Head of Financial Control at Baines Credit MicroFinance Bank

About the job

• The Head Financial Control will have primary day-to-day responsibility for planning, implementing, managing and controlling all financial-related activities of the Bank. The Head, Fincon is accountable for the administrative, financial, operations and risk management operations of the Bank, to include the development of a financial and operational strategy, key performance metrics to access the strategy implementation, and the ongoing development and monitoring of control systems designed to preserve the bank’s assets and report accurate financial results to stakeholders.
• He/She will report directly to the Managing Director and assume a strategic role in the overall management of the Bank
• He/She is expected to have an updated job knowledge by remaining aware of new regulations as regards financial control in Microfinance Bank as well as have skill to manage a bank with a digital outlook.

Responsibilities

Financial Planning

• Provides leadership in the development of strategy and continuous evaluation of short and long-term strategic financial objectives
• Develop finance organizational strategies by contributing financial and accounting information, analysis, and recommendations to strategic thinking and direction; establishing functional objectives in line with organizational objectives
• Develop and support organization prospects by studying economic trends and revenue opportunities; analysing organization operations; identifying opportunities for improvement, cost reduction, and systems enhancement; capital sourcing for operation expansion.
• Monitor and direct the implementation of strategic business plans
• Evaluates and advises on the impact of long-range planning and the introduction of new programs/ strategies
• Provide executive management with advice on the financial implications of business activities as well as advice from the financial perspective on any contracts into which the Bank may enter
• Develop financial and tax strategies
• Develop performance measures that support the Bank's strategic direction

Financial Operations

• Participate in key decisions as a member of the executive management team
• Preparation of Financial reports
• Preparation of monthly, quarterly, returns to CBN/NDIC
• Liason and communication with regulatory bodies such as CBN, NDIC, FIRS, LIRS
• Ensure routine reconciliation of the Bank’s accounts, GLs
• Ensure that the finance and account function support the business at a strategic and operational level
• Manage the accounting, investor relations, tax, and treasury departments
• Manage any third parties to which accounting or finance functions have been outsourced
• Engage and communicate effectively with colleagues, investors, customers, suppliers, regulators, and other internal and external stakeholders

Financial Management and Reporting

• Oversee the issuance of financial information and the completion of timely annual audited financial statements
• Report financial results to the board and provide financial and nonfinancial information, both historic and forward-looking to support the board’s decision making
• Reports financial status by developing forecasts; reporting results; analysing variances; developing improvements
• Manage processes for financial forecasting, budgets, consolidation and reporting to the Bank
• Provide recommendations to strategically enhance financial performance and business opportunities
• Monitors financial performance by measuring and analysing results; initiating corrective actions; minimizing the impact of variances
• Maximizes return on invested funds by identifying investment opportunities; maintaining relationships with the investment community

Risk Management

• Understand and mitigate key elements of the Bank's risk profile
• Fulfil stewardship responsibilities by ensuring effective compliance and internal control systems are in place in line with local GAAP and applicable laws and rules for financial and tax reporting
• Ensure that the Bank complies with all legal and regulatory requirements
• Ensure that record keeping meets the requirements of auditors and government agencies
• Report risk issues to the audit committee of the board of directors
• Maintain relations with external auditors and investigate their findings and recommendations
• Maintain appropriate insurance coverage
• Maintain confidentiality of information and ensure that information is provided on a need-to-know basis

Funding and Cash Position

• Monitor cash balances and ensure cash flow is appropriate for the Bank’s operations
• Optimize the handling of business relationships and initiate appropriate strategies to enhance cash position
• Arrange for debt and equity financing
• Control and evaluate fundraising plans and capital structure
• Decide on investment strategies by considering cash and liquidity risks

Bank Operations

• Provide oversight and supervision to the bank day to day banking operations
• Ensure customer transactions are treated promptly and according to instruction.
• Ensure the bank operations follow the stipulated banking and supervision framework of the CBN.
• Implement necessary control and policy to safe guard the bank and prevent fraud.

Qualification

• Undergraduate degree in accounting, business, management, or finance
• Postgraduate degree in finance, management, business administration, or equivalent business experience
• ACA/ACCA/CFA or other recognised accounting/finance qualification
• MCP Qualification is an added advantage
• 8+ years relevant professional experience in a similar role
• Demonstrated strong understanding of structured finance transactions and have had vast financial modelling experience, developing complex financial models
• Technologically adept and possess exceptionally good computer skills, being highly proficient in Ms. Excel, Ms. Office, Ms. Outlook, and PowerPoint
• A proven track record on interacting with Executive Management and Board of Directors
• Deep understanding of Microfinance Bank’s policies and procedures