HEAD FINANCIAL CONTROL

Job Summary

The Head Financial Control will have primary day-to-day responsibility for planning, implementing, managing and controlling all financial-related activities of the Bank. He/She will report directly to the Managing Director (MD) and assume a strategic role in the overall management of the Bank. The Head, Fincon is accountable for the administrative, financial, and risk management operations of the Bank, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve the bank’s assets and report accurate financial results

He/She is expected to have an updated job knowledge by remaining aware of new regulations as regards financial control in Microfinance Bank.

Responsibilities

Financial Planning

• Provides leadership in the development for the 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; projecting acquisition and expansion prospects; analysing organization operations; identifying opportunities for improvement, cost reduction, and systems enhancement; accumulating capital to fund 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, FCT-IRS
• 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

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
• 7+ 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