Loan Recovery Officer

Responsibilities:

• Manage the end-to-end recovery process for overdue loans (e.g., personal loans, microloans, SME loans) by contacting borrowers via phone, email, SMS, or in-person visits (where applicable) to discuss repayment issues.
• Conduct thorough assessments of borrowers’ financial situations to identify root causes of delinquency (e.g., job loss, emergency expenses) and develop tailored repayment plans (e.g., extended tenures, adjusted instalments) that align with both the company’s policies and the borrower’s ability to pay.
• Maintain accurate and up-to-date records of all recovery activities, including borrower communications, repayment agreements, and payment statuses, using the company’s CRM or loan management system.
• Collaborate with the credit risk team to flag high-risk accounts (e.g., long-term delinquencies, unresponsive borrowers) and propose escalation steps (e.g., legal notices, third-party collections) when necessary—ensuring full compliance with Nigerian laws to avoid regulatory penalties.
• Educate borrowers on financial literacy and the importance of timely repayments, including explaining late payment fees, interest accruals, and the impact of delinquency on their credit scores (where applicable to Nigeria’s credit bureaus like CRC Credit Bureau).
• Prepare weekly and monthly recovery reports for management, highlighting key metrics such as recovery rate, number of resolved delinquent accounts, and average time to resolve overdue payments.
• Support cross-functional teams (e.g., customer service, operations) by sharing borrower feedback and insights to improve loan products, repayment terms, or borrower onboarding processes—reducing future delinquency risks.

Requirements:

• Bachelor’s degree in Finance, Accounting, Business Administration, or a related field; professional certifications (e.g., Chartered Institute of Bankers of Nigeria (CIBN) certification, Debt Recovery Professional certification) are a plus.
• 2–3 years of proven experience in loan recovery, debt collection, or customer service within Nigeria’s banking, microfinance, or fintech industry—familiarity with local credit practices and borrower behaviours is essential.
• Strong knowledge of Nigerian financial regulations, including CBN’s guidelines on responsible lending and debt collection, and compliance with consumer protection laws to ensure ethical recovery practices.
• Excellent communication and negotiation skills: able to empathise with borrowers, de-escalate tense situations, and clearly explain repayment options in both English and at least one local Nigerian language.
• Proficiency in using loan management software (e.g., Finastra, Temenos) or CRM tools to track accounts and generate reports; basic skills in Microsoft Excel (for data analysis) are required.
• High level of integrity and problem-solving ability: able to balance firmness in recovering debts with compassion for borrowers facing financial hardship, while avoiding aggressive or unethical practices.
• Ability to work independently and under pressure, with strong organisational skills to manage a large portfolio of delinquent accounts and meet monthly recovery targets.