Board Member, FINCA Nigeria (Local National/Resident) at FINCA International

Category: Administration

Job Descriptions
Governance:

• The FINCA Nigeria Board of Directors is appointed by the shareholders of FINCA Nigeria. The Board consists of seven directors who have diverse backgrounds and a wealth of professional experience.
• The board helps define overall strategy, and provides general corporate oversight. The board is responsible for ensuring that obligations to shareholders and other key stakeholders are met, and that human and financial resources are available to achieve the company’s objectives.
• It oversees the integrity of financial information; and ensures that controls and risk management are robust. Information on the governance structure can be found at https://www.fincanigeria.com/leadership/
• FINCA Nigeria is licensed as a deposit-taking microfinance institution, and as such is regulated by the Central Bank of Nigeria (CBN). The Board is supported by the work of an Audit and Risk Committee, a Credit Committee, an Assets and Liability Committee, and a Governance, Nomination and Remuneration Committee, each comprising at least three Directors.
• Board members serve 3-year terms at the discretion of the Shareholders.

Commitment:
Directors are expected to make the following commitments during their tenure:

• Time: The Board meets on a quarterly basis, and holds additional regular or extraordinary meetings as necessary. Directors are expected to be involved with at least 2 board committees, and may also be called on or asked to support ad-hoc initiatives or provide advice, depending on their specialization or expertise. Directors are expected to devote the time necessary in the performance of their role, and to discharge all fiduciary duties and responsibilities as director. There are also annual Regional meetings where there is a focus on the training and development of our directors, and sharing of governance best practices.
• Travel: Directors are expected to travel to Owerri to attend board meetings in person, and to other countries in Africa (as scheduled) to participate in the Africa Regional meetings in person. Directors are also expected to participate in field visits (at least once per year) in and around Nigeria, to learn more about local operations, employees, clients, and our product and service offerings.
• Engagement: Directors are expected to prepare in advance of the meetings, for which board materials are sent to directors in advance of the meetings using an online board portal that facilitates a secured channel to share information. Directors should be fully engaged in discussions, and eager to draw from their experience to contribute in the decision-making process. Each director is also expected to contribute on a mutually agreed-upon value-added activity. Periodic board, committee and peer evaluations are conducted, and board member scorecards have also just recently been implemented.

Job Requirements

• Directors are expected to have a record of substantive commitment to and relevant experience in the general work of FINCA Nigeria, specifically with regard to its above-mentioned “double bottom line” of social impact and financial sustainability.
• Independence. Directors should be free from any business or other relationship that could interfere with the exercise of independent judgment and decision-making (conflict of interests). All Directors are responsible for the interests of FINCA Nigeria as a whole, including both its requirement to operate on a sustainable basis and the social performance intent of the company.
• Oversight not Management. Directors should have professional maturity in seeking to protect the interests of FINCA Nigeria shareholders, and should not participate in the administration or management of the company.
• Business Acumen and Reputation. Strong business experience and a proven understanding of corporate and business processes through a successful track record and a strong reputation in the business community. Directors should have the willingness and ability to gain a thorough understanding of the company’s finances, its management, its employees, its markets and its special capabilities. Directors should have a high level of financial literacy gained through hands-on experience in the financial services industry or other relevant sector.
• Leadership and Board Experience. A recognized ability to add value and display leadership at the board level, and an ability to assert balanced and constructive views. Board-level experience in other enterprises is desired. Experience at an executive or senior management level (C-suite) in a commercial organization (public or private sector) is also desired.
• Integrity and Ethics. Directors shall demonstrate a high level of integrity and professional and personal ethics and values consistent with those of the Company. Directors are expected to be accountable and maintain full confidentiality of FINCA business matters (subsidiary and global level). A full background check is conducted on all nominee directors and officers that spans education, employment, international credit and criminal records, and negative social media that may affect the person’s reputation and standing in the business community.
• Strength of Character. Strength of character demonstrated by the ability and willingness to challenge and probe, using sound business judgment, strong interpersonal skills, the ability to listen carefully and communicate with clarity, objectivity and brevity. Directors must have experience that demonstrates a sound understanding of risk management. A well-defined sense of diplomacy is also required, in addition to negotiation, conflict resolution, and people management skills.
• Commitment. Directors must have sufficient time to carry out their duties and responsibilities, as detailed in the ‘Commitment Section’ above. Existing commitments and/or obligations of individuals will be considered in the selection process, including membership on the boards of directors of other companies.

Specific Skills:
The current recruitment of an additional director is focused around candidates with specialized or technical expertise and operational experience in one or more of the following areas:

• Scaling up of financial services business/ retail banking products and services;
• Delivery channels and marketing / mobile network operators;
• Technology in banking, digital financial services, mobile banking;
• Helping FINCA Nigeria position itself for National license;
• Risk management;
• Human capital management

Additional Considerations

• Given the diversity of our clients, and the geographic spread in which we work, we highly value and recognize the importance of further diversifying FINCA Nigeria’s Board – in terms of gender and other demographics.
• We value a candidate’s profile when they are well connected to the local business community, a demonstrated knowledge of current trends in best business and corporate governance practices, and a general working knowledge in developing and emerging markets.

Compensation, Reimbursement, and Insurance

• FINCA Nigeria compensates subsidiary directors on a standard compensation level dependent on actual participation of the quarterly board meetings (i.e. sitting fee).
• Travel and business expenses are reimbursed in accordance with the FINCA’s global travel and reimbursement policy. Directors and Officers liability insurance is provided, as well as travel insurance protecting directors while traveling on FINCA business.