The Chief Executive Officer of the National Institute of Credit Administration (NICA) chartered, Prof. Chris Onalo, has called for a positive attitudinal change among Nigerians as the country transitions into a credit economy system.
According to Prof. Onalo, a credit economy requires a shift in mind set and behaviour, emphasizing the importance of credit discipline, financial literacy, and responsible borrowing and managing practices. He urged Nigerians to adopt a culture of prompt repayment of loans, prudent financial management, informed decision-making, and honouring obligations.
The NICA boss highlighted the benefits of a credit economy, including increased access to finance for businesses and individuals, economic growth, and improved standard of living. However, he noted that these benefits can only be fully realized if Nigerians embrace the culture of integrity– a positive attitudinal change towards credit taking, granting and management.
Prof. Onalo called on stakeholders, including business credit organizations that grant trade credit, financial institutions, consumer credit and credit guarantee providers, regulatory bodies, and civil society organizations, to support the promotion of credit awareness and education across the country. He emphasized the need for collaborative efforts to build a robust credit ecosystem that is inclusive, transparent, and sustainable.
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