Credit literacy training for 10 million Nigerians is stalling due to lack of funds, NICA warns. Prof.
Chris Onalo, the institute's chief executive, raised the alarm during an interview with NAN in Lagos.
Back in February, the Federal Government signed a pact with six professional bodies on the initiative. The agreement aimed to equip Nigerians with free training on credit management and financial inclusion.
NICA leads the charge alongside five other bodies. They are: the Institute of Chartered Accountants of Nigeria, Chartered Institute of Bankers of Nigeria, Chartered Institute of Stockbrokers, Chartered Risk Management Institute and Nigeria Institute of Innovation and Entrepreneurship.
The Office of the Vice President is coordinating the entire effort. All participating organisations have completed their training materials, Onalo noted.
"The programme is on a sound course. The curricula are ready, the professional bodies are prepared, but funding remains the major challenge," he told reporters.
Women and youths will get priority slots in the scheme. Yet the professional bodies lack the resources to reach every corner of Nigeria.
Onalo is calling on state governments, banks, multinationals and development partners to chip in. He stressed the massive scale of what's required.
"We are expected to travel across the country, engage communities physically and virtually, train participants in local languages where necessary and provide facilitators. All these require substantial funding," according to him.
Banks stand to gain the most, he argued. Onalo urged the Central Bank to push lenders to contribute financially.
"The CBN should encourage or even mandate banks to support this initiative because it will strengthen the lending ecosystem and improve borrower behaviour," he noted.
NICA's role will centre on creditworthiness, not just loan access. Onalo explained the institute would teach responsible borrowing and financial discipline.
The concept goes beyond collateral, he said. It covers spending habits, personal behaviour and commitment to meeting obligations.
Registration opened online through NICA's portal. More than 1,000 people signed up within weeks despite minimal publicity.
Recruitment will target artisans, students, graduates and small business owners. Community groups, churches, local councils and social media will help spread the word.
Training sessions will combine online and face-to-face formats. This hybrid approach aims to reach Nigerians wherever they are located.