Business Development Officer at Fedeth Microfinance Bank

Job Responsibilities
New Business Development:

• Prospect for potential new clients and turn this into increased business.
• Developing growth strategies and plans
• Meet Investment/risk targets for each products as set out at the beginning of the fiscal year
• Preparation of budgets and reviewing timeframes for meeting budget
• Manage portfolio to balance interest rate yield per loan while continually increasing funding volumes and minimizing delinquency.
• Identify and mobilize Investments from both individual and corporate entities
• Deliver quality client service by ensuring that loan decisions are communicated effectively to clients in a timely manner.
• Manage commission payouts and communicate interest rate changes as the need arises
• Cold call as appropriate within your market or geographic area to ensure a robust pipeline of opportunities.
• Meet potential clients by growing, maintaining, and leveraging existing network.
• Research and build relationships with new clients.
• Set up meetings between client decision makers and Bank’s practice leaders/Principals.
• Plan approaches and pitches.
• Work with team to develop proposals that speak to the client’s needs, concerns, and objectives.
• Participate in pricing the solution/service.
• Handle objections by clarifying, emphasizing agreements and working through differences to a positive conclusion.
• Use a variety of styles to persuade or negotiate appropriately.
• Present an image that mirrors that of the organization.
• Investment Appraisal
• Asset origination
• Credit administration and preparation of offer letters.
• Analysis, appraisal and preparation of Structured Finance agreements and other documents.
• Review of credit applications to ensure that all documents submitted by the client are complete.
• Asset inspection before approval is made.
• Assessment of the client’s balance sheet performance, cash flow and streams of income.
• Accounts reconciliation and recovery management

Business Development Planning:

• Attend industry functions, such as association events and conferences, and provide feedback and information on market and creative trends.
• Present to and consult with mid and senior level management on business trends with a view to developing new services, products, and distribution channels.
• Identify opportunities for campaigns, services, and distribution channels that will lead to an increase in sales.
• Using knowledge of the market and competitors, identify and develop the Banks’s unique selling propositions and differentiators.
• Brainstorm with other business development teams to create new products that will meet client’s needs while increasing profitability
• Manage records of new clients established, investments, risk assets and other important data

Management and Research:

• Submit weekly progress reports and ensure data is accurate.
• Forecast sales targets and ensure they are met by the team.
• Track and record activity on accounts and help to close deals to meet these targets.
• Work with marketing staff to ensure that prerequisites (like prequalification or getting on a vendor list) are fulfilled within a timely manner.
• Ensure all team members represent the Bank in the best light.
• Present business development training and mentoring to business developers and other internal staff.
• Research and develop a thorough understanding of the Bank’s people and capabilities.
• Understand the Bank’s goal and purpose so as to continue to enhance the Bank’s performance.

Requirements / Technical Skills

• Candidates should possess a Bachelor's Degree, HND, Master's Degree qualification.
• Good knowledge and understanding of the principles of product development, brand management and business intelligence
• Good knowledge of the leading products and services available in the global market
• Expert knowledge of Fedeth’s products and services.
• In-depth knowledge of the Nigerian Financial Services Industry