Money lenders seek NICA collaboration on ethical credit administration

Money Lenders Association (MLA) has sought closer collaboration with the National Institute of Credit Administration (NICA) to promote ethical credit administration and strengthen Nigeria’s evolving credit ecosystem.

The president of the association, Mr Gbemi Adelekan, disclosed this in a communiqué issued at the end of a stakeholders’ meeting on Friday in Lagos.
Adelekan said the association, which comprises nearly 100 licensed operators across the country, was established to provide guidance, structure and representation for practitioners in the money lending space.

He said that the adoption of a code of conduct to ensure ethical operations and responsible lending had become increasingly important, especially with the rapid growth of digital lending platforms.

According to him, technology-driven lending has significantly expanded customer reach and increased the scale of operations within the industry.

The MLA president said the proposed collaboration with NICA was aimed at enhancing professionalism, customer protection, regulatory compliance and ethical standards among money lenders.

He added that both organisations shared common objectives in promoting ethical lending practices, professional development and a stronger credit culture in Nigeria.

“The association seeks to promote a positive narrative around digital lending and strengthen Nigeria’s credit culture. NICA is a pioneer professional body established by law to control, supervise and regulate the credit management profession in Nigeria.

“Many members of the association started as small or one-man businesses and require structured training, professional guidance and compliance support,” he said.

In his remarks, the Registrar of NICA, Prof. Chris Onalo, reaffirmed the institute’s leadership role in advancing credit management as a nationally recognised profession.

He highlighted NICA’s contributions to major national credit initiatives, including consumer and business credit frameworks, as well as credit guarantees for Micro, Small and Medium Enterprises (MSMEs), through advocacy and policy engagement.

Onalo also informed the money lenders of ongoing efforts to integrate credit administration into university curricula up to postgraduate level.
He said the institute was also pursuing plans to establish an African headquarters for credit management to attract global multilateral institutions.

“We are willing to further engage the association on professional guidance, training and policy advisory roles, and will extend membership opportunities to its members. There will be further discussions to refine areas of collaboration,” he said. NAN