Junior Underwriter

FairMoney is a pioneering mobile banking institution specializing in extending credit to emerging markets. Established in 2017, the company currently operates primarily within Nigeria, and it has secured nearly €50 million in funding from renowned global investors, including Tiger Global, DST, and Flourish Ventures.

In alignment with its vision, FairMoney is actively constructing the foremost mobile banking platform and point-of-sale (POS) solution tailored for emerging markets. The journey began with the introduction of a digital microcredit application exclusively available on Android and iOS devices. Today, FairMoney has significantly expanded its range of services, encompassing a comprehensive suite of financial products, such as current accounts, savings accounts, debit cards, and state-of-the-art POS solutions designed to meet the needs of both merchants and agents.

FairMoney thrives on its diverse workforce, bringing together talent from over 27 nationalities. This multicultural team drives the company’s mission of reshaping financial services for underserved communities. To gain deeper insights into FairMoney’s pivotal role in reshaping Africa’s financial landscape, we invite you to watch an informative video.

About The Role:

The Junior Underwriter is responsible for supporting the organization’s credit risk management activities through credit assessment, business verification, financial analysis, and portfolio monitoring. The role involves reviewing initial credit applications, validating business and financial information, identifying potential credit risks, and ensuring compliance with the company’s credit policies and approval guidelines.

The successful candidate will work closely with the Underwriting Lead and relevant credit operations teams to support informed lending decisions, strengthen risk management practices, and maintain the quality of the company’s credit portfolio.

Roles and Responsibilities:

• Credit Assessment and Underwriting: Review and process initial credit applications in line with the company’s credit policies, underwriting procedures, and approval guidelines.
• Credit Policy Compliance: Support the implementation and day-to-day application of the company’s credit policies, standards, and procedures.
• Business Verification: Conduct physical and online verification of onboarded businesses to validate submitted information and establish business credibility.
• Financial Analysis: Review business models and financial statements to assess creditworthiness, identify potential risks, and support lending decisions.
• Credit Process Improvement: Identify opportunities to improve the efficiency, accuracy, and effectiveness of credit assessment and approval processes.
• Credit Risk Monitoring: Monitor assigned businesses and credit facilities for emerging risks, unusual activities, and potential signs of deterioration, escalating concerns to the appropriate team.
• Risk Assessment and Reporting: Support the identification, assessment, measurement, documentation, and reporting of credit risks.
• Policy Review and Improvement: Assist in reviewing and updating the company’s credit policies and underwriting standards in line with approved guidelines and best practices.
• Delinquency Analysis: Review delinquent accounts to identify possible causes of default, recommend appropriate corrective actions, and track follow-up activities to ensure timely resolution.
• Third-Party Coordination: Assist with administrative and operational activities relating to third-party partnerships.
• Management Reporting: Prepare accurate, timely, and reliable credit risk reports to support management reviews and decision-making.
• Other Duties: Perform other relevant duties assigned by Management.

Key Working Relationships

• The Junior Underwriter will work closely with the Underwriting Lead, Credit Operations team, and other relevant internal stakeholders to support credit assessment, verification, portfolio monitoring, and risk management activities.

Expected Performance Outcomes

• Accurate and timely processing of initial credit applications.
• Thorough and reliable verification of business and financial information.
• Consistent adherence to credit policies and underwriting guidelines.
• Early identification and escalation of potential credit risks.
• Effectively monitor and follow up on delinquent accounts.
• Accurate and timely submission of credit risk reports.
• Continuous contribution to improvements in underwriting and credit approval processes.

Requirements

• Bachelor's degree in Business Administration, Finance, Economics, or a related field.
• A minimum of 1 - 2 years of experience in credit underwriting within the banking or financial services industry, with a focus on SME clients.
• Ability to analyze financial statements and assess credit risk.
• Proactive, self-motivated, and results-oriented mindset.
• Proficiency in MS Office Suite

Benefits

• Private Health Insurance
• Pension Plan
• Paid Time Off
• Training & Development

Recruitment Process

• A screening interview with one of the members of the Talent Acquisition team for 30 minutes.
• Technical Interview with the Hiring Manager for 45-60 minutes.