PSCFM: The Postgraduate School of Credit & Financial Management, Lagos Nigeria

Dr. Chris Onalo,FICA

No economy grows without the use of credit, and there is no example of any advanced society without the use of credit. Credit at whatever level of economic sector, if not properly managed could spell doom for an economy.
Therefore in Nigeria, businesses extend credit to each other, but the successful management of these credits has been hampered, abused to a large extent following lack of standards, unethical conducts, sharp practices and skills gap.
In other countries of the world where economy is driven by credit system, learning centers for credit management are in place to build personnel capacity, set knowledge standards and award recognition to people involved in managing, controlling and monitoring credits at all levels of commercial or business credit activities.
The incidence that triggered the on-going world economic and financial meltdown stemmed majorly from improper attention paid to sound and disciplined credit management, thus re-enforcing the need for every country to provide necessary safeguards and infrastructure to protect her credit market.
From the foregoing, there is no doubt that the establishment of Postgraduate School of Credit and Financial Management (PSCFM) to lead in the provision and award of specialist qualifications in credit management is not only timely, but long overdue in Nigeria, and require the support of all stakeholders.