Job Opportunities at APA Life Assurance Company Ltd

KEY PRIMARY RESPONSIBILITIES

Bank Reconciliation

• Obtain the bank statement for every active company bank account — including premium collection accounts, operational accounts, investment accounts, and petty cash accounts — and compare each entry against the corresponding entry in the general ledger.
• Prepare a formal bank reconciliation statement for each account on a timely basis, clearly showing: opening balance per bank, closing balance per bank, outstanding deposits, outstanding cheques/payments, unexplained differences, and closing balance per ledger.
• Investigate and resolve all reconciling differences within the agreed SLA. Differences that cannot be resolved within this period must be escalated to the supervisor.
• Ensure that no reconciling item remains unresolved for more than 30 days without documented justification.

Ledger Maintenance & Correction

• Post any adjusting journal entries required to bring the general ledger into agreement with the bank statement — for example, recording bank charges, reversing incorrect entries, or recognizing bank interest — after obtaining the necessary approval.
• Liaise with the Accounts Payable, Accounts Receivable, and Treasury teams to clarify any transactions that appear on the bank statement but cannot be immediately identified.
• Ensure all bank entries in the general ledger are coded to the correct general ledger account and accounting period.

Controls & Compliance

• Ensure the bank reconciliation process is carried out in strict accordance with the company's internal control framework and financial policies.
• Maintain complete, organized, and audit-ready reconciliation files for all accounts, covering the current year and the prior two years as a minimum.
• Support internal and external auditors by providing reconciliation statements, working papers, and explanations of reconciling items as required.

ACADEMIC QUALIFICATIONS

• Bachelor's degree in Finance, Accounting, or a related field. 

JOB SKILLS AND REQUIREMENTS

• Accuracy & Analytical Thinking — able to identify discrepancies quickly and trace them to their source.
• Persistence — follows through on outstanding items until they are fully resolved.
• Integrity & Independence — operates as an objective control function, free from conflicts of interest.
• Time Management — delivers reconciliations on tight daily and monthly deadlines without compromise on quality.
• Communication — clearly communicates findings and outstanding issues to management in writing.

PROFESSIONAL QUALIFICATIONS

• CPA (Part II) or equivalent is an added advantage.

EXPERIENCE

• Minimum 2–3 years of experience in a bank reconciliation, finance, or accounting role, preferably within a regulated financial institution such as an insurance company, bank, or fund manager.
• Demonstrated experience reconciling multiple bank accounts simultaneously.
• Proficiency in accounting software and strong Microsoft Excel skills.
• Solid understanding of general ledger principles, journal entries, and month-end close processes.
• Familiarity with internal controls and audit requirements.

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KEY PRIMARY RESPONSIBILITIES

 Premium receipting and allocation 

• Receive and review all incoming premium payment notifications from the banking system, mobile money platforms, cheque deposits on a daily basis.
• Match each payment to the correct policyholder account and the specific policy number it relates to, ensuring no premium is left unallocated at the end of each working day.
• Follow up with operations and bank on any payments that cannot be immediately identified — these are referred to as unidentified receipts.
• Assist in the preparation of premium income, Staff advances & Loans, Annuity Loans & Fixed Assets schedules for monthly and annual management accounts.

 Investment /other income receipting and allocation

• Receive and allocate non-premium receipts including staff salary advance repayments, ensuring each deduction or repayment is matched to the correct employee record and HR-approved advance schedule.
• Allocate investment income receipts — such as dividend payments, bond coupon receipts, and rental income — to the correct investment account in the general ledger upon receipt of confirmation from the Investment or Treasury team.
• Process and allocate any other miscellaneous receipts (e.g. refunds from suppliers, proceeds from asset disposals, or inter-company transfers) in line with the Chart of Accounts.
• Maintain a clear and auditable allocation schedule for all non-premium receipts, with supporting documentation for each entry.

 Record Keeping & Compliance

• Maintain organized, audit-ready records of all allocation entries, including payment advices, bank notifications, and correspondence with clients or brokers.
• Comply with the company's internal controls, financial policies, and any regulatory requirements relating to premium collection and allocation.
• Support internal and external auditors by providing allocation schedules, supporting documents, and clarifications as required.

ACADEMIC QUALIFICATIONS

• Bachelor's degree in Finance, Accounting, Business Administration, or a related field. 

JOB SKILLS AND REQUIREMENTS

• Accuracy & Attention to Detail — able to handle large volumes of transactions with zero errors.
• Organization — able to manage and prioritize a high daily workload and meet strict deadlines.
• Integrity — handles sensitive financial data with confidentiality and honesty.
• Team Collaboration — works effectively with multiple departments to resolve allocation queries.
• Proactiveness — identifies and escalates issues before they become problem

PROFESSIONAL QUALIFICATIONS

• A CPA (Part II) or equivalent qualification is an added advantage.

EXPERIENCE

• Minimum 2 years of experience in an accounts receivable, finance, or accounting role, preferably within an insurance company or financial services institution.
• Hands-on experience using an accounting or insurance administration system.
• Strong understanding of double-entry bookkeeping and the concept of debtor management.
• High attention to detail and strong numerical accuracy.
• Good communication skills — ability to follow up with clients and colleagues in a professional manner.

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KEY PRIMARY RESPONSIBILITIES

Financial Reporting

• Oversee the preparation of monthly, quarterly, and annual financial statements in accordance with IFRS and company policies with conjunction with the Actuarial function.
• Ensure timely completion of month-end, quarter-end, and year-end close processes.
• Review general ledger balances and ensure the accuracy and completeness of accounting records ensuring all accounting entries, accruals, provisions, prepayments, and adjustments are properly recorded and supported.
• Prepare management accounts and financial performance reports for Executive Management and the Board.
• Monitor financial performance against budgets, forecasts, and prior periods and provide explanations for variances.

Regulatory and Statutory Reporting

• Coordinate the preparation and submission of regulatory returns to the Insurance Regulatory Authority and other statutory bodies.
• Ensure compliance with IFRS, Companies Act requirements, tax legislation, and other applicable regulations while overseeing preparation of annual statutory FS and disclosures.
• Coordinate annual external audits and ensure timely resolution of audit findings.
• Drive continuous improvement initiatives aimed at enhancing financial controls and reporting efficiency.
• Monitor changes in accounting standards and regulatory requirements and coordinate implementation activities.

Budgeting and Financial Planning Support

• Support the budgeting, forecasting, and long-term business strategy planning processes.
• Provide financial analysis and reporting support to business units and management.
• Assist in the development of financial models and scenario analysis to support strategic initiatives.

Stakeholder and Audit Management

• Act as the primary liaison for external auditors, internal auditors, tax authorities, and regulators on financial reporting matters.
• Provide financial information and explanations required during audits and regulatory reviews.
• Collaborate with actuarial, treasury, operations, underwriting, and investment teams to ensure completeness and accuracy of financial information.

Leadership and Team Management

• Provide leadership and direction to the team.
• Develop staff capabilities through coaching, mentoring, and training initiatives.
• Foster a culture of accountability, compliance, and high performance within the department.

ACADEMIC QUALIFICATIONS

• Bachelor's degree in Accounting, Finance, Economics, or related field.
• Master's degree in Finance, Accounting, or Business Administration is an added advantage.

JOB SKILLS AND REQUIREMENTS

• Financial Reporting and Technical Accounting Expertise — Strong understanding and application of accounting standards, financial reporting requirements, and technical accounting matters within the insurance industry.
• IFRS and Regulatory Knowledge — Sound knowledge of IFRS standards and insurance regulatory reporting requirements to ensure compliance and accurate reporting.
• Analytical and Problem-Solving Skills — Ability to analyze complex financial information, identify issues, and develop practical solutions.
• Leadership and People Management — Ability to lead, mentor, and develop teams while fostering a high-performance culture.
• Communication and Presentation Skills — Ability to communicate financial information clearly and effectively to management, auditors, regulators, and the Board.
• Time Management and Delivery — Ability to manage multiple reporting deadlines and deliver accurate outputs within strict timelines.

PROFESSIONAL QUALIFICATIONS

• CPA(K), ACCA or equivalent professional qualification is mandatory.

EXPERIENCE

• Minimum of 8–10 years of progressive finance experience with at least 3 years in a management position.
• Experience within a Life insurance company is preferred.
• Strong knowledge of IFRS, particularly IFRS 17 and IFRS 9.
• Experience in statutory reporting, audit management, and regulatory reporting.
• Strong understanding of financial controls, taxation, and financial systems.