The national Institute of Credit Administration (NICA) has called for transparency, strict adherence to mandate, and avoidance of outdated paradigms in the management of credit.

The Registrar/Chief Executive Officer, National Institute of Credit Administration, Prof Chris Onalo, made the call as the National Credit Guarantee Company (NCGC) began operations.

He said: “We recognise the immense potential of this (NCGC) initiative to revolutionise access to credit for Micro, Small and Medium Enterprises (MSMEs) and other key sectors of the economy.

He said: “We urge NCGC to maintain transparency in its operations, ensuring that all stakeholders have access to clear information about its mandate, policies, and procedures.

“NCGC must strictly adhere to its mandate, focusing on providing credit guarantees and extension services that facilitate access to finance for MSMEs and other priority sectors.”

Other factors for success, according to him, are effective public awareness creation; operational partnership and collaboration; consultation and involvement by stakeholders; and media partnership.

He said the effective and professional implementation of NCGC would result in immense benefits, which include access to credit, economic growth, and improved financial inclusion.