You cannot believe how banks are ripping off people, especially the rich Illiterates. They overcharge them on COT, OD, VAT, interests, and so on.
Do not believe that the big companies are spared.
They also rip big organization, even behemoth like NNPC. If your account is buoyant and you do not reconcile regularly they will be tempted. So Accounting graduates get your pencil and paper and reconcile accounts for rich market men, women, and organizations using bank facilities.
I must add that non-business related graduates can do this job if such persons are interested enough. All it takes is a bit of tutelage or you collaborate with an experienced person and learn as you progress.
There are tons of money in this business, as you charge on commission on fund recovered, usually 10%. If you recover Ten Million naira, your take will be One Million Naira, which is not small money.
The thing is that you can actually recover much more depending on the size of the account. I know guys who have recovered in excess of M50m on an account. This is very easy because you are going to check the past ten years at least.
Now if the bank had been overcharging COT by N10,000 naira every month for the past 10 years that is N1.2M.and some accounts are much bigger than that.
Besides, you have not seen the OD and the VAT. There are many charges these days, which will be reversed, if protested. However, how many do care to look at their accounts, let alone protest.
The banks wake up one day and just splash N100 debit on accounts and call it one banking jargon. Imagine that in thousands of accounts, no wonder they grow fat necks.
More than 90% of Bank customers do not know how COT is calculated. If you doubt me, ask 10 people. You will discover only one knows, that is if anyone of them knows.
By the way, if you do not know, as of today, it is N5 on every N1000 withdrawal while the VAT is 5% of COT. Overdraft and loan charges depend on agreement between the bank and your client. We have put too much trust on the bankers. These days, their words are no more their bonds, so check their postings.
The joy in this business is that, for now, you do not need any license or membership of any professional organization to practise. Know the rules and make sure the banks follow the rules. That is all.
The rules are contained in the annual CBN regulations, which you can get free. Get into this business quickly before the Accountants cartel it.
Now who are your potential customers?
I will say anybody just about anybody but I advise you go after high net individuals and organizations because the energy you will expend to recover N10,000 for an average man may be more than what you will use to recover one million naira for a big account.
Having convinced your client, the first thing he does is to give you a letter of authority to look at his accounts. He should send a copy of this letter to the bank. In fact, he should write a separate letter to the bank saying he has authorized you to look at his books.
You will now write officially to the bank saying you are representing so and so, attaching a copy of your client’s letter. The best is for you and your client or his recognized representative, usually the Accountant to visit the bank.
From that moment, the bank reveres you. Now, do not ask me why the need for reconciliation when the organizations have accountants. Me I no know o, but money de there.
MARKETING; Your office and letterhead must be exquisite and you must dress well, probably better than the bank manager himself. You cannot afford to be Slovene.
Use your letterhead to introduce your outfit to prospects and follow up. One good account is all you need to be on the gravy road. You do not believe me. Ok, talk to organizations, local government, parastatals; you will be surprised the amount of money to be made.
Please, this is not a handbill business. If you approach me with a handbill for a business of this importance, two things will come to my mind. The guy is either a nut or is doing a wrong job.
CAVEAT. Do not connive with the bank to rob your client because they
will approach you to compromise. Do not do it, your loyalty is to your client.
Otunba Jide Omiyale(MBA,FCIM)