Soma Capital Portfolio Jobs

Reconciliation and Settlements Manager



Posted on Wednesday, August 2, 2023

Duplo is a Lagos-based fintech startup that enables businesses in Africa to digitize their receivables and payables, reduce time-to-cash, lower transaction costs, and generate more revenue from their business customers.

We want to make B2B payments as simple as P2P payment apps. Most business payments in Africa are made offline….yikes. We are on a mission to transform this. We are backed by top investors including Tribe Capital, Commerce Ventures, Liquid2 Ventures, Basecamp Fund, Soma Capital, YCombintaor, Oui Capital, and others.

This is a unique opportunity. You'll have the responsibility and resources to take a significant part in the creation of a paradigm-changing product that will impact millions.

The Reconciliation and Settlements Manager is responsible for managing the end-to-end settlement and reconciliation process for Duplo’s payments products. The primary focus of this role is to ensure the timely and accurate processing of all settlements and reconciliations, while also overseeing the team responsible for these tasks.

Operational Responsibilities:

  • Monitor the reconciliation of income/fees with the Settlement bank and ensure value is transferred to Duplo’s account promptly.
  • Manage relationships with partners and clients related to settlement and reconciliation processes.
  • Liaise with the Bank reconciliation team to ensure reconciled funds are transferred to Duplo’s account.
  • Correctly log all incidents related to reconciliation, monitor the incident cycles, and document solutions after resolutions
  • Ensure daily reconciliation of all settlement transactions and resolve any discrepancies in a timely and accurate manner.
  • Verify the incoming and outgoing payment reports.
  • Training of reconciliation and settlement team when required.
  • Collaborate with internal stakeholders to identify and resolve any settlement or reconciliation issues, escalating issues as necessary to ensure timely resolution.
  • Monitor industry trends and developments in settlement and reconciliation processes, recommending changes or improvements as necessary.
  • Prepare regular reports on settlement and reconciliation activities, providing insights and analysis to management and other stakeholders as required.
  • Oversee the day-to-day settlement and reconciliation process, ensuring all transactions are accurately settled and reconciled within the agreed timelines.
  • Develop and maintain policies, process documents, and procedures for the settlement and reconciliation process, ensuring compliance with regulatory requirements.
  • Work closely with the finance team to ensure accurate and timely recording of all settlements and reconciliations in the company’s financial systems.

Strategic Responsibilities:

  • Automation of business process
  • Ensure that sufficient funds are available in the bank accounts to meet float and cash flow requirements.
  • Liaison with external auditors.
  • Escalate potential risk and exposure issues in a timely manner.
  • Perform root cause analysis.


  • Minimum of 4- 6 years working experience in cards/mobile/payment finance, fully integrated with all aspects of settlement and daily reconciliation process.
  • Detailed understanding of the operational aspects of payment cards, mobile payments, and the banking industry.
  • Previous experience within a Reconciliation, Cash Control, and Settlement environment.
  • Highly analytical and data driven