Financial Institution
Micro-Finance
Key Duties and Responsibilities:
1. Debt Recovery Strategy:
- Develop and implement effective debt recovery strategies to optimise the recovery of outstanding debts.
- Oversee the issuance of demand letters, filing of legal claims, and enforcement of judgements for debt recovery cases.
- Collaborate with internal collections teams and external agencies to ensure the timely resolution of debt recovery matters.
- Negotiate settlements, payment plans, and other recovery agreements with debtors.
- Monitor and report on the performance of debt recovery efforts, identifying and addressing challenges in the process.
- Reviewing the company debtor list and advising team members on how to manage or collect the debts.
- Leading the team and training them on how best to talk to customers and informing them of their overdue bills.
- Advising customers on their payment options and suggesting methods of payments.
- Making reports and Maintaining customer payment recovery.
- Instituting legal action when customers fail to pay their debt.
- Responding to customer queries.
- Provide legal advice to internal stakeholders on matters related to credit risk, collections, and dispute resolution.
- Draft and review legal agreements, contracts, settlement agreements, and other relevant documentation.
- Ensure that all legal actions and recovery efforts comply with internal policies, industry regulations, and best practices.
- Keep the organization updated on relevant legal developments and changes in debt recovery laws and regulations.
- Minimize losses while cost effectively estimating probability of successful recovery and implementing decisions on a course of action.
- Maintain telephone and direct contact with borrowers and guarantors according to established guidelines and standards to ensure prompt payment.
- Manage collection efforts with a high level of persuasiveness & professionalism.
- Maintain positive customer relationship and minimize bad debt exposure.
- Using the verbal skills and communication techniques taught to manage people to the point public opinion remains in favour of our clients.
- Support the credit officers in the collection activities.
- Record information about financial status of borrowers and status of collection efforts.
REQUIREMENTS:
- Bachelor’s degree in Economics, Business Administration, Finance, Law, or any related field
- Proven experience in debt recovery for micro-finance, Bank or a related field is added advantage.
- Full Grade twelve school certificate.
- Excellent communication and interpersonal skills.
- Strong problem-solving abilities and attention to detail.
- Ability to handle sensitive situations with empathy and professionalism.
- Ability to maintain field and office duties
- Proficiency in using Microsoft Windows and office software and other relevant tools.
- A proactive and results-driven mindset.
- Knowledge of credit policy/procedures and governance, and regulatory requirements related to Debt Recovery management
Key Competencies:
- Litigation Expertise: Strong understanding of legal processes, court procedures, and dispute resolution strategies.
- Debt Recovery Skills: Proven experience in developing and executing debt recovery strategies, including settlements and enforcement actions.
- Risk Management: Ability to identify and mitigate legal risks related to litigation and debt recovery.
- Communication: Strong verbal and written communication skills, with the ability to convey legal concepts clearly to non-legal stakeholders