Careers at Sumac Microfinance Bank

About the Role

The job holder will be responsible for maintaining accurate and timely original accounting entries and records while delivering high quality client service to internal and external customers while ensuring adherence to policies and procedures in all accounting processes.

Key Responsibilities: 

• Ownership of all the General Ledger accounts ensuring that they are reconciled at all times.
• Preparation of bi-monthly bank reconciliations through the core banking system
• Maintaining fixed assets register modules through the core banking system
• Proposing and implementing of revised finance and procurement policies
• Implementation of other system upgrade areas affecting accounts operations and reporting
• Accurate and timely posting of entries while ensuring data integrity into the core banking system
• Correct matching of all accounting entries to their budgeted cost and revenue centers
• Timely accrual of all costs and revenues
• Timely payments of suppliers and customer payment requests while verifying documentation
• Timely settlement of statutory obligations such as taxes and loan obligations
• Filing of statutory reports to regulators by the set statutory deadlines
• Manage cashflows at bank level and ensure adequacy at all times
• Accurate and timely preparation of monthly and annual accounts namely balance sheet, profit and loss statement and other reports in adherence to relevant IFRS
• Provide oversight on overall adherence to budget
• Proactive cost management on OPEX
• Responsible for payroll reconciliation after postings
• Provide guidance to onboard, train, set targets and manage the performance of staff reporting to you to ensure the achievement of their set targets.
• Act as an agent of the bank
• Timely treasury replenishment across all branches upon request
• Reconcile financial discrepancies by collecting and analyzing account information.
• Any other duties delegated by the supervisor from time to time

Qualifications and Technical Competencies

• University degree in either Finance/Accounting/Economics or Business Admin.
  CPA (K) or ACCA Finalist. A master’s Degree will be an added advantage
• 3 years working experience in a similar position in the banking industry preferably a regulated Microfinance Bank.
• Ability to work under pressure and manage time efficiently
• Ability to solve complex problems and make decisions effectively
• Good time management
• Respect for peers
• Confidentiality
• A team player
• Assertiveness and self-drive
• Honesty, reliability and dependability
• Good interpersonal skills
• Good communication skills
• Analytical skills
• Speed and accuracy

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About the Role

The job holder will be responsible for monthly analysis of both trade payables and receivables, reconciliation of the general ledger, bank reconciliation, cost management, periodic budget variance review and financial statement audit preparation.

Key Responsibilities: 

• Verify, allocate, post and reconcile accounts payables and receivables. 
• Prepare and post journal entries which includes expenditure allocation. 
• Proper accounting and reporting of both revenue and expenditure items 
• Posting of commission and premium payment from underwriters 
• Track expenditure as per budget and analyse and report any significant variance 
• Account analysis and reconciliation on all ledger accounts 
• Support audits by internal auditors, external auditors, and Regulators (IRA, CBK KRA). To follow up all issues raised in audits and inspections reports and resolve them. 
• Timely reconciliation of all accounts receivables and payables 
• Manage trade debtors and creditors ensure compliance with agreed payment timelines. 
• Adherence to quarterly closure procedures with all underwriters on accounts payables and receivables. 
• Proper controls around credit and adherence to credit policy and guidelines 
• Manage administrative functions as considered necessary from time to time 
• Compliance with IFRS17/IAS, Companies Act, and Taxation Act, IRA guidelines and the Company’s policies and procedures. 

Qualifications and Technical Competencies

• University degree in either Finance/Accounting/Economics or Business Admin.
• Professional Qualification (CPA(K) , ACCA, ACA or equivalent ) 
• At least 5 years’ accounting experience in a busy Insurance/Bancassurance environment. 
• Sound knowledge of the Insurance industry and regulatory guidelines. 
• Working knowledge of any insurance underwriting Business Suite with high proficiency in MS office suite 
• Understanding and practical experience dealing with taxation issues and KRA compliance requirements 
• Conceptual and Analytical Skills: Flair with figures, and strong analytical skills with the ability to interpret financial information. 
• Accuracy and attention to detail 
• Excellent interpersonal and negotiation skills 
• Able to communicate effectively with various stakeholders
• Good problem solving and presentation skills

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About the Role

The job holder will be responsible for coordinating and ensuring appropriate and timely recovery actions on loans allocated, with objective of bringing the bank to order

Key Responsibilities: 

• Overall assessment and monitoring of allocated non-performing loan, Debt Recovery success rate, critically reviewing the amount due in an efficient and cost-effective way.
• Undertaking periodic review of securities held against all non-performing facilities to ensure these are perfected and that no dilution happens during debt recovery period.
• On case-by-case basis, assessing Bank’s positioning and its ability to recover amounts due without forced realization of securities held as far as possible. Detailed negotiations with defaulting clients for facilities restructure.
• Undertaking periodic review of securities held against all non-performing facilities to ensure these are perfected and that no dilution happens during debt recovery period.
• When realization of securities is inevitable, ensuring that the process is handled procedurally in order to avoid delay through intermittent litigation and potential risk exposure.
• Planning and closely coordinating the debt recovery process with various stakeholders including Lawyers, Valuers and Auctioneers to avoid undue delay and recovery cost escalation.
• Prepare and submit accurate and detailed reports from recovery assignment and making actionable recommendations to the management.
• Carry out storage and proper filing of credit documentation and files
• Provide guidance to onboard, train, set targets and manage the performance of staff reporting to you to ensure the achievement of their set targets
• Preparation of write-off proposals quarterly.
• Perform any other related duty as assigned in line with the organization goals and objective. 

Qualifications and Technical Competencies

• University degree University degree
• Atleast 3 years working experience in a Collections and Recoveries role
• Result oriented with excellent communication and social skills.
• Forward Planner with clear focus, maturity and reliability
• Ability to work with minimal supervision.
• Honest and with very high integrity.
• Excellent team spirit.

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About the Role

The role holder will provide legal advisory and interpretation services in respect to, Conveyance, Contract/Lease management, Compliance with Agreed SLAs, Risk and Audit Rating, Debt Collection, to assist the bank to be a sustainable business that complies with existing laws and regulatory requirements.

Key Responsibilities: 

• Interpret legal texts for the Bank and assist management in interpreting and applying statutes, rules and regulations and offer legal opinions to ensure compliance of the Bank.
  Review or draft agreements/contracts for and on behalf of the bank.
  Review of loan/facility documents to ensure that agreements with bank clients are enforceable.
  Coordination with the external counsel to ensure timely completion of assignments issued by the department. This includes issuance of instructions for litigation matters and conveyance matters.
  Offer legal advisory to the Management and the Board on the emerging topical issues
  Maintaining status reports on Conveyance Matters and Litigation matters as well as other databases that may be required.
  Ensuring relevant reports are sent to the management and/or branches as and when required.
  Timely responding to potential claims to avoid any anticipated litigation.
  Participate in preparing and/or represent the Bank in judicial proceedings regarding enforcement of laws, rules and regulations.
  Coordinating legal trainings to the branches and the departments
   

Qualifications and Technical Competencies

• Must have a degree in Law, LLB
• Post-graduate diploma in Law from the Kenya School of Law and is admitted or about to be admitted to the Bar or scheduled to be admitted to the Bar.
• Must have experience working in a law firm or experience working in the Banking Sector.
• At least 5 years’ experience working as a Legal officer
• Must demonstrate advocacy skills and good negotiation skills
• Should have strong communication, writing and presentation skills
• Problem Solving; Should be conversant with the various methods of resolving issues; procedures in the conveyance process and procedures related to litigation
• Excellent accountability skills

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About the Role

The job holder will be responsible for ensuring that the Bank’s overall Risk & Compliance framework, specifically under internal processes and procedures, regulatory, statutory, KYC & AML guidelines, is acceptable and there is full compliance to the same within the bank. To also carry out risk assessments and advice on areas of improvement. 

Key Responsibilities: 

• Conduct Risk assessments on all bank projects, units, products, and processes as per the risk management policies and procedures.
• Conduct reviews on all bank activities, processes, and units to ensure compliance with internal policies and procedures, regulations, and all relevant laws.
• Conduct daily transactions monitoring, compile, and report to relevant regulators on any over the limit and/or suspicious transactions.
• Conduct internal Risk management, AML, and KYC trainings to promote compliance awareness and improve the risk culture in the bank.
• Represent the risk and compliance function at various management meetings as and when requested and advise on risk issues.
• Take part in preparation of Risk and Compliance reports
• Maintain detailed knowledge of current AML/CFT/CPF regulations and keep track of developments within the AML/CFT/CPF scope, sanctions, terrorist financing issues, including policies, procedures, regulations, industry best practice, criminal typologies and developing trends and advise accordingly
• Maintain strong working relationship with internal and external stakeholders to ensure that compliance issues are regularly discussed and addressed.
• Acts as the AMLRO Officer for the Bancassurance Intermediary
• Monitor and track closure of management actions from the compliance reviews, regulators and external audit reports
• Proactively identify gas in the assigned reviews, assessments, projects and follow up on implementation of agreed mitigation controls
• Perform any other duties as assigned in line with the organizational goals and objectives 
  . 

Qualifications and Technical Competencies

• University degree in a business-related field or its equivalent.
• At least 4 years’ experience in Risk & Compliance within Banking or a regulated financial services sector
• Professional risk management qualifications is desirable.
• A Certified Anti-Money Laundering Specialist qualification will be an added advantage
• Knowledge of money laundering techniques and regulations
• Knowledge of regulatory compliance requirements and risk management principles
• Demonstrable analytical skills
• Good organization and planning skills
• Good knowledge of Banking operations
• Results oriented, effective communicator and a team player
• Proficiency in computer applications