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Job Description And Average Salary Of Credit Manager In Nigeria

Salary Of Credit Manager In Nigeria

A Credit Manager job offers excellent entry-level opportunities in finance. For those looking forward to entry-level finance jobs, this role could be a starting point. In this post, we will be talking about the job description and average salary of a credit manager in Nigeria. Keep reading, we got it all covered. 

Credit managers are in charge of supervising a company’s credit-granting procedure. By upholding the credit policy, it is their responsibility to maximize business sales and minimize bad debt losses. They accomplish this by evaluating the creditworthiness of prospective customers and performing routine evaluations of current clients.

Job Brief Of A Credit Manager

Financial institutions recruit credit managers to manage all aspects of their lending operations, from determining the creditworthiness of clients to accepting or declining loan requests. The duties of a credit manager also include arranging loan conditions and interest rates, as well as developing credit rating models. 

You should have a degree in accounting or finance and expertise in handling loan applications to succeed in this position. An advantage would be prior banking experience. As a credit manager, you should help your organization by reducing bad debts and raising loan revenues.

Job Description Of A Credit Manager

Below are the basic job description for a credit manager

  • Research and evaluate clients’ creditworthiness
  • Create credit scoring models to predict risks
  • Approve or reject loan requests, based on credibility and potential revenues and losses
  • Calculate and set interest rates
  • Negotiate loan terms with clients
  • Monitor payments
  • Maintain records of loan applications
  • Follow up with clients to manage debt settlements and loan renewals
  • Ensure all lending procedures comply with regulations
  • Develop, review and update our company’s credit policies

Requirements And Skills Needed For A Credit Manager Job

  • Proven work experience as a Credit Manager, Credit Analyst, or similar role
  • Hands-on experience with accounting software
  • Solid understanding of lending procedures
  • Excellent analytical skills, with the ability to create and process financial spreadsheets (e.g. in Excel)
  • Negotiation skills
  • BSc in Accounting, Economics, Banking, and Finance or relevant field

Average Salary Of A Credit Manager In Nigeria

Based on salary estimates from 3 credit managers across 3 states in Nigeria, the average monthly salary for a Credit Manager in Nigeria is 80,000 Naira.

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