Job Description
- Identify and contact customers with overdue payments via phone, email, and in-person visits to negotiate repayment plans and recover outstanding debts.
- Conduct asset seizures independently.
- Work closely with other departments, including Credit and Risk Management, to share information and develop effective strategies.
- Communicate with the sales team to ensure that the item to recover can cater for the total outstanding debt.
- Work with customers to develop feasible repayment plans that align with their financial situations while ensuring compliance with bank policies.
- Develop, implement, and manage effective recovery strategies for delinquent loans, ensuring timely follow-up and resolution.
- Prepare regular reports on the status of overdue accounts, recovery progress, and any challenges faced to management.
- Ensure compliance with legal and regulatory requirements in all recovery activities.
- React proactively to unhealthy and risky portfolios to prevent losses.
- Identify and analyze the portfolio to determine the root causes of default and propose the best method of recovery of the loan.
- Initiate demand and reminder letters to all defaulting customers and review all credit files for proper documentation and monitoring.
- Liaise with the legal representative after other remedial strategies have been exhausted.
- Maintain comprehensive and up-to-date records of all recovery activities, seized items, communications, and agreements.
- Maintain close contact with customers when necessary and feasible.
- Any other responsibilities that may be assigned.
Requirements / Skills
- HND / B.Sc Degree in Finance, Business Administration or a related field.
- Minimum of 3 years of experience in debt recovery, credit collections preferably within the microfinance/finance sector.
- Strong negotiation, communication and time management skills.
- High level of integrity and ethical standards.
- Excellent knowledge of MS Office (especially Excel and Word)
- Familiarity with microfinance principles, practices and regulatory requirements.