Membership is open to all those who give, take, and manage credit or have affinity with credit presently or in the past.
ICA Legal History
Nigeria’s ICA was formed in 1992, got incorporated as a body limited by guarantee, and had its Charter Bill passed in 2009 by the Nigerian Law Makers at the lower house which is the Federal House of Representatives, now following same process all over with the House of Senate, the upper legislative chamber.
We are delighted that our Institute of Credit Administration’s Charter Bill saw the light of day in year 2009 when the Federal House of Representatives passed into law.
This endorses the critical role of credit management in today’s business in Nigeria and recognizes the role of the ICA in the education and development of credit professionals since 1992, and the support it continues to provide to Government on policy development and advocacy.
Despite that there are a little more hurdles to cross, the development is indeed a great achievement as it reinforces the Institute’s relevance which has given further deserved recognition to the quality of its members, staff, partners and council.
It is in furtherance of this that the Institute’s Council and Secretariat Staff agreed that now is time to think bigger and bigger for the future of our great Institute.
In its recent Governing Council meeting, far reaching decisions were taken essentially designed to bring ethical discipline, informed knowledge and sound professionalism in the conduct of credit management in Nigeria.
As Nigeria’s national body for credit management, the Council’s decisions, and indeed the entire aims and objectives of the Institute of Credit Administration are bound to affect positively the generality of stakeholders in business credit in Nigeria.
In order to position the Institute strategically with a view to effectively discharging its responsibilities to all sectors of Nigerian economy, the Governing Council took decisions as follows:
- That the Institute should immediately launch out to acquire its own building to fully accommodate its multifarious activities, instead of it operating from a rented
- Notwithstanding that the Institute’s activities are designed to positively benefit every organization that grants or deals in whatever form of business and public sector credits through capacity building, ethical discipline and knowledge certification of the personnel in charge of their credit management functions, the Council decided that the Institute should appeal to responsible and friendly corporate organizations/institutions for financial donations in order to achieve these stated objectives.
ICA will continue to promote the role of sound credit management in Nigeria.
We affirm the quality and integrity of our Institute, we also affirm our qualifications, our members, and the critical role that they play in keeping the nation’s cash flowing.
The Institute of credit Administration’s main objectives include:
Serving as a national body of experts for all matters relating to credit management.
Overseeing the implementation and monitoring of national standards for credit management practice.
Setting professional standards and awarding professional qualifications in credit management.
Testing and assessing those involved in credit work in offices, who must become its members
Enhancing, promoting and protecting the interest of business credit providers, grantors or lenders
Enacting binding professional code of ethics on credit managers and their executives
Consulting with and marking recommendations to the government, regulatory bodies, trade associations, academic community and other professional bodies on all matters relating to credit management.
Providing a range of services and programmes aimed at keeping Nigeria’s credit managers and their executives up-to-date by developing their professional skills, elevating their status and inculcating ethics in their service of managing credit for their employers.
Developing and maintaining sound and industry – driven credit management and administration via educational programmes.
Maintaining high-level discipline and ethics among its members.
Setting standards and providing a code of ethics for those engaged or who should engage in the practice of carrying out the functions of credit management and administration, including all the elements of credit and business information decision tools, and the appraisal processes involved in credit management
Setting standards and sanctioning any unauthorized organization or individual who wishes to introduce any credit product into the market, with intention to either grant credit, facilitate credit, mitigate credit or guarantee credit to individual members of the public or corporate organizations. In this case, the institute is the only national body vested with power to assess individuals or corporates who desires to float or introduce any credit product into the market with intention to either extend credit, facilitate credit, mitigate credit or guarantee credit.
Determination and establishing national standard of knowledge, proficiency and achievement in credit management and administration, and providing a means for recognition of those who attain the standards from time to time by the Institute.
Co-operating with and accrediting colleges and university schools and associations to develop programmes of study in credit management, credit administration and credit risk management.
Determining what standards of knowledge and skills to be attained by persons seeking to become members of the profession and improving those standards, from time to time as circumstances may permit.
Securing, in accordance with the provisions of this Act, the establishment and maintenance of a register of Fellows, Members, Associates, honorary Fellows, retired members of the profession, and corporate members from time to time.
Encouraging and advancing education, practical training and research into the profession.
Conducting examinations into the profession and award advanced certificates or higher-level diplomas to successful candidates as appropriate and for such purposes the Institute shall prescribe fees to be paid in respect thereof.