Finance Manager at Grainbulk Sacco

To oversee the Sacco’s financial management, accounting functions, and banking operations, ensuring financial stability, compliance with regulatory requirements, and efficient service delivery to members. The Finance Manager – Finance, Accounts, and Banking plays a vital role in ensuring the financial health, compliance, and sustainability of the Sacco. By overseeing financial operations, banking services, risk management, and financial growth strategies, this role directly impacts member satisfaction, regulatory compliance, and overall institutional success.

Key Responsibilities

• Financial Strategy and Growth
• Develop and execute strategies to increase revenue streams, including investments, loan products, and service charges.
• Identify and implement cost-saving measures to enhance financial sustainability.
• Drive financial digitization initiatives, including mobile banking, agency banking, and digital lending.
• Develop new financial products and services to enhance member satisfaction and Sacco competitiveness.
• Financial Management
• Develop and implement financial policies, procedures, and strategies to enhance Sacco’s financial health.
• Oversee financial planning, budgeting, forecasting, and reporting.
• Ensure optimal management of the Sacco’s assets, liabilities, and liquidity.
• Monitor and manage the investment portfolio, ensuring prudent investment decisions.
• Develop and execute strategies for fund mobilization and capital adequacy compliance.
• Ensure the Sacco complies with SASRA regulations, IFRS, CBK, and Cooperative Act requirements.
• Ensure timely postings of transactions
• Accounting and Financial Reporting
• Oversee day-to-day accounting operations, including bookkeeping, reconciliations, and financial statements preparation.
• Ensure accurate and timely preparation of monthly, quarterly, and annual financial reports.
• Implement and maintain internal controls to safeguard Sacco’s financial assets.
• Ensure timely statutory payments and compliance with tax obligations (VAT, PAYE, corporate tax, etc.).
• Coordinate with external auditors for financial audits and ensure compliance with audit recommendations.
• Banking and Treasury Operations
• Oversee the Sacco’s banking operations, including deposits, withdrawals, loans, and member transactions.
• Ensure proper cash flow management and liquidity planning to meet operational and member needs.
• Optimize treasury management, including investments, interbank transactions, and fund transfers.
• Enhance relationships with banks, financial institutions, and fintech partners for improved financial services.
• Ensure efficient loan disbursement, collections, and delinquency management in line with Sacco policies.
• Monitor non-performing loans (NPLs) and develop effective loan recovery strategies.
• Risk Management and Compliance
• Identify, assess, and mitigate financial, operational, and compliance risks.
• Ensure compliance with SASRA regulations, Anti-Money Laundering (AML) laws, and KYC (Know Your Customer) policies.
• Implement risk management frameworks to safeguard Sacco’s financial interests.
• Ensure effective fraud detection and prevention mechanisms are in place.
• Liaise with regulatory bodies (SASRA, CBK, KRA, etc.) to ensure compliance and reporting requirements are met.
• Team Leadership and Capacity Building
• Lead, mentor, coach, and manage teams in finance, accounts, and banking operations.
• Conduct training and capacity-building programs to enhance financial literacy among staff members.
• Promote a high-performance culture, ensuring accountability and efficiency in financial operations.
• Stakeholder Engagement
• Work closely with the CEO, Board of Directors, Audit Committee, and other senior managers to align financial strategies with overall Sacco goals.
• Engage with external stakeholders, including auditors, regulators, banks, and investors, to strengthen financial partnerships.
• Ensure transparent communication and reporting to the Finance and credit committee regarding Sacco’s financial health.

Job Specifications – Qualifications and Experience

Education

• Bachelor’s degree in Finance, Accounting, Economics, Banking, or a related field.
• Professional certifications such as CPA (Certified Public Accountant), ACCA, CFA, CISA, or CSP (Certified Sacco Professional) are highly desirable.
• Membership in good standing of a relevant professional body e.g., ICPAK, ACCA, ICPSK, is mandatory.

Experience

• 8–12 years of experience in financial management, accounting, and banking operations, with at least 5 years in a senior management role.
• Experience in Sacco, banking, microfinance, or cooperative sector.
• Strong expertise in financial planning, risk management, and regulatory compliance.
• Proven ability to develop and execute financial strategies for growth and sustainability