Finance Manager

Malawi Union of Savings and Credit Co-operatives (MUSCCO)

The Malawi Union of Savings and Credit Co-operatives (“MUSCCO”) is a national democratically controlled apex body of Savings and Credit Co-operatives (“SACCOs’) established on 15th September, 1980. The mission is to promote the sustainable growth and development of financial Cooperatives and their members through cost-effective inclusive programming. MUSCCO is a member of the World Council of Credit Unions and a continental body, known as African Confederation of Cooperative Savings and Credit Association (ACCOSCA).

Aligning with its 2024-28 Strategic Plan, the Union has been mandated to operate through three independent companies namely: The MUSCCOCorporate (responsible for advocacy, promotion and co-ordination of the SACCOs in Malawi) The Cooperatives Development Institute -CDI (focusing on Technical Support and Capacity Building for SACCOs, Research and Development and, The Central Finance Facility- CFF, a regulated and licenced financial intermediary for SACCOs. This has necessitated creation of vacancies to be filled within first quarter of year 2025.

The Union invites applications from suitably qualified persons to fill the vacant position of Finance Manager, in its establishment.

FINANCE MANAGER

Position: CFF Finance Manager -FM
Location: MUSCCO CFF Head Office, Lilongwe
Reports to: Head of Finance, HR and Administration
Provides supervision to: Finance Officers, Assistant Finance Officers), Finance and Administration Assistants
Effective Date: 1st March, 2025

General
The CFF FM will support the CFF business Unit Manager and MUSCCO Corporate Head of Finance in overseeing the CFF and CDI finance management and implementation of risk management, financial accountability, and ensuring compliance with regulatory standards in addition to MUSCO’s policies and procedures. S/he will be responsible to provide the finance unit with technical leadership to ensure high quality financial and accounting management is achieved. He/she technically reports to the MUSCCO Head of Finance, HR and Administration (HFHA).

Duties and responsibilities: The CFF FM will be responsible for:

Financial Management

  1. Prepare monthly management accounts for Central Finance Facility and monthly regulatory reports to Reserve Bank of Malawi.
  2. Preparation and consolidation of Management Accounts and yearly Financial Statements for the three entities/ units under MUSCCO
  3. Monthly follow-up on all budgets, analyse the information (deviations and re-allocations) and report this analysis to the concerned unit and the HFHA.
  4. Review performance of individual financial products, service charges and make proposals to management regarding pricing and providing financial analysis and recommendations for trading options and strategies
    that include conducting reviews and evaluations for cost reduction opportunities;
  5. Manage debtors and creditors to ensure optimum working capital and develop financial management mechanisms that minimize financial risk.
  6. Maintain stock ledgers and oversee stock management and reporting systems
  7. Manage financial systems, general ledger reconciliations, providing recommendations and monitoring of SACCO member accounts, employee loans and advances; field travel and procurement liquidations
  8. Ensure that monthly payroll is administered in Sage
    VIP and ensure compliance to statutory requirements and that remittances are timely remitted to relevant authorities;
  9. Ensure that all record keeping and reports are reviewed before external audit is done and findings reported to relevant officers.
  10. Oversee tax planning, tax compliance and ensure financial statements comply with International Financial Reporting Standards
  11. Develop and continuously improve systems for internal financial controll
  12. Manage fixed Asset register and conduct inventory listing checks every month;
  13. Supervise and reconcile output from the Bankers Realm system to the Sage Evolution ERP Accounting Systems;
  14. Any other duties as assigned by management from time to time

Treasury and Bank Management

  1. Prepare monthly cash flow and monitor on weekly basis against actual with related reports distributed to management;
  2. Ascertain investments needs, operational and capital financing; prepare application / renewal documentation and negotiate facilities; provide financial reports to maintain facilities as required by banks and other financial dealers
  3. Ensuring that there is always an updated file of bank signatories with the related correspondence with the banks in addition to timely bank reconciliations preparation.

Training and Capacity Building

  1. Orient and manage team members under his/her direct responsibility and organize regular team/staff meetings;
  2. Identify training and capacity needs of Finance Staff and organize capacity-building plans for the identified gaps
  3. Assigns work, set performance targets and conduct appraisals for staff under control.

Qualifications, Skills and Abilities

  • Qualified Accountant with a sound academic qualification with 5 years post qualification experience in similar position and should be a member of ICAM.
  • Familiarity with the regulations which govern financial institutions in Malawi
  • Have experience in Sage Pastel Accounting System and any Core Banking System
  • Ability to work with minimum supervision and maintain utmost confidentiality and manage multifunctional tasks.

Remuneration:

The successful candidates shall be offered a negotiated performance related contracts for one year (with an opportunity for two additional years) The Union will offer an attractive salary, benefits and gratuity package commensurate with the seniority of the position.

How to apply:

Candidates meeting the above qualifications and experience should include the following in their application: detailed Curriculum Vitae with names of three traceable referees, a covering letter and copies of certificates to the address below:

The Chief Executive Officer,
MUSCCO Limited,
MUSCCO House,
P.O. Box 651,
LILONGWE

And,

send your application to hr@muscco.org not later than 16.00 pm on Friday, 7th February 2025. Only shortlisted candidates will be acknowledged

MUSCO is an equal opportunity employer committed to inclusive hiring and dedicated to diversity in its work and staff.

Only short-listed applicants will be acknowledged