Finance Manager

About Umba Inc.

Our mission at Umba is to use machine learning to allow us to create intelligent, affordable financial products for emerging markets. Umba is live in Nigeria, expanding quickly into additional markets, offering a full suite of digital banking products to its customers through Android and iOS Apps. Our platform uses machine learning and big data to build credit scores to optimize risk exposures and allows users to apply, receive, and repay microloans and through their smartphones. Once a user creates an account, we validate their information and make lending decisions based on the information they give us and hundreds of data points we take from their smartphone with their permission. Our machine learning models are in a state of constant improvement, and we use AI and automation to deliver the lowest cost banking solutions for our growing customer base. We have built out a comprehensive data collection platform, with our data warehouse storing over 100m rows of data for accurate credit scoring.

About Umba Nigeria

Umba Inc has recently acquired a 100% stake in a Microfinance Bank in Nigeria following an approval in principal from the CBN and is now going through the formal approval process to commence operations as new digital bank. Operations are expected to commence in quarter two 2022.

Job Description

The Finance Manager is a senior management role reporting to the General Manager. This position is responsible for managing all finance, accounting, tax, regulatory reporting and treasury activities for the Bank. The incumbent will ensure efficient running of the Bank's financial department and s/he will be expected to provide leadership in all finance matters.

Moreover, this position is responsible for budget formulation, external audit coordination, regulatory reporting, ensuring the integrity of financial records.

Umba will operate a Finance Shared Service Centre (FSSC), based in Nigeria, to provide transactional accounting services to each of the markets that Umba will operate in Africa. The Finance Manager will work closed with the FSSC.

Responsibilities

• Lead the annual budget process, forecasting and all other financial planning exercises in consultation with the CEO.
• Provide timely, accurate and insightful monthly management accounts to Management and the Board.
• Track and report actual financial performance versus budget and forecast, ensuring that any material variances are immediately explained and brought to the attention of Management.
• Prepare (supported by the Finance Shared Service Centre - FSSC) and deliver all financial related regulatory returns in a timely manner.
• Prepare (supported by the FSSC) all reporting for the Assets and Liabilities Committee (ALCO) and present at ALCO, sharing insights and making appropriate recommendations.
• Lead all Treasury activities, including but limited to, Liquidity Management and Capital Planning.
• Responsible for tax reporting, compliance and planning (working with the FSSC).
• Ownership for the IFRS 9 Model, ensuring all assumptions are current and appropriate and that the outputs are accurate.
• Relationship Management - manage relationships with the FSSC, External Auditor, Tax Advisors and any other financial advisors.
• Monitor all regulatory financial ratios and trigger management action in case there is a deterioration of any ratios that may lead to a breach.
• Manage the annual external audit process, ensuring that the audit is completed in an efficient and timely manner and the Audited Financial Statements are accurate, signed and filed on time.
• Assist to formulate the Internal Capital Assessment Adequacy Plan in liaison with the CEO and the Head of Risk Management.
• Manage all receivables, payables and procurement (working with the FSSC).
• Maintain a register of all the Bank's assets and ensure they are maintained well at all times (working with the FSSC).
• Prepare draft audit accounts and coordinate with the external auditors and regulator inspection teams by availing all required information and records to aid the successful performance of external audits and inspections by regulator.
• Coordinate other functions of finance namely:
  • Reconciliation
  • Management of month end and year end procedures.
  • Payment of tax and statutory obligations
  • Record Keeping and archiving of financial administrative files
• Manage payroll and ensure remittance of all statutory deductions to the respective agencies (working with an outsourced payroll service provider).
• Manage bank accounts and ensure there is sufficient liquid funds while investing surplus cash in near cash financial instruments
• Oversee the Bank's insurance policies, pension schemes and all the Bank's investments.

Qualifications and Experience

• Bachelors degree in Accounting, Economics, Business or any other relevant field.
• Must have banking experience
• Minimum of 2 years experience in a similar role, at management level, in a regulated financial institution.
• Professional qualification in Accounting
• Member of a professional body
• Must have a good grasp of the CBN Microfinance Banking Guidelines.
• Have in-depth accounting Knowledge

Work Status

Valid work authorization for Nigeria Umba is proud to be an Equal Opportunity employer.

All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected veteran status, age, or any other characteristic protected by law. If you have a disability or particular need that requires accommodation, please let us know.