Job Description
Job Vacancy: Credit Officer
About Us:
Freedom Financial Services Limited is a microfinance institution committed to providing accessible and collateral-free loans to marginalized communities. Our mission is to empower civil servants, private employees, women, and youth by offering financial solutions that break traditional banking barriers.
We provide payroll-backed loans to both public and private sector employees, with a focus on underserved communities, including those in semi-urban and rural areas. Our core philosophy is based on trust, dignity, and integrity, ensuring that even those without collateral can access credit.
Our vision is to be a market leader in credit and loan management by minimizing red tape in loan processing while maintaining a strong focus on calculated risk management. We pride ourselves on our values of transparency, accountability, professionalism, and customer care.
Key Responsibilities:
Credit Vetting and Application Processing
- Vet all credit applications against the credit policy.
- Detect possible fraudulent activities and verify customer data.
- Provide timely feedback to customers on application outcomes.
- Verify employee details and client affordability.
- Handle customer complaints efficiently.
- Manage loan maintenance and collection from Government & approved Private Employers.
Risk Management
- Identify risks such as fraud, data manipulation, and fake documentation.
- Implement risk mitigation controls and enforce risk management measures.
Compliance
- Conduct pre-approval checks on loans to ensure quality and compliance.
- Verify loan affordability and check for compliance with market conduct standards.
- Ensure data integrity in the loan management system.
Credit Life Management
- Maintain a register of deceased clients and handle insurance claims.
- Prepare and submit claim forms for credit life insurance.
- Manage the write-off process for repudiated loans.
Refunds Processing
- Process refund claims and ensure timely payments.
- Maintain and update the refunds register.
- Submit monthly reports on refunds.
Complaints Handling
- Register and manage client complaints using the RBM prescribed format.
- Provide immediate feedback and escalate complex issues to management.
- Submit monthly complaint reports.
Write-offs
- Prepare and maintain documentation for loan write-offs.
- Ensure write-off records are updated and properly filed.
Collections
- Upload deduction files to PSM and submit them to approved private employers.
- Reconcile reports from PSM and collect payments from government and private employers.
- Follow up on loan defaulters and short payers.
- Manage customer debit orders and process direct debit batches.
- Prepare and submit monthly collection reports.
Other Duties
- Perform any other tasks assigned from time to time.
Requirements:
- Diploma in Business Studies or a related field.
- 2-3 years of experience in credit and collections functions.
- Understanding of policies, systems & procedures, Malawi legislation, and Reserve Bank of Malawi Directives.
- Good oral and writing skills.
- Computer literacy.
How to Apply:
Interested candidates should send their Cover letter, Curriculum Vitae (CV), with 3 traceable references, and copies of their qualifications to hr@freedomfinancialservicesmw.com by 27th September 2024.
Only shortlisted applicants will be contacted.