Everybody comes to CREDIT, making Credit Management The Mother of Other Professions
• No economy grows without the use of credit, and there is no example of any advanced society where credit is not used.
• Regardless of anyone’s primary profession or academic background, line of business or professional association, everyone need credit facility or have desire to access credit in order to either grow, expand, or start up a business – making credit the way of life for the society.
• Nowhere in the world has credit management profession failed to touch nearly every aspect of business. It is that far reaching scope that makes all business and persons of other professions so passionate about credit management. There is nowhere else you can learn more about a corporate organization and what it provides than in credit management. This is because everything lands on the desk of credit managers at some point — and these cuts across industries.
• Businesses risk billions of Naira each year on sales on credit rather than for cash. As one credit management association rightly expressed, credit management professionals must be able to gauge the difference between fact and fraud, between hope and charity, and between faith and foolishness. One of the best sources available to alert the credit management professional in helping to form a sound judgement in this delicate and difficult area is the impact of membership of a National Institute of Credit Administration (NICA).
• Business and trade credit is the economy’s largest source of business financing by volume which exceeds even bank loans, with literally billions of naira exchanged daily.
• Credit executives receive invaluable factual information upon which to base independent decisions with respect to the extension of credit. This results in the reduction of outstanding delinquent receivables and write-offs. Not only do members obtain critical input, but the networking opportunities are of immeasurable benefit.
• Professional association is an effective management tool. They permit credit management professionals of different companies regardless of industry or trade defences to compare information on bad debt history and provide a forum for the exchange of data as to the most recent payment practices. The purpose of exchanging information amongst members is to help members segregate fiction from fact, so individually competent and realistic credit decisions about a customer can be made.
• Trade credit, business credit, financial credit, consumer credit— all combined to keep an economy healthy and resilient.
• All creditors routinely assess and update their company’s creditworthiness.
• By joining the membership of National Institute of Credit Administration, gives members the opportunity to participate regularly in informative round table discussions of credit accounts, as well as share concerns about credit management procedures and techniques. Membership of NICA cuts across virtually every industry, from advertising to construction, from food supply to industrial supply, from agriculture to steel, from manufacturing to distributive, from financial Institution to businesses, just to mention but a few.