Job Title: Collections and Debt Recovery Officer
Hiring Organization: Umba
Location – Locality: Nairobi
Location – Region: Kenya
Industry: NGO
Job Type: Full Time
Salary: KES
Date Posted: 07/14/2024
About
Umba
Our
mission entails providing accessible and cost-effective financial services
across Kenya, enabling our customers to take charge of their financial
well-being. We are committed to seizing a unique opportunity to transform the
financial landscape in Kenya by harnessing the power of machine learning to
develop intelligent, affordable financial products tailored for emerging
markets. Our machine learning models are continuously improving, and we
leverage AI and automation to deliver banking solutions at the lowest possible
cost to our expanding customer base.
We have acquired a deposit taking Microfinance bank to allow us to offer full
digital banking services in Kenya. Our primary focus is to offer a
comprehensive range of digital banking products through Android and iOS Apps,
and we take pride in our culture of consistently surpassing customer
expectations, which has fueled our rapid expansion.
We are actively seeking outstanding individuals who not only possess
exceptional talent but also share our vision, determination, and sense of
purpose. Join us in our endeavor to establish the largest neo-bank in Africa.
Job Summary
The
Collections and Debt Recovery Officer is responsible for efficiently and
ethically collecting overdue debts from individuals or businesses while
maintaining positive customer relationships. The role involves effective
communication, negotiation skills, adherence to company policies and legal
requirements, and proactive debt prevention.
Responsibilities
- Achieve 100%
Collection Targets: Ensure the collection of outstanding debts from
respective branches meets or exceeds the established targets.
- Adherence to
Debt Recovery Procedures: Strictly follow company policies and procedures
related to debt collection and adhere to the Debt Recovery Cycle to
maximize efficiency and compliance.
- Debt Prevention:
Provide proactive advice and guidance to clients to minimize the
likelihood of them falling into debt collection situations by identifying
areas for improvement.
- Vendor and
Service Provider Management: Manage relationships and communication with
collection agencies, investigators, auctioneers, yards, valuers, and other
service providers involved in the recovery process.
- Risk Management:
Maintain a standard portfolio at risk (PAR) below a specified percentage
for respective branches to mitigate financial risk.
- Asset
Liquidation: Ensure the completion of the recovery process, including
asset liquidation, is carried out in accordance with established
procedures.
- Progress
Reporting: Generate daily reports on collection progress, highlighting
areas of concern, and provide regular updates to management regarding the
status of the portfolio.
- Car track
Monitoring: Daily monitoring of all the car track systems installed in the
vehicles. Give daily reports on offline trackers, engaging auctioneers in
time of repossession by giving coordinates.
- Debt Collection
Tracking: Keep track of debt collection reports for various officers,
maintaining accurate and up-to-date records. Monitoring the PAR % to align
with the company objectives.
- Internal Control
Systems: Ensure that internal control systems are in place and rigorously
followed to minimize risks associated with all products and
documentations.
- Risk Mitigation
Recommendations: Identify areas with potential loopholes or risks and make
recommendations to mitigate immediate and future risks to the company.
- Active
Listening: Engage in active listening when communicating with debtors to
understand the reasons for their debt, facilitating the development of
suitable solutions.
- Negotiation
Skills: Utilize negotiation skills to work with debtors on establishing
payment plans or repayment of debts.
- Repossession
Management: Keep track of all repossessed vehicles and manage their
disposition effectively.
- Asset Sales
Promotion: Market and advise on cars ready for sale after the auction
process to recover company funds.
- Coordination
with Third Parties: Collaborate and liaise with auctioneers and private
investigators during the recovery process, ensuring timely execution of
instructions.
- Debt Status
Maintenance: Maintain accurate and up-to-date records of debt statuses,
including car tracking, statements and CRB data submission.
- Data Security
and Confidentiality: Uphold the security and confidentiality of both
company and customer information.
- Ad Hoc Duties:
Perform any other duties as directed by management to support the
efficient operation of the collections department.
Education
and Qualifications:
- A Bachelor’s
degree in finance, business administration, accounting, economics, or a
related field is preferred.
- Prior experience
in debt collection, credit management, risk management, or a related field
is highly desirable. Banking Experience is a plus.
- Familiarity with
the financial services industry, particularly in areas related to
collections and asset recovery.
- Ability to
analyze financial data, identify trends, and make informed decisions
regarding debt collection strategies.
- Strong verbal
and written communication skills for effectively interacting with clients,
third-party vendors, and internal stakeholders.
- Attention to
detail to ensure accuracy in reports, records, and compliance with
procedures.
- Effective
problem-solving skills to address issues that arise during the debt
recovery process.
- Competence in
using debt collection software, car tracking systems, and proficiency in
Microsoft Office Suite (Excel, Word, Outlook).