Recovery Officer at Good Neighbours Microfinance Bank

Good Neighbours Microfinance Bank is Licensed by the Central Bank of Nigeria to render financial services to Nigerians in accordance with the CBN policy. Good Neighbours MFB has tirelessly set the pace for other Microfinance Institutions through distinguished service quality, product functionality and exceptional customer service.

We are recruiting to fill the position below:

Job Title: Recovery Officer

Location: Ikeja, Lagos
Employment Type: Full-time

Job Description

• Identify and contact customers with overdue payments via phone, email, and in-person visits to negotiate repayment plans and recover outstanding debts.
• Conduct asset seizures independently.
• Work closely with other departments, including Credit and Risk Management, to share information and develop effective strategies.
• Communicate with the sales team to ensure that the item to recover can cater for the total outstanding debt.
• Work with customers to develop feasible repayment plans that align with their financial situations while ensuring compliance with bank policies.
• Develop, implement, and manage effective recovery strategies for delinquent loans, ensuring timely follow-up and resolution.
• Prepare regular reports on the status of overdue accounts, recovery progress, and any challenges faced to management.
• Ensure compliance with legal and regulatory requirements in all recovery activities.
• React proactively to unhealthy and risky portfolios to prevent losses.
• Identify and analyze the portfolio to determine the root causes of default and propose the best method of recovery of the loan.
• Initiate demand and reminder letters to all defaulting customers and review all credit files for proper documentation and monitoring.
• Liaise with the legal representative after other remedial strategies have been exhausted.
• Maintain comprehensive and up-to-date records of all recovery activities, seized items, communications, and agreements.
• Maintain close contact with customers when necessary and feasible.
• Any other responsibilities that may be assigned.

Requirements / Skills

• HND / B.Sc Degree in Finance, Business Administration or a related field.
• Minimum of 3 years of experience in debt recovery, credit collections preferably within the microfinance/finance sector.
• Strong negotiation, communication and time management skills.
• High level of integrity and ethical standards.
• Excellent knowledge of MS Office (especially Excel and Word)
• Familiarity with microfinance principles, practices and regulatory requirements.

Application Closing Date
20th January, 2025.