Recovery Officer at Lovonus Microfinance Bank | Nigeria

Lovonus Microfinance Bank, a CBN-licensed institution dedicated to empowering low-income individuals and micro-entrepreneurs in Nigeria, is seeking a diligent and results-oriented Recovery Officer. Since commencing operations in February 2012, Lovonus MFB has been committed to providing essential financial services and products, including loans, to those underserved by conventional banking. As a Recovery Officer, you will play a crucial role in safeguarding the bank’s assets and ensuring portfolio health.

Job Overview

The Recovery Officer will be responsible for the effective management and collection of non-performing loans, implementing strategies to minimize losses and maintain the financial integrity of Lovonus Microfinance Bank. This role requires strong communication, negotiation, and problem-solving skills, along with a deep understanding of the microfinance sector and relevant regulations.

Key Responsibilities

• Proactively identify and follow up on overdue loan accounts.
• Develop and implement effective debt recovery strategies.
• Conduct thorough investigations into borrower circumstances and repayment capabilities.
• Negotiate repayment plans and settlements with delinquent borrowers.
• Maintain accurate and up-to-date records of all recovery activities.
• Liaise with legal and enforcement agencies when necessary.
• Provide regular reports on recovery performance to management.

Requirements

• A minimum of a National Diploma (OND) in Finance, Accounting, Business Administration, or a related field.
• Proven experience in debt collection or loan recovery, preferably within the microfinance or banking sector.
• Excellent understanding of loan products and the lending process.
• Strong negotiation and interpersonal skills.
• Proficiency in using relevant software for record-keeping and reporting.
• Ability to work independently and as part of a team.
• Knowledge of Nigerian financial regulations and BOFIA.

What We Offer

• A dynamic and supportive work environment.
• Opportunities for professional development and career growth.
• The chance to contribute to the financial inclusion and economic empowerment of Nigerians.
• Competitive compensation and benefits package.