In today’s fast-paced economic environment, effective credit control and debt management are crucial for businesses and individuals alike. A well-structured credit control system helps organizations minimize bad debts, improve cash flow, and maintain healthy customer relationships. These were the issues discussed at the NICA’s training seminar held on September 24-25, 2025 in Lagos. The pictures you are seeing were the participants at the training drawn from; Continental Reissuance Plc, Supra Capital Limited, Nieltrac Tunnis Ltd, Bay Finance, Inv.Ltd, VFD Microfinance Bank, Powerex Limited, and Beta Glass.
The two days capacity building, titled- Credit Control and Debt Management, was extensively discussed and passed the following resolutions:
1. Establishing transparent credit terms and conditions is essential for managing credit risk.
2. Conducting thorough credit assessments helps credit grantors make informed decisions about extending credit.
3. Continuous monitoring of credit accounts enables organizations to identify potential issues early and take proactive measures.
4. Implementing effective debt collection strategies helps to recover outstanding debts and maintain cash flow.
5. Effective credit control minimizes the risk of bad debts, protecting businesses from financial losses.
6. By managing credit and debt effectively, organizations can maintain a healthy cash flow, enabling them to meet their financial obligations.
7. A well-structured credit control system helps build trust with customers, fostering long-term relationships.
8. Effective credit control and debt management contribute to overall financial stability, enabling businesses to grow and thrive.
9. Regularly reviewing credit policies and procedures to ensure they remain effective and relevant.
10. Provide ongoing training and development opportunities for staff involved in credit control and debt management.
11. Leverage technology to streamline credit control and debt management processes, improving efficiency and reducing errors.
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