Recovery Officer at La Fayette Microfinance Bank Limited, Advans Nigeria

Responsibilities
Recovery Management:

•    Assess the situation of late payments to facilitate prompt customer payment.
•    Ensure that 50% of clients in the PAR 1-90 portfolio are contacted.
•    Conduct proper portfolio handover.
•    Ensure that all correspondence/information requested from Client Officers is received and kept in the client’s file.

Asset Seizure/Sales:

• Conduct asset seizures independently.
• Ensure proper documentation and immediate storage of seized items.
• Maintain good communication with the Head of Recovery regarding any challenges during seizures and work with them to price items in line with the bank’s policy.
• Coordinate seizures systematically with sales to ensure that item sales cover the total outstanding debt.

Arrears Portfolio Management:

• Conduct portfolio segment analysis to identify risky segments and potential recovery methods.
• Follow up on pending payment agreements with default clients and reach negotiated settlements.
• Identify challenges in your portfolio and discuss them with the Head of Recovery to overcome obstacles to debt recovery.
• Analyze the portfolio to determine the root causes of defaults and propose the best recovery methods.
• Ensure that at least 5 difficult cases per week are brought to the attention of the weekly arrears committee meeting for concerted debt recovery efforts.

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

• React proactively to unhealthy and risky portfolios to prevent losses.
• Follow up promptly with all parties to negotiate settlements and reduce losses.
• Seek innovative methods for loan repayment other than restructuring, refinancing, and write-offs.
• Reduce write-off projections for your portfolio by 30% monthly.

Quality Control and Production Arrears Management:

• Ensure the recovery of written-off loans.
• Monitor customer files and late payments in arrears.
• Perform reminders via telephone, mail, or in the field for late payments by customers.
• Apply debt collection procedures to unpaid instalments.
• Maintain close contact with customers when necessary and feasible.
• Achieve set recovery targets.
• Negotiate new schedules in cases where customers face actual difficulties.
• Ensure the recovery of unpaid instalments adheres to the bank’s policy.

Controls:

•    Check past-due notices and other client correspondence/letters.
•    Monitor customer compliance with timelines.