In order to foster development of credit management in Nigeria and Africa, and to ensure that standards are set based on best practices in professional and ethical conducts, as well as provision of services geared towards enhancing skills and capacity building of those involved in credit functions, the Institute of Credit Administration (ICA) was established as a non-profit organization in 1992 and got its legal status as a body limited by guarantee under the law of Nigeria in year 2002. The institute's Bill for charter scaled through and was passed into Law at the Nigeria's Federal House of Representatives in 2009. The Institute of Credit Administration is committed to bringing changes to the face and habit of credit business at all levels in Nigeria and influence structures of risk measurement to protect the item on the balance sheet called accounts receivable.