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 Deputy CEO is responsible to support the CEO in the management of the Subsidiary, by assuming the following roles:
a) Direct supervision of the following functional departments of the subsidiary: Commercial, Credit, and HR.
b) Join the Management Board as a permanent member, and as such participate in the strategic management of the company.
c) Support the CEO in the development and execution of strategic plans.
In all his/her activities, s/he will be guided by the principle of good stewardship for FINCA and its mission, responsibility and accountability to FINCA and its authorized agents and bodies.In order to fulfill his/her tasks, s/he will provide best-practice leadership vis-à-vis the employees of the Subsidiary; s/he will manage and will adequately and efficiently employ human and other resources in the affiliate, as well as make adequate and efficient use of resources available within FINCA (FINCA International Headquarters, Regional office, other FINCA affiliates) and externally (outside FINCA).
ESSENTIAL DUTIES
The Deputy CEO is responsible for directly supervising all departments under direct supervision. The DCEO must assure that the support from the staff areas is comparable to the best service of similar firms in the open market, at a similar or lower cost for FINCA.
Also, the DCEO is responsible for attending to the CEO’s duties in situations when the CEO is prevented from doing this. He/she will:
- Ensure high quality financial services to the clientele, and maximize outreach to the target group in a sustainable way,
- Assist in the implementation of best-practice corporate governance, management, organizational structure and procedures, staff development, financial management, and risk management principles.
- Re-engineer existing credit products and develop new credit products:
- Existing credit products: minimize the total operational cost per loan for the whole credit cycle, and without increasing the present credit risk.
- New credit products: Develop credit products for new market segments, and new pre-approved credit programs for segments served with traditional credit products.Lead the adoption of new systems and processes to support the development and re-engineering of credit products: CRM (for loan applications and cross-selling), credit scoring, and data mining from domestic and third party client databases.
- Ensure compliance with the Charter/bylaws of the Subsidiary; FINCA and affiliate policies, procedures, plans and agreements; decisions of affiliate governing bodies as well as headquarter and regional office; maintain good coordination with regional office, headquarters, and governing bodies,
- Mobilize funding resources in form of debt and/or grant capital: together with the CEO and the CFO, represent FINCA Tanzania at negotiations and due diligence processes, providing to partners a strategic overview of the business.
- Promote FINCA Impact Finance in the country:
- Ensuring FINCA’s Brand in the market is known and understood to represent friendly, warmth, and responsible service.
- Build a network of contacts with leading corporate executives, government officials, and professional associations in the Congolese market, including ANIMF (National Association of MFIs), American Chamber of Commerce, FEC, etc.
- Use the above mentioned network to: promote FINCA’s agenda, improve the awareness about FINCA Tanzania and FINCA Impact Finance, attract deposits from institutions and high income individuals, and to lead discussions for commercial agreements and strategic alliances.
- Contribute to the development of the FINCA network.
SUPERVISORY RESPONSIBILITY
The DCEO is responsible for the direct supervision of the functional departments whose managers are Commercial, Credit, and HR
COMPETENCIES
- Visionary Leadership
- Ethics
- Strategic Thinking
- Change Management
- Delegation and Empowerment
- Quality Management
- Job Requirements
QUALIFICATIONS
- Experience in commercial/retail banking: 8 years minimum, experience in credit: 4 years minimum,
- International experience in developing countries: 3 years minimum,
- Experience working in microfinance an asset, experience in setting up microfinance programs preferred, branch management exposure preferred,
- Risk Management experience required,
- Proven people management skills (with minimum of 5 direct reporting managers),
- Exposure, and established interest, in working for poverty alleviation,
- Strategic planning exposure a must,
- Experience in cash flow projections and analysis of business models,
- High degree of computer literacy a must.
Education & Experience
- Master’s degree (or equivalent) in related discipline required.
- Language Skills
- Fluency in English required.
- Reasoning Ability
- Strategic Thinking,
- Balanced between analytical and action oriented,
- Innovative,
- Strong management in volatile and uncertain scenarios.
- Computer Skills
- Broad understanding of core banking systems
- Broad understanding of new technologies and their impact on retail banking: mobile banking, internet banking.
KEY DELIVERABLES
Key deliverables for the position include:
a) Achievement of strategic goals such as: Creation and update of long term (5 years or longer) strategic business plans, closing of strategic partnerships, lead the launch of new business lines, re-engineer existing credit products, develop pre-approved credit programs, achieve long term risk mitigation goals.
b) KPIs including: contribution to Big 5, and direct responsibility for KPIs of the functional areas under his / her control.
KEY RELATIONSHIPS
a) With all functional mangers in the subsidiary
b) With other Management Board members; promoting a strong team spirit
c) With Subsidiary’s Board members
d) With FINCA International mangers
e) With top managers of organizations in the private sector (NGOs, for profit corporations) and public sector (Central Bank, Tax authorities, Judges, Ministers.).
TRAVEL REQUIREMENTS
Availability to travel up to 25% of thier time.
Job Opportunity at FINCA Microfinance Bank – Chief Financial Officer (CFO)
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.
SUPERVISORY RESPONSIBILITY
- 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
KEY DELIVERABLES
- 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
KEY RELATIONSHIPS
- 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
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
TRAVEL REQUIREMENTS
Availability and willingness to travel up to 25% of the time
PHYSICAL DEMANDS
Ability to travel in economy class when traveling by air or rail.
