The National Institute of Credit Administration has urged for a credit system that enables students and informal sector players to access credit for education and expand their businesses.
The body responsible for controlling, supervising, and regulating the credit management profession stated on Sunday that a country promoting a viable consumer credit system empowers individuals to buy goods, access services on credit, and defer payment.
Chief Executive Officer of NICA, Professor Chris Onalo, highlighted that a well-established credit system could lessen cash transactions by enabling individuals to borrow for financing emergencies and other significant projects, thus aiding in stimulating domestic production and fostering economic growth.
Onalo pointed out that the stakeholders in consumer credit services administration consist of the informal sector, low-income earners, artisans, SMEs, associations under the agriculture sector, cooperative societies, association of importers and exporters, associations of market women, supervisory workers, middle-class managers and their families, students in tertiary institutions, and other critical stakeholders.
Onalo emphasized that enabling that segment of the economy to access credit would enhance their ability to feel the economy's impact.
