Recovery Officer at Davenport Microfinance Bank Limited

Davenport Microfinance Bank offers a complete range of financial services and means of payment for its customers, including savings accounts, current accounts and other financial services.

We are recruiting to fill the position below:

Job Title: Recovery Officer

Location: Lagos
Employment Type: Full-time

Main Responsibilities
Recovery Management:

• Assess the situation of late payment to facilitate speedy customer in the payment.
• Ensure that 50% of clients in Par 1-90 portfolio are contacted.
• Ability to conduct proper portfolio handover.
• Ensure that all correspondence/information are requested and received from responsible Client Officers and kept in the clients file.

Asset seizure / sales:

• Ability to successfully conduct assets seizure independently.
• Ensure proper documentation of the seized item and immediate storage of the same.
• Ability to coordinate seizures systematically with sales to ensure that the sales of the items can cover for the total outstanding debt.
• Maintain good communication with the Head of Recovery if challenges occur during seizures and also work with him to fix prices of the items in line with the banks policy.

Arrears Portfolio Management:

• Conduct Portfolio segment analysis to identify risky segments and potential methods of recovery of the debt.
• Ability to Follow up on pending payment agreements with default clients and reach negotiated agreements with them.
• Identify and analyse portfolio to determine root causes of default and propose the best method of recovery of the loan.
• 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.
• Identify challenges in own portfolio and discuss same with the Head of Recovery with the objective of overcoming the challenges to recover the debt.

Reduction of Loan restructuring, Loan refinancing and Loan write-offs:

• Ability to react proactively to unhealthy and risky portfolio thereby saving the institution of losses.
• Conduct prompt follow up on 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.
• 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 found.
• Ensure recovering unpaid installments is in accordance to the banks’ policy.
• Monitor customer file and late payment in arrears.
• Perform reminders by telephone, mail or in the field of late payment by customers.
• Apply debt collection procedures to unpaid installments.

Controls:

• Checking past due notices/other client correspondence/letters.
• Monitoring customers’ compliance to timeline.

Profile

• 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.
• Experience Required: Minimum of one (1) year experience as a collection recovery officer preferably in a financial institution.

How to Apply
Interested and qualified candidates should send their CV to: [email protected] using the Job Title as the subject of the mail

Application Deadline 18th January, 2023.