The Bill granting ICA Charter Status was passed at its Third Reading on July 29, 2009, by the Nigerian Federal House of Representatives.

The Institute of Credit Administration

With this development, The Institute of Credit Administration is joining the league icalogoof Institutes that are established by the Act of Parliament of the country.
Clause 15, section 1 of the Bill on ‘Approval of Qualification’ stipulates that the Institute may approve any institution for the purposes of the Act;

  • any course of training at any approved institution which is intended for persons seeking to become or are already managers or executives in credit management and which the Institute consider to be sufficient knowledge and skills for admission into the profession;
  • any qualification which, as a result of an examination taken in conjunction or a training course approved by the Institute under this section, shall be granted to a candidate as having sufficient knowledge and skills for the membership of the institute.

Determines and establish national standards of knowledge, proficiency and achievement in credit management and administration, and provide a means of recognition for those who attain the standards;

  • Determines and establish national standards of knowledge, proficiency and achievement in credit management and administration, and provide a means of recognition for those who attain the standards;
  • Co-operate with colleges and university schools of business administration and other related professional schools and associations to develop programmes of study in credit management, credit administration and credit risk measurement and award professional or academic qualifications.
  • Determine what standards of knowledge and skills are to be attained by persons seeking to become members of the profession and improving those standards, from time to time, as circumstances may permit;
  • Encourage and advance specialist education, practical training, and research into the credit management profession;

The Act stipulates that the Institute shall be the sole body vested with power to oversee the development of credit management profession in Nigeria and maintain discipline on forces normally associated with credit management.
It was on this premise that the Postgraduate School of Credit and Financial Management (PSCFM) sought to get accreditation from ICA to run full credit management taught programmes and award qualifications thereof.

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