• Application Deadline: Sat, 15 Jun 2024 00:00:00 GMT
• Position: Recovery Officer


• Job Type Full Time


• Qualification BA/BSc/HND


• Experience 1 year


• Location Abia , Lagos


• Job Field Finance / Accounting / Audit 
  

Main Responsibilities

Recovery Management:

• Assess the situation of late payment to facilitate speedy customer payment.


• Ensure that 50% of clients in the Par 1-90 portfolio are contacted.


• Ability to conduct proper portfolio handover.


• Ensure that all correspondence/information is requested and received from responsible Client Officers and kept in the client's file.

Asset Seizure / Sales:

• Ability to successfully conduct asset seizures independently.


• Ensure proper documentation of the seized items and immediate storage of the same.


• Maintain good communication with the Head of Recovery if challenges occur during seizures and work with him to fix prices of the items in line with the bank's policy.


• Ability to coordinate seizures systematically with sales to ensure that the sales of the items can cover the total outstanding debt.

Arrears Portfolio Management:

• Conduct portfolio segment analysis to identify risky segments and potential methods of debt recovery.


• Follow up on pending payment agreements with default clients and reach negotiated agreements with them.


• Identify challenges in own portfolio and discuss with the Head of Recovery to overcome the challenges and recover the debt.


• Identify and analyze the portfolio to determine root causes of default and propose the best method of loan recovery.


• Ensure that very difficult cases (at least 5 per week) are brought to the attention of the weekly arrears committee meeting for a concerted effort towards debt recovery.

Reduction of Loan Restructuring, Loan Refinancing, and Loan Write-offs:

• React proactively to unhealthy and risky portfolios, thereby saving the institution from losses.


• Conduct prompt follow-up with all parties leading to a jointly negotiated settlement and reduction of losses.


• Look for innovative ways to get loan repayment other than restructuring, refinancing, and write-offs.


• Reduce write-off projections for own portfolio by 30% monthly.

Generic Responsibilities:

Quality Control and Production Arrears Management:

• Ensure the recovery of written-off loans.


• Monitor customer files and late payments in arrears.


• Perform reminders by telephone, mail, or in the field for late payments by customers.


• Apply debt collection procedures to unpaid installments.


• Maintain close contact with customers when necessary and feasible.


• Achieve given recovery targets.


• Negotiate a new schedule in case of actual difficulty of the customer.


• Ensure recovering unpaid installments is in accordance with the bank's policy.

Controls:

• Checking past due notices, other client correspondence, and letters.


• Monitoring customers’ compliance with the timeline.

Experience Required:

• 
  

  Minimum of one (1) year experience as a collection recovery officer, preferably in a financial institution.

  
  

Education Level

• 
  

  HND / B.A. / B.Sc in any related discipline, and must have completed NYSC or possess an exclusion certificate.

  
  

Special Training

• 
  

  Debt Recovery Training will be an added advantage.