The National Institute of Credit Administration (NICA) chartered, has called on owners of Micro, Small, and Medium Enterprises (MSMEs)in the country to prioritize honesty and integrity in business to access credit. This advice is crucial in today’s business landscape where credit management plays a vital role in economic growth and development. In a two-day seminar for stakeholders understanding of credit guarantee operations and management held on (Wednesday and Thursday) last week, Professor Chris Onalo gave the advice on a responsible credit management practices, financial literacy, and a strong credit infrastructure in supporting MSMEs in Nigeria. By promoting honesty and integrity, MSMEs can build trust with lenders, improve their creditworthiness, and increase their chances of securing financing for business expansion and growth, he emphasized.
“Prioritize Honesty and Integrity, maintain transparent and accurate financial records, ensure a timely loan repayments to build credibility with lenders, develop a deep understanding of credit management principles and practices to make informed financial decisions, implement effective risk management strategies, and maintain a healthy credit profile to attract lenders and investors. By doing so, MSMEs can enhance their access to credit and contribute to Nigeria’s economic development, he assured.
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