Settlement and Reconciliation Associate at Assets Microfinance Bank

Job Summary

• The Settlement & Reconciliation Associate is responsible for executing accurate and timely processing of financial transactions whilst ensuring the integrity of financial transactions by performing daily, monthly, and periodic reconciliations across bank accounts, payment systems, and third-party platforms.
• You will play a critical role in safeguarding financial accuracy by ensuring seamless reconciliation across banking systems.
• This role involves investigating discrepancies, resolving exceptions, and implementing process improvements to enhance efficiency and compliance within a fast-paced fintech banking environment.

Key Responsibilities

• Execute daily settlement of transactions across multiple payment systems (bank transfers, digital wallets).
• Monitor and process batch settlements from payment processors, ensuring timely and accurate fund movements.
• Manage settlement queues across multiple payment channels and partner networks
• Perform daily, weekly, and monthly reconciliations of bank statements, internal ledgers, payment processors, accounts, including POS.
• Investigate and resolve discrepancies in a timely manner, ensuring compliance with regulatory and internal policies.
• Daily reconciliation of accounts for exceptions and subsequent escalation of exceptions to the switch and other vendors or third parties for resolution.
• Identify, analyse, and escalate unresolved discrepancies to relevant stakeholders (Finance, Operations, Compliance).
• Investigate, document and escalate non-reconciled transactions and ledger discrepancies, as well as suggest and align on remediative and preventive measures
• Liaising with switching companies on Settlement issues
• Identify and investigate discrepancies or errors encountered during the reconciliation process.
• Develop, implement, and maintain robust internal controls and procedures to minimize errors and enhance the settlement & reconciliation process.
• Prepare comprehensive reports summarizing the results of reconciliations, highlighting any issues or discrepancies, and recommending corrective actions.
• Prepare and present reconciliation reports to senior management, highlighting risks and trends.
• Assist in internal and external audits by providing supporting documentation and explanations.Collaborate with other teams, including finance, operations, and customer support, to ensure the accuracy and consistency of financial data across all areas of the business.
• Liaise with external partners (banks, payment processors, fintech providers) to resolve reconciliation issues.

Key Requirements

• Bachelor’s degree in Finance, Accounting, Economics, or related field.
• Minimum of 5years in reconciliation, settlements, financial operations within fintech, banking and financial services industry
• Knowledge of payment systems is a mandatory
• Expert level knowledge of reconciliation practices, core banking and financial software.
• Exceptional attention to detail and organizational skills.
• Strong understanding of financial principles, accounting standards, and reconciliation methodologies.

Salary
N300,000 - N450,000 / Month.