Business Development Officer at Fedeth Microfinance Bank

Fedeth Microfinance Bank Limited was incorporated in 2007 and licensed in 2008 by the Central Bank of Nigeria in 2008. The bank was born out of a vision to push the frontiers of banking in Nigeria by heavily leveraging technology to create a banking experience that is seamless, accessible and convenient for all Nigerians. Fedeth was born on the cusp of the rise of tech, and is positioned to take advantage of today’s technologies to drive financial inclusion, investment and growth for its clients. Fedeth is peopled by a team of expert, experienced professionals and young creative people. As a result, it has grown to become one of the leading MFBs in the country.

We are guided by our vision, backed by our core values and business philosophy and against this foundation we have built a reputation for consistent growth and innovation, allowing us to offer excellent financial services to our customers and more specifically, support micro-entrepreneurs, partnering with them on their road to sustainability and success.

We are recruiting to fill the position below:

Job Title: Business Development Officer

Location: Abuja (FCT)

Job Summary

• As a Business Development Officer, you will work to improve an organization’s market position and achieve financial growth.
• You are expected to participate in the definition of long-term organizational strategic goals, build key customer relationships, identify business opportunities, negotiate, and close business deals and maintain extensive knowledge of current market conditions especially the financial markets.

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, Master's Degree qualification with 3 - 8 years work experience.
• 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.

Application Closing Date
20th June, 2022.