Business Development Officer at Fedeth Microfinance Bank

Fedeth Microfinance Bank is a presitigious financial instititution offering a broad range of financial services to micro, small and medium sized enterprises and other clients.

We are recruiting to fill the position below:

Job Title: Business Development Officer

Location: Abuja (FCT)
Employment Type: Full-time

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

• 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 pre-qualification 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.

Technical Skills:

• 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
21st March, 2022.