The National Institute of Credit Administration (NICA) has urged for the establishment of a credit system that extends access to students and participants in the informal sector, facilitating education and business expansion.

In a statement released on Sunday, NICA emphasized the importance of a robust consumer credit system that enables individuals to purchase goods, access services on credit, and settle payments later.

Prof. Chris Onalo, the Chief Executive Officer of NICA, highlighted the significance of a developed credit system in reducing cash transactions and enabling individuals to secure loans for urgent needs and significant projects. By facilitating access to credit, the system aims to promote domestic production, stimulate economic growth, and provide opportunities for individuals to scale up their businesses and pursue educational fostering inclusive growth.

Source: PUNCH