Richard Allotey
Recovery and Monitoring Officer at Oak Financial Services LTD- Claim this Profile
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Bio
Credentials
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University of Ghana Certificate
University of Ghana LegonJul, 2013- Oct, 2024
Experience
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Oak Financial Services LTD
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Financial Services
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1 - 100 Employee
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Recovery and Monitoring Officer
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Sep 2021 - Present
• To identify, evaluate and monitor the non-performing loan accounts and implement a recovery action plan to achieve timely and maximum recovery at a minimal cost and appropriate turn-around time. • Monitor allocated portfolio of delinquent loans facilities to determine reasons for delinquency by application of sound credit judgment, collections strategy and process within pre-determined broad policy guidelines and regulation to minimize credit losses. • Prepare approval requests to management for negotiated settlements and follow up until account is fully settled and the balance paid off. • Ensure compliance to Credit Policy and Procedures of the company regarding management of debt recovery process. • Maintain and prepare monthly collections reports, updates and status • Respond to investee complaints and queries and escalate unresolved cases for supervisors’ review and advice. • Maintain a consistent reduction of non-performing debts through aggressive recoveries and viable restructuring options. • Undertake regular and frequent calls, site visits, and follow-ups with the investees to implement remedial strategies and action plans for loan recovery. • Develop and continuously review credit policies and procedures ensuring their compliance. Show less
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Credit Analyst
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Aug 2015 - Aug 2021
1. Collecting information required for loan processing and performing credit history research. Assessing earning and spending capacity of loan applicants, including asset and liabilities. 2. Locating loan risk factors and presenting report to the management for making decisions. 3. Checking credit worthiness and financial conditions of loan applicants and performing underwriting analysis. 4.Calculate interest rates on loans based on the past record of borrowers. 5. Support in the evaluation of loan packages and escalation of management reporting system. 6. Establishing and monitoring new and existing credit lines for customers by performing financial statement analysis and by analysing XDS, and Dunn & Bradstreet (D&B) reports. 7. Manage credit limit database by setting, removing and adjusting credit limits determined by strength of credit and ratio of credit limit used. 8. Resolve fraudulent activity matters by effective and efficient communication with all channels involved including clients, vendors, and the finance and accounting department. 9. Help increase automation by managing and adjusting customers' credit lines. 10. Assist Collections & Recoveries Department with the list of delinquent customers and also help assist in checking the indebtedness of customers before clearance letters are issued to them (customers). 11. Maintain strong relationships and build rapports with customers by electronic communications and personal. 12. Prepare monthly Insurance, Fee, Automated Clearing House (ACH), Suspense Account, Managers' cheques and Business solutions statements for the department and others. 13. Provide monthly deduction scheme (Government) loans reports for both internal and external customers. 14. Use strong analytical skills and demonstrate ability to make clear and appropriate decisions based on multiple data sources. 15. Reconcile credit files and identify discrepancies and variances daily. Show less
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Ghana Revenue Authority
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International Trade and Development
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700 & Above Employee
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Tax Revenue Analyst
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Sep 2013 - Jul 2014
❖ To follow up on defaulting customers to collect revenue. ❖ To ensure there are no revenue leakages resulting from missed collections. ❖ To educate tax payers on tax compliance and thus to improving relationship between tax taxpayers and Collector. ❖ To assist with research aimed at collecting data for analysis to widen the tax net. ❖ To assess Revenue Returns forms to ensure that it has been completely and properly filed. ❖ To vet and file of revenue returns. Achievement ❖ 15 defaulting clients monthly (average) were identified with estimated revenue of GH₵25,000 altogether. ❖ Designed a client tracking system using Excel; aimed at monitoring and tracking defaulting clients and to combat potential loss of revenue. ❖ Developed a 2 year Operational Plan to rake in revenue of GH₵3million per year and 80% of this was realized as at September 2014 in the first year. ❖ 80% reduction in errors on 'Returns' ❖ Developed an Archival Database using spread sheet to track and monitor over 120 clients’ returns each month. Show less
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Mathematics Teacher
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Jun 2008 - Dec 2012
To prepare lesson notes for Mathematics and Information and Communication Technology(ICT) at Junior High School Level ❖ Teach Mathematics and Information and Communication Technology(ICT) at Junior High School Level ❖ To grade tests and assignments for students. ❖ To mark scripts and present results for consistency checking Achievements ❖ Pass rate of 100% in Mathematics and 75% in Information and Communication Technology (ICT) in the Basic Education Certificate Examination. ❖ Marked over 70 scripts each term without consistency issues for Junior High School Level three. Show less
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Education
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2009 - 2013
University of Ghana
Bachelor of Science (BSc), Banking and Finance -
2005 - 2008
Pope John Senior High and Minor Seminary School, Koforidua
West Africa schools Certificate Examination, Business
Community
