Bosak Microfinance Bank Limited was incorporated in December 2009 with the business objective of providing financial service to micro clients who were excluded from the mainstream financial system.Description
Strong understanding of accounting principles and finance
Excellent analytical skills for interpreting financial data
Experience with financial reporting and creating financial statements
Attention to detail and accuracy in financial analysis
Promptness in Posting of Transactions
Income Statement and Balance Sheet Review
Weekly/Monthly Bank Reconciliations
Preparing General Ledger Reconciliation
Monthly Update of Fixed Asset Register
Preparing Monthly Journals
PAYE/WHT Remittances, Receipts documentation
Raising Internal Memos
Preparing Monthly Management Account
Raising Monthly Journals
Key Responsibilities
Financial Management: Oversee day-to-day financial operations, including accounts payable/receivable, payroll, budgeting, and financial reporting.
Budgeting and Forecasting: Develop and manage the annual budget and financial forecasts. Monitor financial performance against budgets and provide variance analysis.
Financial Reporting: Prepare and present accurate and timely financial reports, including monthly, quarterly, and annual financial statements, in compliance with relevant accounting standards.
Regulatory Compliance: Ensure compliance with all relevant financial regulations, including Central Bank guidelines, tax laws, and other legal requirements. Prepare reports for regulatory bodies as required.
Internal Controls: Implement and maintain robust internal controls to safeguard the bank’s assets and ensure the accuracy and reliability of financial information.
Cash Flow Management: Monitor and manage the bank’s cash flow to ensure liquidity and optimize the use of funds.
Audit Coordination: Coordinate with external auditors during financial audits, ensuring all necessary documentation and information are provided.
Financial Analysis: Conduct financial analysis to support decision-making processes. Provide insights on cost control, profitability, and financial performance.
Team Management: Lead and mentor the finance team, ensuring professional development and the effective execution of financial tasks.
Collaboration: Work closely with other departments to provide financial insights and support business operations. Assist in the development of financial strategies and initiatives.
Technology and Process Improvement: Identify opportunities to improve financial processes andsystems, leveraging technology to enhance efficiency and accuracy.
Qualification / Requirements
A Bachelor’s Degree in Finance, Accounting, Economics, or a related field.
Professional certification in Accounting, such as ICAN or ACCA is compulsory.
Experience in the banking or microfinance industry
Proven work experience with a minimum of 5 years Banking experience
Strong understanding of microfinance operations and regulatory requirements.
Proven experience in budgeting, financial reporting, and financial analysis.
Excellent leadership and team management skills.
Strong analytical and problem-solving abilities, with a keen attention to detail.
Strong knowledge of accounting regulations and procedures, including Generally Accepted Accounting Principles (GAAP).
Proficiency in Microsoft Office Suite and accounting software.
Understanding of banking and financial services business model and unit economics.