African Development Bank Group (AfDB) - Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries).
The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten Year Strategy (2013 - 2022) and ensure greater developmental impact, five major areas (High 5s), all of which will accelerate our delivery for Africa, have been identified for scaling up, namely; energy, agro-business, industrialization, integration and improving the quality of life for the people of Africa.
Position N°: 50000718
- The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.
The Hiring Department
- The Financial Control Department is responsible for accounting for the financial consequences of the Bank Group’s transactions and decisions, and for the preparation, fair presentation and overall integrity of the internal financial reports and published financial statements.
- The department is also responsible for loan administration and accounting and related fiduciary responsibilities, including disbursement of funds to projects and programs financed by the Bank Group. Lastly, the department provides decision support and expertise in the development and implementation of financial control policies, operational and financial strategies and related information systems.
The Chief Finance Officer is responsible to:
- Ensure effective internal control around the loan accounting and reporting in the General Ledger and bank accounting activities of the Bank Group, by ensuring that the financial transactions reported on the bank accounts are proper and accurately recorded in the appropriate accounting period.
- Providing high level advice on the financial statement implication of all project loan and grant related activities.
- Provide specialist support and maintenance of the SAP FI applications used in the Financial Control Department directly or by integration.
- Participate in the preparation of the financial statements of the Bank Group in accordance with IFRS
Duties and Responsibilities
Under the supervision and guidance of the Division Manager, Chief Finance Officer will perform the following:
- Supervise the Loan Accounting and Bank Reconciliation functions in the Division
- Ensure accuracy of all General Ledger accounts relating to project loans and grants.
- Ensure monthly reconciliation of the General Ledger with the subsidiary loan system.
- Monitor the recording of approved loans and liaising with SEGL to ensure timely recording in SAP of all Loans and grant approvals.
- Ensure the accuracy of monthly recording of accrued income on loans.
- Provide technical accounting guidance on any new loan product that the Bank may want to use.
- Provide technical accounting and policy guidance on system implementation projects in the area of loan accounting.
- In liaison with FIFC.4, provide all loan related statistics and information for the preparation of the monthly and quarterly financial statements and other financial information emanating from the Division.
- Carry out monthly analysis of loan income and provide explanations for variances.
- In liaison with FIFC.4, ensure that the member country accounts are analyzed and reconciled.
- Supervise the process for the formulation of accounting policy on the impairment of loan and related charges as well as the periodic determination and computation of impairment charges in the financial statements
- Ensure timely reconciliation of all bank accounts in use by all the entities including bilateral and trust funds.
- Follow up on all outstanding items in bank reconciliation.
- Advise on treatment of old and irrecoverable amounts.
- In liaison with FITRY.2, ensure that adequate internal controls are maintained in the closing and opening of new bank accounts.
- Provide the monthly summary of bank reconciliation for management review.
- Provide technical accounting and policy guidance on system implementation projects in the area of the maintenance of bank accounts.
Analysis and Reconciliation of General Ledger Account:
- Coordinate the review and reconciliation of all General Ledger accounts.
- Ensure reconciliation of receivable/payable and inter-institution accounts.
- Give instructions for the settlement of all inter-institution receivable/payable.
- Represent the Division/Department in various working groups including those of ALCO.
- Participate actively in the production of financial statements and any financial information emanating from the Division.
- Coordinate the activities of the Division with respect to the implementation and ongoing maintenance of the Integrated Internal Control Framework.
- Provide input for the financial accounting reporting of the Bank Group in accordance with IFRS.
- SAP (FICO) Financial Accounting and Controlling Subject Matter Expert (SME) in the Department
- Participate in the overall evaluation of internal control within the Division.
- Liaise with SAP for all development work in the area of General Ledger reporting of loan and banking activities.
- Liaise with experts in other modules of SAP and the CHIS and analyse FIFC SAP user requirements and enhance SAP applications based on problems encountered
- Prepare financial statements for some special activities and initiatives in the Bank as allocated by the Manager.
- Other functions that may be assigned by the Division Manager, that have bearing to the work of the Division
- Review on a continuous basis the profile of FIFC 1 staff in SAP for effective Segregation of Duties and avoidance
Including desirable skills, knowledge and experience:
- Hold at least a Master's degree in Accounting, Finance, Audit, Business Administration, or Banking
- Membership of an internationally recognised professional accounting body e. g. CA, CPA, ACCA or Accountant is an added advantage
- Have a minimum of seven (7) years of relevant professional experience. Desirable:
- Private sector experience is an added advantage.
- Experience in an accounting firm of international repute.
- Experience in applying rules and regulations, procedures and practices of international organizations.
- Demonstrated competences of accuracy, attention to detail, integrity and update knowledge of International Accounting Standards
- Excellent writing skills, and ability to explain technical accounting issues to subordinates and colleagues
- Combined knowledge of accounting and systems especially in the area of SAP FICO.
- Thorough understanding of internal control for the effective discharge of the duties of the incumbent.
- Commitment to ensure that full use is made of the systems, procedures and culture within the organization in order to deliver the required results.
- Highly numerate and analytical skills
- Strong attention to details, and sound business judgment to identify, assess, and analyze complex problems
- Good team player and excellent interpersonal and communication skills
- Applies business knowledge to the resolution of problems and identifies solutions to the benefit of the client (internal and external) and the organization.
- Works with others to maximize the effectiveness of the team as a whole, sharing the knowledge and workload.
- Develops strong working relationships with colleagues and contributes to creation of a positive team environment
- Ensures that the client is considered to be of primary importance in all transactions and interactions.
- Strives to understand, and when appropriate, anticipate client needs, and ensures that the client receives the best possible service from the Bank.
- Ability to communicate effectively (written and oral) in English or French, preferably with a working knowledge of the other language.
- Competence in the use of standard software (Word, Excel, Access, PowerPoint). Knowledge of SAP Finance.
Method of Application
Interested and qualified? Go to African Development Bank - AfDB career website on www.afdb.org to apply