EFC Tanzania is a Microfinance Bank that provides financial services i.e. taking deposits and providing loans to micro, small and medium-sized enterprises and individuals. The bank is growing fast with the focus of reaching out to the unbanked business by growing its network throughout Tanzania in the coming years. To accomplish this, the bank needs to recruit two (2) Loan Recovery Officers who are competent, analytical, experienced and hardworking individuals determined to go extra mile for their career growth and future.
It is the primary objective of the Loan Recovery Officer to perform loss mitigation and recovery activities for non-performing and written-off loan accounts in accordance with EFC recovery policy and the Banking and Financial Institutions (Microfinance Activities) regulations, 2014 and widely accepted microfinance best practices. This position is accountable to:
• Implement the objectives of the EFC loan collections and recovery operations and ensure attainment of individual, department and EFC wide goals to minimize loss and enhance loans recovery;
• Perform recovery activities utilizing various systems and methods to positively influence debtors to fulfil their contractual debt obligations;
• Participate in the early, mid or late stages of the recovery process to include loss mitigation, foreclosures, repossessions, pre-write-off, write-off, recovery, bankruptcy and agency liaison recoveries;
• Practice a customer relationship culture to facilitate amicable yet effective loan recovery processes by advancing the principles of the EFC Customer Protection Guidelines (No. 31101) with particular attention to principle five of the Smart Campaign : “fair and respectful treatment of customers”.
Duties & Responsibilities
The Loan Recovery Officer is primarily responsible to effectively achieve EFC delinquent loan collection and recovery targets using effective and efficient review, verification and analysis processes for all loans in arrears to ensure appropriate recovery strategies are developed and implemented.
The principal responsibilities are to:
• To manage and control all matters relating to delinquent loan accounts by constantly executing collection & recovery procedures and ensuring appropriate actions are taken to ensure full recovery including timely issuance of Demand Notices as per the EFC recovery policy and procedures;
• Ensure for all expired Demand Notices, borrowers are sent to Auctioneers timely;
• Ensure disposal of collaterals sent to auctioneers for sale are done within the agreed timeframe;
• Ensure sales proceeds obtained from the auctioned properties are credited to EFC account timely as per the agreed timeframe;
• Daily updates in the EFC Recovery Dashboard;
• Prepare proposal for write-offs for non-performing loans as per EFC Policy and the Banking and Financial Institutions (Microfinance Activities) regulations, 2014
• Ensure remedial action is taken when required to keep performance in line with business objectives;
• Perform administrative work or other job functions related to collections and recoveries;
• Monitor accounts daily and effectively utilise EFC recovery systems in line with approved strategies;
• Achievement of all loan recovery related performance indicators and employment of necessary corrective actions as required;
• Performance of any other job related duties and responsibilities as assigned by the Loan Recovery Manager.
Qualifications & Requirements (i.e. education, skills and experience)
The Loan Recovery Officer requires good practical knowledge of loan recovery best practices in the financial services sector and the foresight to see how the related intricate day-to-day activities link with and support the achievement of the vision and mission of the EFC. In this regard, specific qualifications and requirements include:
• University Degree in business/Legal related studies;
• A minimum of one year relevant experience in a financial institution;
• Good knowledge of credit and loan recovery systems;
• Good planning, organisational and problem solving skills;
• Able to manage multiple priorities and deadlines;
• Able to work as a member of a team;
• Good interpersonal skills in a cross-cultural environment;
• Good communication skills including proven experience of dealing effectively with a diverse range of customers, including experience of dealing with difficult and vulnerable customers.
Interested candidates are requested to submit a letter of interest detailing their motivation for the position applied for together with their Curriculum Vitae, three professional references and copies of academic Certificates/Diplomas/Degree and others Closing Date is 17th February 2017. The letters should be addressed to: Human Resources Department, EFC Tanzania Microfinance Bank Limited, 8nd Floor, Tanzanite Park, 38 New Bagamoyo Road, P.O. Box 11735, Dar es Salaam, Tanzania.