The Money Lenders Association has called for closer collaboration with the National Institute of Credit Administration to promote ethical credit administration and strengthen Nigeria’s evolving credit ecosystem.
The association’s president, Mr Gbemi Adelekan, disclosed this in a communiqué issued at the end of a stakeholders’ meeting held on Friday in Lagos.
Adelekan said the association, which brings together nearly 100 licensed money lending operators across the country, was formed to provide structure, guidance and representation for practitioners operating within the money lending space. He noted that as the industry continues to expand, the need for ethical standards and responsible lending practices has become more critical.
According to him, the rapid growth of digital lending platforms has transformed the sector by widening customer reach and significantly increasing the scale of operations. However, this expansion has also heightened the need for a clear code of conduct to guide operators and protect borrowers.
He explained that the proposed collaboration with NICA is aimed at improving professionalism, customer protection, regulatory compliance and ethical standards across the industry. Adelekan said both organisations share similar objectives in promoting responsible lending, professional development and a stronger credit culture in Nigeria.
The MLA president added that many money lenders started as small or one-man businesses and often require structured training, professional guidance and compliance support to operate sustainably and responsibly. He said the association also seeks to promote a more positive narrative around digital lending, particularly as it relates to trust and transparency in the credit market.
Responding, the Registrar of NICA, Prof Chris Onalo, reaffirmed the institute’s role in advancing credit management as a recognised profession in Nigeria. He highlighted NICA’s involvement in key national credit initiatives, including consumer and business credit frameworks and credit guarantee schemes for Micro, Small and Medium Enterprises, through policy advocacy and engagement.
Onalo also disclosed ongoing efforts by the institute to integrate credit administration into university curricula up to the postgraduate level. He added that plans were underway to establish an African headquarters for credit management, a move expected to attract global multilateral institutions and strengthen the continent’s credit infrastructure.
He assured the association of NICA’s willingness to engage further on professional guidance, training and policy advisory roles, noting that membership opportunities would be extended to interested money lenders as discussions on areas of collaboration continue.
(NAN).
