do not accept public
deposits, thereby eliminating any regulatory conflict with the Central Bank of Nigeria. The Association was also distinguished from the broader fintech ecosystem, with emphasis that while fintech encompasses a wide range of digital financial services, the Money Lenders Association focuses strictly on licensed money lending operations.
Both parties acknowledged a strong alignment in objectives, particularly in promoting ethical lending, professional development, and a robust credit culture. NICA expressed its willingness to further engage the Association through structured collaboration frameworks, capacity building initiatives, training programmes, and policy advisory support. The Institute also extended opportunities for individual membership to members of the Money Lenders Association and introduced the prospect of accreditation, noting that while the accreditation process is rigorous and not cost-friendly, it confers significant credibility and institutional recognition on the accredited organization.
Further areas of engagement were discussed, including access to NICA’s publications and knowledge sharing platforms. Members of the Money Lenders Association were informed that they would benefit from NICA’s various publications, including CreditEconomyNews, published weekly, and the Credit Manager Magazine, published monthly. Over 1,350,000 persons visit NICA’s website every month.
The engagement ended on a note of mutual appreciation, with both organisations reaffirming their shared commitment to advancing ethical credit administration and strengthening Nigeria’s credit ecosystem.
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