Vacancies at Co-operative Bank of Kenya

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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SENIOR ACCOUNTANT (REF: SA/02/24)

Reporting to: The Finance Manager

JOB PURPOSE:

The job holder will report directly to the Finance Manager and play a crucial role in managing the FOSA department with responsibilities which will encompass a range of financial functions, ensuring operational efficiency, regulatory adherence, and excellence in customer service.

Main Responsibilities of the Jobs

• Recording and maintaining accurate book of accounts.
• Providing branch support for accounting queries.
• Reconciling control accounts and reviewing journal entries.
• Approval of imprest system within approval workflow limits.
• Overseeing verifcation & Processing of invoices and payments.
• Reconciliation of account payables and account receivables.
• Oversee proper filing of finance documents and expenses vouchers.
• Ensure Timely Preparation and submission of SASRA monthly Returns.
• Processing of statutory deductions and filing tax returns and subsequent payments to ensure the Sacco complies with all tax regulations.
• Preparing monthly cashflow projections.
• Preparation of daily liquidity report.
• Preparation of management responses to the management letter raised by external auditor.
• Any other duties assigned.

Knowledge, Skills and Experience

• Minimum level of academic qualification, skills and knowledge required to perform effectively in the role:
• Bachelor’s Degree in Finance or Accounting option.
• CPA (K) is mandatory.
• ICPAK member in good standing.
• Minimum of 5 years’ relevant experience.
• Prior working experience in a Deposit taking Sacco, Commercial bank or a Microfinance bank.

Attribute:

• Outstanding communication, organizational and interpersonal skills.
• Good Knowledge and skills of accounting software’s.
• Strong analytical Skills and decision-making skills.