By Faka Emmanuella Uwamire
The National Institute of Credit Administration (NICA), chartered was prominently recognized at the highest level of government as one of Nigeria’s six foremost professional bodies in a landmark national collaboration to advance economic and financial inclusion.
The Memorandum of Understanding (MoU) signing ceremony was held on Monday, 2nd February, 2026, at 3:00pm at the Presidential Villa, Abuja, where the Federal Government of Nigeria, through the Office of the Vice President and the Presidential Committee on Economic and Financial Inclusion PreCEFI, formally entered into partnership with six leading professional institutions, with NICA playing a central role in the alliance.
NICA was represented at the event by the President and Chairman of the Governing Council, Dr (Mrs) Markie Idowu, FICA, and the Registrar and Chief Executive Officer, Prof Chris Onalo, FICA.
The event was far more than a ceremonial signing. It was a strong national statement that Nigeria’s pathway to a one trillion dollar economy by 2030 will be built not merely on access to finance, but on professional capacity, ethical standards, and institutional competence, principles NICA has consistently championed.
Representing the Office of the Vice President, PreCEFI reaffirmed its commitment to implementing the Aso Accord on Economic and Financial Inclusion as a key pillar of the Renewed Hope Agenda. In his address, the Vice President emphasized that inclusive growth depends on strong professional ecosystems and declared, “Capacity building is financial inclusion.”
This declaration aligns directly with the mandate of NICA as established by Act No. 26 of 2022 S.1(2)(f) “consulting with and making recommendations to the government, regulatory bodies, trade associations, academic community and other professional bodies on all matters relating to credit management, which is to regulate, standardize, and advance credit management practice in Nigeria, promote responsible lending, strengthen risk assessment culture, and improve access to structured credit for businesses and individuals.
Through this MoU, the Federal Government formally recognizes NICA as a critical partner in shaping Nigeria’s financial inclusion framework through joint capacity building programmes, policy advocacy and professional standards alignment, digital transformation and credit innovation initiatives, youth empowerment, support for small and medium practitioners, as well as participation in PreCEFI working groups and policy consultations.
A Joint Steering Committee and annual work plans will drive implementation, with measurable Key Performance Indicators tied to training, advocacy impact, digital skills adoption, and youth inclusion, areas where NICA’s expertise is directly impactful.
A major highlight of the event was the formal flag off of the free training of 10 million Nigerians, with priority for women and youth, through over 6,000 accredited courses in collaboration with Alison, She’s Included Initiative, and WAWU Africa. With this initiative, the Federal Government, through PreCEFI, effectively entered into collaboration with NICA and the other professional bodies to build national capacity at an unprecedented scale. This aligns with NICA’s long standing advocacy that improving credit knowledge, credit literacy, and credit risk management skills is essential for meaningful economic participation.
The Vice President further noted that professional bodies are co architects of national development, not peripheral actors. For NICA, this acknowledgement reinforces its role as the statutory institution responsible for deepening credit culture, strengthening trust in credit transactions, and enhancing access to credit beyond collateral based lending.
The other professional bodies present at the signing were The Institute of Chartered Accountants of Nigeria (ICAN), The Chartered Institute of Bankers of Nigeria (CIBN), The Chartered Institute of Stockbrokers (CIS), The Chartered Risk Management Institute of Nigeria (CRMI), and The Nigeria Institute of Innovation and Entrepreneurship (NIIE).
With this MoU, NICA’s work in promoting a credit economy, regulating credit professionals, and advocating responsible credit is now institutionally aligned with the highest policy office driving Nigeria’s inclusion agenda.
As the Vice President urged all Parties to treat the MoU as a living platform for execution, the message was unmistakable that Nigeria’s inclusion journey will be powered by professionals and NICA is central to that mission.
This collaboration marks a new chapter where credit professionalism becomes a national tool for unlocking opportunity, deepening trust, and making financial inclusion a lived reality for millions of Nigerians.
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