Reconciliation & Settlement Officer at Arca Payments Company Limited

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  • Company: Arca Payments Company Limited
  • Location: Nigeria
  • State: Nigeria
  • Job type: Full-Time
  • Job category: Administrative/Secretarial Jobs in Nigeria

Job Description

Arca Payments Company Limited was founded in 2016, with a clear vision to become Africa’s premier payment services platform, fostering Financial inclusion and innovation & actively shaping the future of Financial Services, throughout the region.

We are recruiting to fill the position below:

Job Title: Reconciliation & Settlement Officer

Location : Nigeria

Job Objective

  • The Reconciliation and Settlement Officer will be responsible for the reconciliation and settlement activities within the organization.
  • To facilitate complete and accurate processing of settlement figures for all transactions / products by ensuring that required due diligence is performed.
  • Ensure that all assigned reports are accurately and timely reconciled to show a true and fair view of processed transaction with partner organizations including banks, payment processing networks, and service providers and respond to any dispute issues.

Operational Responsibilities:

  • Perform reconciliation for banks and provide report to Head, reconciliation, and settlement.
  • Support each bank E-business team in resolving settlement and reconciliation issues.
  • Attend to all queries from clients on payments and ensure they are resolved promptly.
  • Liaise with Bank Settlement team to ensure reconciled funds are transferred to ARCA account.
  • Contribute to and maintain system standards within the ARCA payment service.
  • Carry out income/fee’s reconciliation with Settlement banks, NIBSS and other clients and ensuring value is transferred to ARCA’s account promptly.
  • Perform daily/weekly analysis of bill payment data: Trends, failure rates etc and extract Business Intelligence from payment data.
  • Develop and maintain business relations with NIBBS, value card (visa, Mastercard etc), unified payments, Interswitch and ARCA settlement banks.
  • Ensure daily reconciliation of and correct postings of all cards and other electronic channels transactions.
  • Verify the incoming and outgoing payment reports.
  • Liaise with Bank reconciliation team to ensure reconciled funds are transferred to ARCA account.
  • Perform any other task as might be assigned by the department.

Key Performance Indicators / Performance Goals:

  • Ensure All bill payment transactions are reconciled against bank accounts before COB of T+1 day (Transaction day + 1)
  • Ensure funds are recovered from partners (settlement amount from bank and reversals from other Switching partners) timely and accurately (as stipulated in the agreement between partners)
  • Ensure all income accruing to the company have been accounted for and paid into the company’s income account on a maximum of T+1 day (Transaction day + 1)
  • Settlement reports delivered daily by 12pm for previous days’ transactions.
  • Reconciliation updated daily and concluded & delivered by 5th of subsequent month.
  • Product analytics concluded & delivered by 5th of subsequent month.
  • 0% repeat Audit finding
  • Satisfactory audit rating
  • Ensure that open items are not older than 5days.

Educational Qualifications

  • A business-related Bachelor’s degree (or higher) preferably in Accounting or other discipline in Social Sciences from a recognized University.


  • Minimum of 3 years working experience in cards/mobile/payment finance, fully integrated in all aspects of settlement and daily reconciliation process.
  • Detailed understanding of the operational aspects of payment cards, mobile payments and banking industry.
  • Previous experience within a Reconciliation, Settlement or Middle Office environment.

Application Closing Date
Not Specified.

Method of Application

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