NICA Advocates for Credit Access for Students and Informal Sector
According to Onalo, access to credit would empower individuals and entities to pursue their aspirations and contribute significantly to the economy. He cited examples such as students financing their education through loans, traders expanding their businesses, and farmers increasing production through mechanized farming.
AKACHI NOEL 
The National Institute of Credit Administration (NICA) has called for the establishment of a credit system allowing students and players in the informal sector to access credit for educational purposes and business expansion.
In a statement issued on Sunday, NICA emphasized the importance of a robust consumer credit system in facilitating the purchase of goods and services on credit, thereby promoting economic activities.
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Prof. Chris Onalo, the Chief Executive Officer of NICA, highlighted the potential benefits of a developed credit system, including reducing cash transactions and enabling individuals to borrow funds for essential projects. He underlined the vital role of stakeholders such as the informal sector, low-income earners, artisans, SMEs, and students in driving economic growth.
According to Onalo, access to credit would empower individuals and entities to pursue their aspirations and contribute significantly to the economy. He cited examples such as students financing their education through loans, traders expanding their businesses, and farmers increasing production through mechanized farming.
Furthermore, Onalo stressed the need for these economic players to feel the impact of economic development initiatives. He emphasized that supporting the informal sector and students with credit access would enhance their resilience and contributions to the economy.
The call by NICA comes amid efforts to strengthen the credit culture and promote financial inclusion across various sectors of the economy.
