FINCA Microfinance Bank (Tanzania)
FINCA MICROFINANCE BANK formed its first Village Bank in Mwanza in 1998, bringing its model of group lending to Tanzania. In the years since, over a million customers have gained access to responsible financial products including credit, savings and money transfers.
In January 2013, FINCA Microfinance Bank began offering savings products to the public. This followed a historical event where FINCA became the first MFI to be granted a license by the Bank of Tanzania, allowing the institution to accept deposits from the public and to carry out banking services as a microfinance institution. The issuance of a license by the Central Bank was an important step toward financial inclusion in the country as it helped to bring tens of thousands of Tanzanians, mainly from rural areas, into the formal banking sector.
Today, the breadth and reach of our responsible financial services continues to grow and evolve to meet new needs and new opportunities. FINCA Microfinance Bank has gone beyond traditional microfinance by leveraging the power of new technology, such as mobile phones and agent banking, to make banking more affordable and accessible. 56% of FINCA’s customers now transact through one of the 140 agents and 23% transact via mobile financial services. FINCA Microfinance Bank is the only bank that offers an opportunity for customer to open a Savings Account within five minutes using special tablets through the Bank’s remarkable innovation known as Digital Field Automation (DFA).
As we look towards the future, FINCA Microfinance Bank will continue to improve our services. We are re-engineering and streamlining our credit and customer service processes to lower costs and to make it easier for clients to do business with us. We are fostering a culture of innovation, where all employees are encouraged to lead change.
FINCA believes that the future of expanding access to responsible financial services lies in both technological innovations and delivering an exceptional customer experience.
The Chief Financial Officer (CFO) is directly responsible for managing all finance and accounting activities of FINCA Bank Tanzania and supervises all its finance staff. S/he will ensure that the finance activities of FINCA Tanzania will support FINCA Bank Tanzania in pursuing its mission with a minimum of risk and a maximum of efficiency. As a member of the Management Team/Board, s/he shares responsibility for the overall performance and activities of FINCA Bank Tanzania and participates in making decisions on material issues.
ESSENTIAL DUTIES include the following. Other duties may be assigned.
- Manage generation of financial statements according to local accounting standards
- Manage timely reporting to relevant local authorities (central bank, tax office, etc.)
- Manage timely reporting to F/I and hub
- Analyzes financial data and develop financial analysis as a key management tool with the aim of optimizing FINCA Bank Tanzania’s activities: identify risks, inefficiencies, negative tendencies, and propose measures that reduce risks, improving efficiency, and reverse negative tendencies
- Create/modify procedures such that they are low-risk and efficient
- Ensure compliance of FINCA Bank Tanzania with financial covenants in agreements with creditors and donors
- Create cash flow forecasts
- Ensure availability of sufficient resources for lending in the required currency
- Manage all financial transactions with creditors, banks, donors
- Manage the planning and budgeting process of FINCA bank Tanzania
- Act as the coordinator and main contact person with external auditors
- Keep all Management Team/Board members informed about relevant issues/developments in FINCA Bank Tanzania’s finance activities and department
- Participate/vote in decision-making (with Management Team/Board Members) on relevant “Finance” and “Non-Finance” issues
- Manages relationships with all Lenders, both local and external, in concert with the CMG Team in HQ.
- Manage the ALCO Process as the principal representative of the local subsidiary.
- Supervise all finance staff of FINCA Bank Tanzania. For finance staff located in branches, the CFO retains the “professional responsibility”, whereas the “administrative responsibility” is transferred to the branch manager
- Responsible for hiring/evaluating all finance staff (for branch employees: professional responsibility only; administrative responsibility is with branch manager), and their dismissal, if necessary
- Assess the training requirements for the Finance Department and for its individual employees, and develop a capacity building plan for the Department and its individual employees
- Preparation of staff to assume management positions
- Conduct performance evaluations of the staff reporting to him/her and verify that the supervisory personnel also perform evaluations of their staff in a timely manner according to established procedure
- Create/develop appropriate reports: financial ratios; liquidity report; currency gap report; various credit reports; breakdown by branches/regions; breakdown by products; plan-fact comparison; historic development; other as required/appropriate
- Ensure compliance of FINCA Bank Tanzania’s finance activities with the Charter/bylaws of the subsidiary; FINCA and subsidiary policies, procedures, plans and agreements; decisions of subsidiary governing bodies as well as headquarter and regional office supervisor(s); maintain good coordination with regional office, headquarters, and governing bodies
- Present relevant “Finance” issues to the Management Team/Board for information, discussion, decision making
- Interaction with local BoD and Chairman
- Subsidiary Chief Executive Officer
- Subsidiary Chief Operations Officer
- Global Chief Financial Officer
- Subsidiary finance team
- HQ Finance & Treasury Team
- Job Requirements
- Extensive experience in best-practice financial management of a company, desirably a financial institution.
- Outstanding interpersonal, communication and training skills.
- Strong business management and negotiating skills.
- Excellent technical report writing skills and computer literacy.
- Strong analytical and organizational skills.
- Good understanding of IT issues and the role and possibilities of IT in financial management.
Education & Experience
- Master’s Degree in Business, Finance, Economics, Management or Marketing (or equivalent work experience)
- CPA, or Chartered Accountancy qualification (required)
- Commercial banking experience (a minimum of 5 years is required, more – desirable)
Language Skills:Fluency in English
Availability and willingness to travel up to 25% of the time
Ability to travel in economy class when traveling by air or rail.