Revenue Assurance Officer at Wema Bank

About the Company

Wema Bank Plc – Widely reputed as the longest-surviving and most resilient indigenous bank in Nigeria, Wema Bank Plc has over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.

Job Summary

• Revenue assurance is important to identify, analyze, mitigate, and prevent revenue leakage through a range of measures.
• It aims to reduce risks of losses due to errors, negligence, or fraud and ensures that discrepancies are identified and resolved quickly.
• It helps to identify opportunities to increase revenues and maximize profits.
• It also involves detecting possible opportunities for cost optimization and streamlining operations.

Responsibilities

• • Review all revenue lines to ensure that all income due to the bank is earned.
  • Ensure the mapping of all asset lines to corresponding income lines are properly done as well as the unbundling of PAL accounts where necessary.
  • Ensure the integrity of revenue-related system-generated entries and GL accounts.
  • Review of settlement activities across all banking channels and payment options
  • Monthly review of interest income, fees, and commission lines to ascertain the completeness and accuracy of recognized income.
  • To work with other stakeholders to recoup income discovered not to have been earned by the bank
  • Engage with appropriate stakeholders in the automation of any manually recognized income to reduce human errors.
  • Support to the Finance team toward efficient annual audits.
  • Review Interest and Fees earned and ensure compliance with CBN guideline for charges.
  • Monitor accounts on AMC concession and ensure account performance to avoid income leakages.
  • Ensure that revenue lines are up to date with rules and regulations relating to VAT/WHT.
  • Monthly report of revenue assurance activities, observation and recommendations.

  Qualifications and Skills

  • Minimum BSc Finance, Accounting or related Social science course
  • Solid knowledge of fundamental accounting principles
  • Ability to write advanced SQL and analyze large data sets.
  • Ability to use data analysis tools – ACL, Power BI etc.
  • Microsoft Office (Word, Excel, Outlook and PowerPoint)
  • Analytical mind, able to process information logically delivering value added analysis.