Settlement and Reconciliation Lead

July 18, 2022

Job Description

  • Lagos

Cash in Cash out (CiCO)

Cash in Cash out (CiCO) is a platform leveraging on the most distributed retail footprint of financial service providers to help meet the needs of the unbanked and underbanked. At CiCO we want wealth to be available to all through the provision of simplified payments, that enables everyone to make money.
We are recruiting to fill the position of:
Job Title: Settlement and Reconciliation Lead
Location: Lagos, Lagos, Nigeria
Job Type: Full time

Managing all CiCO Serve collection accounts in all the various banks i.e treasury and liquidity management.
Handling settlement of funds and monitoring thereof
Managing transaction disputes and reconciliation of all transactions on a daily basis
Managing the day to day working relationship with Settlement Banks from an accounts perspective
Liaise with counterparts (NIBSS, Interswitch, banks) in relation to all daily settlements.
Maintain a complete and current database of settlement details with approved counterparts
Perform reconciliations between CiCO Serve and related systems in accordance with approved practice.
Ensure all discrepancies are promptly investigated and remedial action is taken
Ensure reporting is performed in accordance with pre-established time frames.
Actively monitoring the CiCO Serve Financial Summary Module and preparing system revenue positions daily.
Ensuring that all internal systems and work processes operate efficiently and that workload backlogs are prevented and maximum permitted transaction processing timelines are not breached.
Monitoring transaction authorization requests, dealing with exception items and referrals and identifying any suspicious transaction behavior.
Reviewing system performance MIS reports and dealing with any issues arising.
Regularly tracking systems and transaction processing performance against agreed parameters/SLA levels.
Manage the daily clearing and settlement and reconciliation process, reconciling transaction incoming and outgoing files provided by both CiCO Serve and the settlement Banks.
Monitor balance on the Settlement Bank pool account daily. Make records of client deposits.
Monitor all processing-related expenses charged to the CiCO Serve and manage the monitoring and resolution of any monetary rejects or discrepancies reported by CiCO Serve.
Monitor and validate CiCO Serve monthly billing statements.
Ensure CiCO Serve and other service providers/partner invoices are validated and paid on time without incurring penalty charges.
Monitor and control the billing process ensuring that the system flags any late or non-payments through the production of exception reports.
Performs additional duties and responsibilities as required.

Experience / Qualifications:

Minimum of a University Degree in a relevant discipline from an accredited University
Relevant certifications
At least 2 years of experience in a similar position
Knowledge of the agency banking industry
Advanced use of Excel and Data management tools


Data Analytics and Management Skills
Quantitative and Qualitative Reasoning
Proactive attention to detail
Strong Business Acumen
Industry Knowledge
Leadership skills
Team building skills
Persuasive and influencing
Interpersonal and Communication Skills
Resilient and productive under pressure

Application Closing Date
Not Specified.
Method of Application
Interested and qualified candidates should:
Click here to apply online

To apply for this job please visit


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