NATIONAL INSTITUTE OF CREDIT ADMINISTRATION ACT

What Is This Policy?

The NICA Establishment Act 2022 creates the National Institute of Credit Administration as the statutory chartered professional body for credit management in Nigeria. NICA is empowered to regulate, supervise, and control the credit management profession across all sectors, setting professional standards for credit analysts, credit managers, and credit-related service providers.

Who Does It Target?

Credit managers, credit analysts, credit controllers, and debt recovery professionals working in Nigerian organisations Banks, microfinance institutions, insurance companies, and non-bank financial institutions employing credit professionals Credit bureau operators, debt factoring firms, credit rating agencies, and credit management consultancies Businesses of all sizes that extend trade credit, manage accounts receivable, or provide credit-related professional services

What Does It Aim to Achieve?

Professionalise credit management in Nigeria, transitioning the economy from a cash-based to a credit-based system as a catalyst for economic growth Regulate all persons and organisations providing credit management services, issuing professional practice licences to qualifying practitioners Establish minimum standards of knowledge, skill, ethics, and conduct for credit management professionals nationwide Foster a culture of credit integrity and responsible borrowing and lending that underpins economic resilience and financial inclusion

Key Features

Chartered Professional Status: Credit management is now a formally chartered profession in Nigeria; NICA issues Fellowship (FICA) and other membership grades to qualified practitioners Professional Licensing: All persons and organisations providing credit bureau services, debt factoring, credit rating, credit training, and credit consulting must obtain a professional practice licence from NICA Regulatory Mandate: NICA has statutory power to control, supervise, and regulate credit management practice; prosecute unregistered persons offering credit services; and enforce the code of conduct Annual Pay Your Bill Campaign: NICA is mandated to mount a national credit culture awareness campaign annually to encourage healthy borrowing behaviour and timely debt repayment Consumer Credit Alignment: NICA's mandate dovetails with the Consumer Credit Act 2024, supporting President Tinubu's initiative to grow Nigeria's consumer credit market Academic Qualifications: NICA accredits courses in credit management at universities and professional schools; grants certificates and diplomas to graduates of approved programmes

Current Status

Rollout Stage: Active; NICA operational since 2022; MOU signed with the Presidential Committee on Economic and Financial Inclusion (PreCEFI) in 2025 Implementing Body: National Institute of Credit Administration (NICA), supervised by the Federal Ministry of Finance Membership: NICA is building its professional membership base through the Strategic Membership Initiative (SMI), including diaspora professionals in UK, USA, and Canada Consumer Credit Act Link: The Consumer Credit Act 2024 and Consumer Credit Protection Bureau create new demand for NICA-certified credit professionals in banks and fintechs

How to Access

Credit Professionals: Apply for NICA membership and professional certification at icanigeria.net; complete the prescribed examinations and induction programme Credit Organisations: Register your credit management practice with NICA and obtain a professional practice licence before offering regulated credit services Employers: Verify the NICA certification of credit staff; require NICA membership for all senior credit management appointments Contact: NICA: icanigeria.net | Old No 1 (New No 21) Mabogunje Road, Oniru Estate, Victoria Island, Lagos | 080-340-30160

Official Resources

Website: icanigeria.net Contact: NICA, Old No 1 (New No 21) Mabogunje Road, Oniru Estate, Victoria Island, Lagos | +234 (0)80 340 30160 Policy Summary | Source: NICA, The Nation Nigeria, Guardian Nigeria, Punch Nigeria, NAN, icanigeria.net | February 2026

Legal Framework

The National Institute of Credit Administration Act establishes the Institute under statute. It operates under the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020, and the Credit Reporting Act 2017. The Institute aligns with international credit management standards from the Chartered Institute of Credit Management (CICM, UK), the International Finance Corporation (IFC) credit infrastructure framework, and the National Financial Inclusion Strategy on credit access.