Job Purpose
Under the supervision of the Project Team Lead, the Project Accountant will utilize accounting expertise and analytical skills to identify trends, develop strategies and implement solutions to monitor and ensure a reduction in the delinquency rate of all loan products. The incumbent is required to research and propose strategies to improve borrower communication and outreach efforts for all delinquent loan accounts. The role must collaborate with loan managers and other officers to analyze loan portfolios and develop and execute targeted collection interventions or plans to address delinquency issues effectively.
This position is responsible for implementing strategies to improve loan repayment performance, mitigate delinquencies, and optimize poor performance outcomes. The incumbent will ensure the maintenance of accurate and current accounting statements and records, and the monitoring and collection of all delinquent loans.
Summary of the broad purpose of the position in relation to Government’s goals and strategies:
- To maintain accurate accounts and records of all activities which targets repayments on delinquent accounts;
- To monitor the performance and collection of any delinquent loans;
- To disseminate information on the loan delinquencies to the relevant stakeholders; To make recommendation towards improving collection methods;
- To report on delinquent accounts including actions taken to collect and status.
Key Responsibilities
Technical:
- Ensures consistent efforts to reduce delinquency, to influence delinquency being kept at a minimal level;
- Investigates delinquent accounts to include liaising with respective MDAs and conducting site visits, as required;
- Maintains accurate loan delinquency records,
- Prepares and submits delinquency, collection and contact reports within the agreed timeline;
- Monitors all delinquent accounts on which collections have commenced to ascertain timeliness of payments;
- Monitors and meets or exceeds collection targets;
- Records and maintains current and accurate data of receipts on all delinquent loans;
- Conducts comprehensive monitoring of the entire loan portfolio to detect delinquent accounts, perform in-depth analysis to identify underlying causes of delinquency, and develops targeted mitigation strategies;
- Reports on loan portfolio performance, to include delinquency rates and recovery efforts, and provides report for management review;
- Monitors the loan portfolio to identify delinquent accounts and assess the root causes of delinquency;
- Conducts thorough analysis of borrowers’ payment history, financial status and repayment behaviours, to determine risk factors that contribute to delinquency;
- Monitors the payment history (salary deductions) of all loans disbursed to identify new delinquent accounts to swiftly identify and flag new delinquent accounts;
- Takes appropriate steps to ensure that assets which are held against liens as collateral are in good physical standard;
- Monitors the repayment schedule for loans to ensure that these are recoverable within the stipulated timeframe;
- Monitors disbursements and recoveries and takes appropriate steps to recover outstanding balances from delinquent borrowers or their guarantors;
- Assists in the recovery of outstanding balances in respect of delinquent borrowers and others separated from the service;
- Ensures that individual loan records are kept and maintained;
- Ensures that relevant monthly statements are prepared andare substantiated by supporting documents which are audit/review friendly in presentation;
- Ensures that relevant salary deduction stop-orders are prepared and loan accounts are accurately updated in accordance with remittances received;
- Maintains relationships with MDAs to assist with the effective management of loan accounts;
- Reviews loan agreements to ensure that they are complete and accurate according to policy;
- Tracks whereabouts of delinquent borrowers and recovers outstanding balances and recommends the seizure of motor vehicles where applicable;
- Updates customers’ accounts utilizing the PLU Delinquency Tracker with pertinent changes and submits the supporting documentation to the relevant authority for the necessary approval (e.g. changes in deduction amount);
- Ensures compliance with relevant laws, regulations, policies, procedures and Instructions governing the operations of the AGD;
- Contributes to the establishment of internal control processes required to effectively and efficiently manage the loans processing function;
- Contacts delinquent borrowers daily regarding reduction of outstanding amounts;
- Monitors all delinquent accounts on which collections have commenced to ascertain timeliness of payments;
- Investigates delinquent accounts to include liaising with respective MDAs and conducting site visits, as required;
- Inspects or arranges for the inspection of motor vehicles periodically, to mitigate against rapid unusual depreciation;
- Updates customers’ accounts utilizing the PLU Delinquency Tracker with pertinent changes and submits the supporting documentation to the relevant authority for the necessary approvals (e.g. changes in deduction amount);
- Updates records/files with comments from the customers, MDAs and sureties;
- Provides the relevant information to Communications and Customer Service Unit to respond to correspondence and queries from customers;
- Provides schedule of all delinquent accounts with required action(s) (e.g. deduction from salary of Borrower or recovery from Guarantor) to the relevant authority;
- Collects targeted amounts from delinquent borrowers monthly in accordance with defined procedures;
- Supplies comprehensive and accurate data required for the preparation of the monthly Recovery Report, facilitating informed decision-making and strategic planning;
- Reviews collection method(s) from time to time and makes recommendation for improvement.
- Performs any other related duties that may be assigned from time to time.
Required Knowledge, Skills and Competencies
Core:
- Good oral and written communication skills;
- Good problem-solving and analytical skills;
- Excellent customer focus skills;
- Results focus;
- Integrity.
Technical:
- Loans/Delinquency management;
- Project management;
- Knowledge of Legislations, Policies and Procedures.
Managerial:
- Good leadership skills;
- Performance management;
- Emotional intelligence;
- Sound knowledge of Accounting practices and loan administration;
- General knowledge of International Public Sector Accounting Standards (IPSAS); GAAP, and/or other accounting standards;
- Knowledge of Government Accounting, public treasury operations and the FAA Act;
- Good working knowledge of Microsoft Excel and Word.
Minimum Required Qualification and Experience
- Bachelor’s Degree in Accounting/Management Studies with Accounting; or
- BBA Degree from an accredited University; or
- ACCA Level 2; or
- NVQJ Level 5, Accounting; or
- ASc. Degree in Accounting, MIND along with the Diploma in Government Accounting, MIND;
- Three (3) to five (5) years of experience in loan recovery and delinquency management in a financial institution;
- Ten (10) years overall work experience.
Special Condition Associated with the Job
- Minimal or no travel is associated with this position.
Please note that only shortlisted applicants will be contacted.
