Festus Igwegbe

Risk and Compliance Manager

Prospa Technologies Limited 

| Head of Risk and Compliance (Fintech)

2022-06-14 | Currently work here

• Advise the Institution on various laws, regulations, licensing and standards in various jurisdictions of 

business operations

• Coming up with effective plans to manage a crisis or compliance violation

• Reviewing processes around corporate governance, risks and compliance.

• Advising and addressing business/operations queries on any regulatory changes. 

• Maintaining proper corporate interactions with the relevant local, state, federal governmental bodies to 

ensure the business is up to date with the changing regulatory environment.

• Conduct impact assessments of new regulations/circulars/guidelines and guide business and 

operations in implementing the changes.

• Reviewing applications for new activities/businesses and ensuring conduct of activities are in line with 

regulations

• Streamlining and improving existing compliance and operational processes. 

• Conducting regular compliance checks of BAU (Business as usual), client on-boarding, etc.

• Developed the Enterprise risk management framework, ERM Register and several other Policies.

• Built the Compliance PRD (Product Requirement Document) of the Institution in conjunction with the 

Product Development Team.

• Built a compliance chart to track and monitor Institutional compliance to regulatory returns and reporting.

• Built efficient KYC and AML systems for Member onboarding and transaction monitoring.

• Reduced Chargeback cases by 20% after introducing tighter security measures in Account opening.

Mkobo Microfinance Bank Limited

• Developed the Enterprise risk management framework, ERM Register, Credit policies, processes, procedures and reporting standards that define the bank’s risk strategy and appetite in line with its overall business objectives.
• Monitoring the business development for emerging risks and recommending policies and procedures to improve the risk management process.
• Developed methods to generate a robust system to identify, monitor, manage and control credit, market and operational risks.
• Facilitating the identification, assessment, measurement, monitoring, controlling and reporting the level of Risks.
• Maintaining oversight over the bank’s enterprise risk management activities.
• Acting as the champion of risk management for the Company and help improve Management team understanding of key risk identification, assessment, monitoring and reporting and mitigation.
• Providing support, education and training to staff in order to create and increase risk awareness.
• Ensuring proper documentation of credits by adhering to set documentation standards and procedures.
• Defining credit approval framework and recommend credit approval limits in line with banks’ policy.
• Analysing and appraising Individual credit requests in accordance with approved policies and procedures to ensure that credit exposures are created subject to stipulated guidelines.
• Conducting periodic stresstests and scenarioanalysis, assessing the impactto the Bank’s credit portfolio .
• Reviewing and analysing the delinquent portfolio to identify key causal factors, make recommendations and tracking them to ensure adequate and timelyclosure
• Responsible for loan recovery, such as negotiating work out plans and strategies for delinquent customers and providing additional support with respect to exposures requiring collection agencies or legal action
• Monitoring violations of credit policies, providing analysis, conclusion and recommendations, presenting findings to senior management and suggest actions/penalties to be taken when appropriate
• Preparing timely, comprehensive and reliable credit risk reports to senior management and board on a regular basis
• Monitoring and managing the performance and development of direct reports.
• Developing appropriate Risk Management strategies/tools and disseminate appropriate risk management practices in line with developments in business products, change in clients, markets/industry, laws and regulations.
• Facilitated the reduction of PAR of the Bank to acceptable industry standards.
• Played a pivotal role in the growth of the Bank’s Loan Portfolio by over100%.
• Oversaw deployment of Credit risk decision Engine and scorecards for the Bank’s digital Lending Products.

Ekondo Microfinance Bank Limited

• Routinely review and maintain the Bank’s GeneralLedger Accounts at minimalto no financial loss.
• Monitor, control and ensure compliance of the Bank’s laid down Policies and Procedures.
• Enterprise Risk assessment and cost benefit analyses of the Bank’s services and products
• Develop and implement policies and procedures that reduce credit risk for the Bank.
• Manage the building of financial models that predict credit risk exposure of the Bank.
• Monitor and ensure optimal performance of the Bank’s E-Lending Portfolio via Monthly reconciliation.
• Document and analyze Business impact of the Bank’s E-Channel Income and remittances.
• Drive the growth of E-Lending Products in the Bank via strategic Performance Management activities.
• Analyze Financial Data and Oversee the preparation of performance Reports for management.
• Save the Bank more than 50% in Vendor expenses through Vendor cost reduction derivatives.
• Uncover and eliminate fraudulent facilities prior to Loan disbursement.
• Evaluation of financial data, such as balance sheets and income statements to mitigate default risks.
• Conduct stress and scenario testing, as well as analysis of portfolio at global levels
• Ensures that project/department milestones/goals are met while adhering to approved budgets.
• A member of the Bank’s Corporate Strategy and Policy Review/ Development Team
• Supervise and mentor a Team of proactive Risk Management Staff.
• Ensuring absolute execution of Regulatory, Statutory and Legal Compliance by the Bank.
• Recommend and ensure implementation of relevant sanctions upon erring Staff.

Diamond Bank PLC

2012-07-01 | 2016-05-27

• Supervise over 30 proactive Branch Operations Staff.
• Maintain profitability through value based management of Customers and Staff.
• Maintain effective Vault Management processes by closing within the Branch Insurable Cash limit.
• Work closely with the Internal Control Unit to effectively achieve zero transaction error rate.
• Won the award of The Most Operationally Efficient Branch in 2015.
• Frequently save the Bank over 20% of Vendor and Security costs via competentrecommendations.
• Generated ATM and Non-interest income of over 9,ooo,ooo Bank via proactive Business support.
• Saved the Bank the undue cost of replacing ATMs by actively eliminating root causes of the ATM faults.

Diamond Bank PLC

2010-04-01 | 2012-06-30

• Listen to Customers’ complaints, proffer creative solutions and treat Customers’ Instructions.
• Generate Account Balances and print Account Statements for customers.
• Regularly open a daily minimum of 25 new Accounts for prospective Customers.
• Discover and terminate Business relationship between the Bank and potentially fraudulent Clients
• Maintain cordial working relationship with the Business Development Team & Manager,
• Successfully pilot efficient Customer Service delivery and high profitability.
• Won the Award for Customer Service Excellence in 2012.

Diamond Bank PLC

2007-08-15 | 2010-03-31

• Work with the Customer Service Manager & Cash Officer to maintain efficient service dissemination.
• Frequently Record zero daily Cash difference position.
• Monitor and ensure that the branch ATM is always online.
• Schedule Cash swaps with various Banks in order to move excess Vault cash from the Branch
• Uncovered cases of Deposit conversion by dishonest Tellers, saving the Bank from irreparable losses.
• Assist the Customer Service Manager and Cash Officer in Vault Management activities.

BSc. Biochemistry and Microbiology from University of Nigeria, Nsukka (2003)