CFO, Retail Banking - Malawi

Lilongwe, Malawi
Apply by 7 June 2015
Executive-level , Full-time staff position
Posted on 11 May 2015

Job Description

Opportunity Bank, Malawi (OBM) is seeking an experienced retail banking CFO.

JOB PURPOSE

  • To provide leadership and direction in finance management, treasury and accounting functions and activities and ensure that these are run effectively and efficiently to provide a high service quality and finance management expertise
  • To establish and enhance overall financial controls in order to ensure profitability of OBM while ensuring compliance with locally accepted accounting principles, bank policies and procedures, tax and banking laws and regulations
  • To manage the money market and foreign exchange functions in manner that ensures a positive return
  • To promote OBM’s core value of stewardship throughout the organization and staff

ESSENTIAL DUTIES AND ACCOUNTABILITIES

1. To lead management in preparation and management of budgets (income and expenditure and cash flow) and financial projections.

  • Ensure budge control policies, systems and procedures are properly implemented and practiced.
  • Provide OBM management team with a standard format and tool for preparing and controlling the annual budget that includes clear and appropriate lines of authority to enable better decision-making.
  • Set and monitor capital and fixed assets budgets including office equipment, buildings and expansion project.
  • Set and monitor income forecasts for business including client volumes, pricing, etc.
  • Set and monitor other departmental budgets including payroll, stationary and printing, telecommunications and transport.
  • Prepare annual budget projections based on input from OBM management.
  • Oversee payroll processing function to ensure pay and benefits are accurately calculated and proper deductions are made.

2. Ensure timely and accurate financial and management reports that assist in monitoring actual financial position of OBM as compared with projections.

  • Prepare timely, accurate and reliable consolidated financial and management reports including balance sheet, profit and loss, and cash flow statements on an annual, quarterly and monthly basis.
  • Provide timely and accurate monthly variance analysis reports of actual expenditure against budget by Head office function and branches.
  • Review expenditure to ensure compliance with budgets and notify appropriate executive(s) in the event expenditures exceed budget.
  • Work with managers to understand source of excessive costs and to develop cost-cutting measures that will least impact the bank.
  • Coordinate and ensure the availability of financial reports, statements and documentation to both internal and external auditors.
  • Prepare and present to OBM board and management reports on OBM’s financial position.
  • Highlight critical areas of the financial reports and statement document documentations for managements review and action.

3. Ensure wise and prudent management of OBM funds.

  • Develop appropriate systems to manage and administer OBM funds.
  • Manage OBM’s investment portfolio and risk-taking activities including interest rate and liquidity exposure, interbank exchange exposure and government securities trading.
  • Consult with management in recommending general risk parameters, overall trading position limits and hedging/trading strategies.
  • Plan and provide for OBM’s short-term working capital and medium and long-term funding requirements.
  • Review and recommend investment of deposits and idle funds (stocks and high yielding investments).
  • Keep abreast of the market deposit rates and negotiate best rates with OBM depository banks.
  • Receive and hold in authorized accounts all funds due to OBM from authorized sources.
  • Keep complete and accurate accounts of receipts and disbursements.
  • Monitor cash movement by ensuring timely and accurate bank reconciliation and other reconciliations against cash position report.
  • Manage the reserve position of OBM as well as other regulatory requirements related to funding operations.
  • Approve invoices and checks prior to signature to ensure security of bank funds.
  • Money market and foreign exchange dealing- manage the money market and foreign exchange functions in a manner that ensures a positive return on investments and achieves targets.

4. Act as OBM company secretary.

  • Ensure all reports and papers for the OBM board are prepared and distributed prior to each board meeting.
  • Ensure board minutes are prepared in an accurate and timely manner and distributed to the board.
  • Perform other tasks as needed in position of company secretary.

5. Responsible for people management of the department.

  • Responsible, together with Human Resources Department, for overall people management in the department including recruitment, induction, development and training, performance appraisals, career progression, disciplinary action and staff morale and motivation.
  • Develop performance standards for each individual and provide ongoing feedback on performance. Effectively manage poor performance and disciplinary management
  • Assist in training and development of department staff. Relay training needs of staff to HR department and work together with HR to develop appropriate training programs.
  • Ensure that staff are motivated and organized to exceed performance targets, and provide frequent feedback to human resources regarding employee engagement
  • Ensure clear division of roles and responsibilities amongst departmental staff. Communicate with Human Resources department to develop clear and comprehensive job descriptions and performance standards for all branch staff.

6. Actively promote a positive cost-oriented management and staff attitude through various education forums in line with OBM’s core value of stewardship

7. Develop and maintain own knowledge and expertise

  • Keep current on developments in banking and financial institutions especially micro finance sector
  • Take opportunity for self-development in relevant subjects and topics.

8. Perform other duties as determined by the CEO and Board whenever asked to do so

Knowledge and Skills

  • Bachelor’s degree or Master’s equivalent
  • Advanced knowledge of general accounting, payroll, budgeting, and related accounting and record keeping systems in a financial institution.
  • Advanced knowledge of related statutory banking compliance regulations, and bank accounting policies and procedures
  • Intermediate skills related to the consolidation and reporting of bank financial results, and formulation and implementation
  • Exceptional organization skills with the ability to provide leadership, supervision and training for a team of employees using positive supervisory techniques to ensure maximum productivity
  • Demonstrated ability in time management, organization and delegation skills
  • Intermediate skills in computer terminal and personal computer operation; mainframe computer system; and word processing and spreadsheet software programs.
  • Intermediate typing skills to meet production needs of the position
  • Excellent mathematical skills: calculate interest, commissions, promotions and percentages: balance accounts: add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals; locate routine mathematical errors; compute rate, ratio and percentage, including the drafting and interpretation of bar graphs
  • Ability to set and monitor achievement of sustainability, efficiency, profitability, portfolio quality, and outreach activities
  • Advanced experience, and knowledge and training in setting and monitoring profitability and efficiency budgets based on profit and cost center organization framework

About the Organization

Opportunity International is a global non-profit organization that helps people in developing nations break the cycle of poverty, transform their lives, strengthen their families and improve their communities.

The organization currently provides loans, savings programs, insurance and other financial services and training to more than 12 million clients in 27 countries across Africa, Asia, Latin America and Europe. Clients use our services to expand businesses, provide for their families, create jobs and build a safety net for the future. Opportunity International also operates a network of 45 banks and financial institutions.

The organization pioneered microfinance lending in 1971 and has since helped clients create 12 million jobs through 23 million loans valued at nearly $6 billion that spurred economic development and changed millions of lives. Opportunity currently impacts 150,000 jobs in China. To accomplish an even greater outreach, we continue to seek strategic partners who share our goal of delivering innovative development solutions to transform lives in rural China.

The U.S. headquarters of Opportunity International is in Oak Brook, IL, with key offices in Australia, Canada, Germany, the United Kingdom and an emerging presence in Hong Kong. The organization proudly employs more than 20,000 people around the world.

More information can be found at www.opportunity.org.

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