Head of Credit

About Jackfruit Finance

Jackfruit Finance is a tech-enabled lender in Kenya focused on delivering financial solutions to schools. By bridging the gap between affordable schooling and access to capital, Jackfruit Finance is transforming how educational institutions access funding. With a strong commitment to financial inclusion, Jackfruit has provided over funding to 400+ schools and continues to scale its operations. For more information, please visit our website and Jackfruit Finance LinkedIn.

About the Role: Head of Credit

Location: Nairobi, Kenya (Hybrid)

Reports to: Chief Financial Officer (CFO)

Experience Required: 8+ years in credit risk management, preferably in financial services or fintech

Salary: Competitive, with benefits

Background: Credit Risk, Data Analytics, Portfolio Management, Collections Management

Key Responsibilities:

KPI #1: Oversee and Innovate Credit Scoring Systems

a) Drive the design, implementation, and continuous improvement of Jackfruit’s credit scoring model, optimizing it for assessing school-based financing.

b) Collaborate closely with the CTO and CFO to integrate technology and data analytics into the credit assessment process.

c) Develop data-driven insights and utilize predictive analytics to enhance decision-making and risk mitigation.

d) Stay abreast of industry trends and technologies to refine credit scoring processes and enhance accuracy.

KPI #2: Portfolio and Risk Management

a) Conduct in-depth credit risk analysis across the loan portfolio, ensuring a well-balanced distribution of credit exposure across various geographies and product types.

b) Collaborate closely with field team management to align credit risk strategies with the company’s portfolio objectives and overall risk tolerance.

c) Develop and implement a decision tree framework for late-loan decisioning, setting transparent credit guidelines and clear escalation protocols to streamline decision-making.

d) Proactively identify key drivers of risk and monitor early indicators of repayment challenges, establishing responsive procedures to mitigate risk effectively and maintain portfolio health.

KPI #3: Lead and Develop the Credit Team

a) Lead and mentor the credit team to foster a culture of innovation, accountability, and data-driven decision-making.

b) Set and monitor team KPIs focused on quality in risk assessment, timely decision-making, and positive portfolio performance.

c) Supervise the credit assessment and approval processes, ensuring compliance with internal policies and regulatory standards.

d) Provide loan officers and team leaders with actionable insights and reporting to support effective decision-making and portfolio management.

KPI #4: Manage Collections and Late Loan Protocols

a) Lead the development and management of strategies for collections and resolution of late payments, including recovery strategies and preventive measures.

b) Develop and implement decision-making frameworks for late-stage loans, ensuring efficient processing and minimal defaults.

c) Report regularly on collections performance and recommend adjustments as needed to improve collection effectiveness and minimize PAR (Portfolio at Risk).

KPI #5: Cross-Functional Collaboration and Reporting

a) Work in alignment with the CFO on credit policy, lending strategies, financial compliance, and financial performance.

b) Prepare reports and analyses for senior management on credit risk, portfolio health, and performance.

c) Support the sales team with insights and training on credit policies, risk mitigation, and client eligibility to foster stronger sales-credit alignment.

Practical Assessment:

- Candidates shortlisted for this role will be required to complete a three-part practical assessment to evaluate their strategic approach and technical capabilities:

1. Conduct analysis of the pay plan portfolio and include the following:

     a. Evaluate the health of the portfolio and assess the key factors contributing to risk

     b. Assess the risk of portfolio based on delinquency, geography, customer attributes, portfolio concentration, and loan maturity

     c. Provide key figures needed for financial reporting

2. Based on your analysis, prepare credit policy adjustments that address the weaknesses in the portfolio.

- Your new credit policy adjustments should consider the following elements:

     a. Criteria for assessing the creditworthiness of customers

     b. Guidelines on collections for customers provided the pay plan portfolio health

     c. Procedures for monitoring and managing customer payments

     d. Potential impact on the company's overall risk profile and profitability

3. Prepare a credit scoring tool that aligns with the proposed credit policy adjustments.

- Your credit scoring tool should:

     a. Use a range of factors to evaluate the creditworthiness of customers

     b. Assign a numerical score to each customer based on their creditworthiness

     c. Provide for continual improvement on ability to predict delinquency and default

Required Qualifications and Experience:

• Education Requirement: Bachelor’s degree in Finance, Economics, Accounting, or a related field. A Master’s degree in Business Administration (MBA) or related field is preferred.

• Professional Experience: 8+ years of credit risk management experience, preferably in financial services, fintech, or education finance.

• Kenya Experience Requirement: Familiarity with the Kenyan market, including knowledge of school financing and regional regulatory requirements, is highly preferred.

Skill/Experience Requirements:

• Strong experience in credit scoring models, risk assessment, and portfolio management.

• Proficiency in data analytics and familiarity with relevant tools and software.

• Demonstrated leadership and team management skills with a track record of driving credit policy innovation.

• Strong analytical skills, with a thorough understanding of financial risk and credit spread.

• Experience in collections strategy development and late loan protocol design.

Equality & Non-Discrimination Practices:

Jackfruit Finance is committed to fostering a work environment that values diversity and inclusivity. We are an equal opportunity employer, and we adhere to the principles outlined in Article 27 of the Constitution of Kenya 2010, which prohibits discrimination on the grounds of race, gender, ethnicity, religion, disability, and social status.

Application:

Cover Letter Instructions

(Please keep answers short and to the point)

1. Career Highlights in Five Bullet Points Maximum

     a. Key Roles: Highlight significant positions that demonstrate the candidate's career progression.

     b. Relevant Skills and Expertise: Emphasize core competencies that align with the responsibilities at Jackfruit Finance.

     c. Achievements with Quantifiable Impact: Include specific, measurable outcomes, such as increasing revenue by a certain percentage or leading a team of a specific size.

     d. Industry Experience: Mention any prior experience in finance, education, technology, or African markets.

     e. Leadership or Key Projects: Provide examples where the candidate demonstrated leadership or participated in high-impact projects.

2. Reasons to Join Jackfruit Finance (3-5 Bullet Points)

     a. Mission Alignment: Describe personal alignment with Jackfruit Finance's mission in education finance and its impact in Africa.

     b. Professional Growth: Explain how the role supports their career goals and areas for development.

     c. Interest in JF’s Approach or Goals: Identify unique aspects of Jackfruit Finance, such as its innovative lending approach, technology integration, or social impact focus, that appeal to the candidate.

     d. Cultural Fit: Discuss the company culture, team dynamics, or other appealing elements.

3. Top Three Career Achievements

     a. Impact-Oriented Achievement: Highlight a noteworthy accomplishment with a clear, positive impact.

     b. Innovative Contribution: Describe any new process, product, or idea the candidate initiated that benefited their team or company.

     c. Recognition or Awards: Mention any recognitions, awards, or notable professional distinctions received.