Experienced Credit Recovery Officer at Neptune Microfinance Bank

Reports To: Credit Control Manager

Job Summary

The Credit Recovery Officer at Neptune Micro Finance Bank is responsible for managing and recovering overdue loans and outstanding debts. This role involves developing and implementing effective debt recovery strategies, communicating with delinquent clients, and working closely with internal teams to minimize credit losses and maintain healthy loan portfolios.

KEY RESPONSIBILITIES

Debt Recovery Management

•    Develop and implement effective strategies for recovering overdue loans and outstanding debts.
•    Monitor and track overdue accounts and take appropriate actions to recover outstanding amounts.
•    Prepare and send out reminder notices, demand letters, and other correspondence to delinquent clients.

Client Communication

•    Contact delinquent clients via phone, email, and in-person visits to negotiate repayment plans.
•    Conduct follow-up communications to ensure compliance with agreed repayment schedules.
•    Address and resolve client inquiries and disputes regarding outstanding debts.

Negotiation and Settlement

•    Negotiate repayment plans and settlements with clients based on their financial situation.
•    Ensure that all negotiated agreements are documented and comply with internal policies and legal requirements.
•    Recommend legal actions or refer cases to legal counsel when necessary.

Record Keeping and Reporting

•    Maintain accurate and up-to-date records of all recovery activities and communications.
•    Prepare regular reports on the status of overdue accounts and recovery progress.
•    Analyze recovery performance and recommend improvements to existing processes.

Compliance and Policy Adherence

•    Ensure all recovery activities comply with internal policies, procedures, and regulatory requirements.
•    Stay updated on relevant laws and regulations affecting debt recovery and collections.
•    Conduct periodic reviews of recovery processes to ensure compliance and effectiveness.

Risk Management

•    Identify and assess potential risks associated with overdue accounts.
•    Develop and implement risk mitigation strategies to minimize credit losses.
•    Collaborate with the credit risk team to refine risk assessment models and criteria.

Collaboration and Team Support

•    Work closely with the credit control, finance, and legal teams to support recovery efforts.
•    Participate in team meetings and contribute to the development of recovery strategies and policies.
•    Provide support and guidance to junior recovery staff as needed.

QUALIFICATIONS

• Bachelor’s degree, HND, OND in Finance, Accounting, Business Administration, or a related field.
• Minimum of 3-5 years of experience in debt recovery, collections, or a similar role in the financial services industry.
• Strong understanding of debt recovery processes and legal requirements.
• Excellent negotiation and communication skills.
• Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint).
• Familiarity with financial management software and debt recovery systems.
• Strong analytical and problem-solving skills.
• High level of integrity and attention to detail.
• Knowledge of Nigerian financial regulations and lending practices is an advantage.

KEY COMPETENCIES

• Negotiation Skills: Ability to negotiate repayment plans and settlements effectively.
• Communication: Clear and professional in interactions with delinquent clients and internal teams.
• Problem-Solving: Skilled in identifying issues and implementing effective recovery solutions.
• Analytical Skills: Ability to analyze data and assess recovery performance.
• Organizational Skills: Efficient in managing multiple tasks and maintaining accurate records.
• Compliance Awareness: Understands and adheres to regulatory requirements and internal policies.

WORK ENVIRONMENT

• This position typically operates in a professional office environment.
• Occasional travel may be required to meet with clients or attend court proceedings.