The National Institute of Credit Administration (NICA) has called for more transparency, collaboration, innovations and strict adherence to its mandate for success of the National Credit Guarantee Company (NCGC).
This call was made by the chief executive of NICA, Mr Chris Onalo, in a statement, noting that his organisation recognised the benefits of the NCGC initiative toward revolutionising access to credit for Micro, Small, and Medium Enterprises (MSMEs) and other key sectors of the economy.
He urged the credit firm to maintain transparency in its operations, ensuring that all stakeholders have access to clear information about its mandate, policies, and procedures, advising it to strictly adhere to its mandate, focusing on providing credit guarantees and extension services that facilitate access to finance for MSMEs and other priority sectors.
Mr Onalo called for comprehensive public awareness campaign to educate stakeholders about the benefits and procedures of NCGC’s credit guarantee services.
He advised the NCGC to foster operational partnerships with financial institutions, umbrella bodies for MSME’s and other priority sectors, government agencies, and other stakeholders to ensure seamless implementation of its programmes.
Mr Onalo also said regular consultation and involvement of important stakeholders, including MSMEs, financial institutions, and relevant statutory professional bodies, would help NCGC tailor its programmes to meet the needs of its target beneficiaries.
The NICA boss highlighted that collaboration with the media would be crucial in disseminating information about NCGC’s programmes and successes, as well as promoting transparency and accountability.
He said NICA, being the lead advocate for the establishment of a NCGC in Nigeria for over three decades believed that effective and professional implementation of NCGC would produce positive results.
Mr Onalo listed the benefits including increased access to credit for MSMEs, enabling them to grow and develop their businesses.
According to him, by supporting MSMEs, NCGC can contribute to economic growth, job creation, and poverty reduction.
“NCGC’s programmes can help promote financial inclusion, reducing the financial exclusion gap and increasing access to financial services for the indigenous business owners or the entrepreneurs in the country.
“As NCGC embarks on its operations, NICA looks forward to working with the company to ensure the success of its credit guarantee activities.
“At NICA, we believe that with transparency, strict adherence to mandate, effective public awareness creation, operational partnership, and stakeholder consultation, NCGC can make a significant impact in promoting access to credit for MSMEs and driving economic growth in Nigeria,” he said.