Finance Manager at

1 month ago

Nairobi, Nairobi Area, Kenya Co-operative Bank of Kenya Full time

The Co-operative Bank of Kenya Limited is incorporated in Kenya under the Company Act and is also licensed to do the business of banking under the Banking Act.

The Bank was initially registered under the Co-operative Societies Act at the point of founding in 1965.

FINANCE MANAGER (

REF:
FM/02/24)

Reporting to:
The CEO

Job Purpose

The job holder will oversee the Finance department and Provide leadership in overall financial management in the preparation of the Sacco's financial statements, budget formulation and SACCO investment strategy.

Roles and Responsibilities

Overall management and coordination of the finance department by leading, directing, planning and controlling of all aspects of reporting, budgeting, final accounts and liaison with internal and external auditors.

In liaison with the CEO, formulate corporate financial strategies, monitor and oversee their successful implementation and ensure compliance with approved policies and regulatory requirements
Formulate a strategic financial plan to enhance the overall business growth.
Provide financial reports and interpret financial information to managerial staff while recommending further courses of action.
Advise on investment activities and provide strategies that the Sacco should take to improve revenue.
Maintain the financial health of the Sacco.

Analyse costs, pricing, variable contributions, sales results and the Sacco's actual performance compared to the strategic plan in addition to developing market trends and projections for the Sacco's financial performance.

Conduct reviews and evaluations for cost-reduction opportunities.

Oversee operations of the finance department, set goals and objectives, and design a framework for these to be met.

Manage the preparation of the Sacco's budget and its implementation and review.
Correspond with various other departments, discussing Sacco plans and agreeing on future paths to be taken.
Monitoring liquidity position of the society thorough cash flow movement reports.

Preparation of monthly budget analysis for the Finance Board Committee and finance board papers for the Board of directors.

Oversee the preparation of management and financial reports (monthly, interim and end of year).
Monitoring, evaluation and improvement of internal controls.
Promoting a positive ethical and corporate culture.

Be a team player in development, nurturing and improving synergies within the institution to effectively attain the set objectives.

Approval of staff master payroll after preparation and verification by the HR Manager and senior accountant respectively and forwarding to CEO for approval.

Approve of staff imprest and reimbursement for both department and branches.
Approve all transactions before they are posted by the accountants (e.g. remittances, salaries, payments to third parties, loans to members, refunds journals, interbank transfers, invoices, end of year adjustments).
Review and approve all bank reconciliations statements –Daily and Monthly.
Preparation of annual departmental objectives /plans and ensure proper allocation of duties and efficient use of resources.
Approve SASRA returns on financial performance and ensure submission is done within the regulatory requirements.

Minimum years of experience required to have to be appointed to the position:

A Bachelors' Degree in Accounting or Finance.
A professional accounting qualification CPA K or ACCA.
MBA/MSC in Finance, Accounting, Commerce or related field would be an added advantage.
8 years' experience in Financial Management in a financial institution with 5yrs at a senior management level.
Preferably a member in good standing with ICPAK or equivalent professional body.
Sound knowledge in Deposit taking SACCOS and the regulator's (SASRA) guidelines governing Deposit Taking Sacco's.

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