Chief Financial Officer at FSD Africa

Reporting: Directly to Director, FSD Africa. In charge of Direct reports from Financial Management team

FSD Africa’s work focuses on five main areas organised in organisational Pillars:

• Financial Institutions: Direct interventions with financial institutions in the banking, insurance and fintech sectors to support implementation of strategies that enables reaching target beneficiaries at scale, especially through technology-led innovation;
• Financial Markets: Interventions designed to spur poverty reduction through economic growth and job creation by increasing the availability of long-term finance for investment through capital markets development;
• Financial Systems: Interventions in priority sectors, designed to increase access to finance to empower and reduce the vulnerability of the poor;
• Development Capital: Investment of concessional capital (equity, loans etc.) into financial companies, funds or other structures (e.g. guarantee schemes) where the investment is expected to contribute meaningfully to financial market development;
• Fragile states: Interventions targeting a group of fragile states (Sierra Leone, DRC and Zimbabwe) and refugees to push the boundaries of the market development into more difficult environments.

Job Purpose: The Chief Financial Officer (CFO) will have overall responsibility for managing and reporting FSDA’s finances, including Development Capital (DevCap) investments made through its subsidiary, FSDA(I).

The CFO will develop financial and tax strategies, managing capital requests and budgeting processes, while using financial performance measures and monitoring systems that support the company’s strategic direction.

The CFO will oversee all financial matters related to audit and statutory returns, including tax and reporting of financial results to DFID and the Board of Directors.

Key Roles and Responsibilities

• Direct and oversee all aspects of the Finance & Accounting functions of the organisation
• Oversee the financial operations of subsidiary companies and foreign operations
• Manage the capital request and budgeting processes
• Monitor and direct the implementation of strategic business plans
• Maintain banking and deposit relationships and manage any third parties to which accounting, or finance functions have been outsourced
• Assist in formulating the company’s future direction and supporting tactical initiatives
• Develop financial and tax strategies, together with performance measures and monitoring systems that support the company’s strategic direction
• Oversee the company’s transaction processing systems, monitoring cash balances, developing cash projection processes, and providing timely financial information and reports
• Review and approval of all statutory financial returns made to appropriate Government agencies to ensure compliance
• Assist the DevCap team with the investment and management of funds
• Develop credibility of the finance team by providing timely and accurate analysis of budgets, financial reports and financial trends in order to assist the Director FSDA, the Board and other senior executives in performing their responsibilities, and ensuring that all tax, audit and compliance aspects are addressed in timely manner
• Provide leadership in continuous evaluation and achievement of short and long-term strategic financial objectives
• Establish and maintain strong relationships with the senior management team to identify needs in advance and provide comprehensive reporting and business support
• Provide executive management with advice on the financial implications of all pillar activities
• Manage processes for forecasting, budgets, consolidation and reporting of Group financial activities
• Provide recommendations to enhance financial performance and business opportunities
• Ensure that effective internal controls are in place and ensure compliance with IFRS and all applicable laws and rules for financial and tax reporting.
• Provide advice from a financial perspective on service contracts and grant agreements
• Carry out any other duties or special assignments as assigned by the FSDA Board and Director.

Person Specification

Essential

Qualifications and Education

• Professional qualification and relevant accreditations (e.g. CPA, MBA, Bachelor’s degree in finance)

Experience, Knowledge and Skills

• A master’s degree in accounting or business administration, or equivalent business experience and 10+ years of progressively responsible experience within an investment environment across multiple countries, institutions and programmatic areas.
• Experience in partnering with an executive team, and a high level of written and oral communication skills. Preference will be given to candidates with an MBA in Finance and CPA or CMA designations.
• Significant experience and expertise in investment management (e.g. from the private equity industry) and/or investment or development banking, good commercial judgment and a willingness to play a central role in making the strategic objectives of DevCap become a reality.
• A successful track record as a senior financial management accountant prior to becoming a CFO with at least five years’ experience in Africa will be preferred
• Experience of the impact investing industry and familiarity with current thinking around the measurement of non-financial investment performance (i.e. impact)
• Experience of financial reporting of investments, including developing and applying protocols for impairment and provision calculations under IFRS9 Knowledge of donor reporting processes (ideally DFID)
• Excellent skills in written and spoken English
• Financial sector knowledge/experience
• Experience of financial risk management and an understanding of the growing financial risks that a significant increase in FSDA’s Development Capital operation would entail
• Knowledge of institutional management of investment strategies across various types of asset classes, trading approaches and techniques, and of factors affecting price trends
• Knowledge of applicable regulatory frameworks and bodies, as well as policies and guidelines affecting business practices
• Knowledge of and the ability to use methods, processes and tools for creating and maintaining accurate and thorough investment reports
• Able to build relationships and gain commitment from others
• Able to focus on and deliver on multiple projects at any one time
• Reliable with an ability to take responsibility and exercise it well
• A flexible and “hands on” approach, prerequisite for a senior member of a small team
• Strong communication skills; the ability to present ideas and financial processes with conviction
• An ability to think independently and form individual opinions on investments and grants

Qualities, Behaviours and Attributes

• A strong work ethic with a high standard of attention to detail and quality; comfortable with working in a demanding and highly intellectually environment
• An active and demonstrable interest in economic development and developing countries
• Responsive to new ideas and innovations, adaptable to system and process improvements, open to change and able to adapt established methods for new uses
• Acts professionally and upholds the good reputation of the organisation, abides by FSDA Code of Conduct
• Communicates clearly, expresses ideas in simple terms, listens to the views of others and changes tone and style to match the needs of people listening
• Self-motivated and keen to take initiative, seeking clarification when necessary and taking responsibility for own actions
• Impact-oriented with a focus on completing projects and delivering results
• Rigorous with respect for good governance and procedures, intolerant of poor quality
• Demonstrates integrity, is fair, honest and trustworthy with respect for confidentiality

Leadership Qualities, Behaviours and Attributes

• Creates a strong vision for the team; inspires others to greater performance, professional standards and results
• Develops others and creates understanding through role clarity and supportive leadership
• A team player who is supportive of other’s ideas and innovations, collaborates in a culture of knowledge sharing and team learning to strengthen the organisation’s work
• Presents new challenges and opportunities to the team to enable them to demonstrate and achieve their full potential; encourages and inspires team learning
• Encourages a high-performing culture in the team

Key Relationships

Internal Relationships

• FSDA Board of Directors, including Finance Audit & Risk Committee
• Management team
• Staff
• Peer departments

External Relationships

• UK’s Department for International Development (DFID)
• FSD Network
• Peers in Professional services
• Delivery Contractors and Partners

Financial Responsibilities

Direct Control

• Overall responsibility across the Investment Pillar (£35m through FY2018/19, expected to grow substantially thereafter).

Desirable

• Exposure to multiple functions and products in investment banking
• First-hand experience of working in/with a market building programme
• Familiarity with major African players in the field of impact investing
• Experience of working in a multi-cultural environment
• Languages: French, local African languages