The Lebanese Credit Insurer (LCI) has expanded its debt collection services to cover 11 new African markets.
Operated through its servicing arm, LCI Services, the offering will now cover Mauritania, Senegal, Gambia, Guinea Bissau, Guinea, Liberia, Côte d’Ivoire, Ghana, Togo, Benin, Nigeria, Cameroon, Gabon, Congo, DR Congo, Angola, Madagascar, Tanzania, Kenya and Sudan.
Karim Nasrallah, general manager of LCI, says the insurer has expanded its reach to support its clients to grow regionally while protecting their trade receivables.
“Businesses operating in the Middle East and Africa face recurrent difficulties in securing payments for the goods and services they supply. It is widely known that these regions achieve inadequate rankings when it comes to debt collection, and many businesses are suffering when writing off bad debt,” he says.
The expansion, he adds, will also allow LCI to extend its credit insurance cover to the new markets.
According to the insurer, some of the factors contributing to payments delays in these markets are “the lack of a proper payment behaviour framework” and a “lenient payment culture”, meaning suppliers often face defaults or extended credit limits for over 180 days.
LCI’s debt collection services include recovery management, verbal negotiations, dunning letters, final demands, solicitor’s letters, drawing up repayment plans and legal action.