An International Debt Holding Group dubbed “Kalita System” Wednesday conducted an inaugural debt collection conference that aims at financial institutions, creditors and stakeholders in the debt recovery industry.
Their theme this year is Debt, History and Daily life and is dedicated on the fair collection of debts and debt security, establishment of school of professional collectors in Kenya and developing financial literacy framework.
Speaking during the conference held at a hotel in Nairobi, the Debt Holding Group Kenya Chief Executive Officer (CEO) Jeremiah Kayago stated that increase in financial awareness of population makes business community focused and promotes their reputation both of collection agency and of customers.
“There is a great number of technologies and cases oriented to debt collection in the company. Some of the technologies include SMS, telephone calls, e-mail, chat message, telephone telegram, cash bank, claim letter among others,” said Kayago.
He highlighted that their services include agency scheme collection, debt assignment, consulting on the best debt collection or payment and legal mediation.
Kayago explained their modern methods and tools for collection which include face to face collection, automation of all processes, soft collection, digitalized collection and creative collection.
“We try to lobby for laws related to collection business activities and it is important for us to be an active market player not only in the moment, but also with a view of the future. Our markets from 2008-2022 are Kyrgyzstan, Tajikistan, Uganda, Russia, Armenia, Kenya and UAE,” he added.
Kalita System, General Chief Executive Officer (CEO) Nikolai Melnikov explained that they are ready to work with the Central Bank of Kenya (CBK) and other financial related institutions and develop relationships between the countries.
“We aim to improve data collection in Kenya and in developing market in the seven states. We will also introduce a new method of collection, invest money and work worldwide,” stated Nikolai.
The CEO and founder of EXPALUX (Singapore) Stella Jemeljanova explained that debt selling involves bank, client and debt purchaser and that debt selling process involves turning non-performing assets into immediate cash, tax liability deduction, optimizing resources and company acquisition or bankruptcy.
“Our selling portfolio includes total loan portfolio, overdue and written off loan portfolio, no payment within 3-6 months, rude and tough customers who do not recognize the debt and more overdue debts in accordance with CB,” she said.
She further explained that Kalita System works under decision to clean on-balance and off-balance portfolio, analysis and identification of portfolio, notification of potential debtors, giving tender across Debt Collectors, transferring all received payment and accepting back irrelevant sales.
She said some of the risks they encounter in the business include operational which involves failure during the process, reputational which involves bad public opinions or complaints and compliance that happens when the laws are violated.
By Edna Okoth and Irene Mwende
