Standard Chartered Bank Finance Lead, FURAHA Venture – SC Ventures (Contract)

Job

: Ventures

Primary Location

: Africa & Middle East-Kenya-Nairobi

Schedule

: Full-time

Employee Status

: Permanent

Posting Date

: 31/Jul/2023, 6:10:17 AM

Unposting Date

: 15/Aug/2023, 1:59:00 AM

About Furaha

Credit penetration among retail individuals in most African countries is low given the poor penetration of credit bureaus and evolving maturity of alternate data to build credit footprints for borrowers. Furaha is addressing this by building a microlending platform that enables ‘purpose-driven’ loans to mass market customers across Africa, starting with Uganda as its first market. Furaha combines market-leading technology with a responsible lending approach, aiming to be a force for good to the individuals and communities it addresses.

Furaha is backed by SC Ventures (SCV), the innovation unit of Standard Chartered Bank.

Who we are looking for

The Finance Lead (“Finance Lead”) is a core member of the management team of Furaha and a key trusted advisor to the business. You will be responsible for the accounting, reconciliation and reporting, financial planning and use of analytics to leverage Furaha’s digital and data driven core. You will also support fund raising, both to enable operational growth of the platform as well as to increase working capital available to lend.

The role is a full-time position. While Furaha is being incorporated as a legal entity, you will be onboarded and payrolled through an outsourced agency partner affiliated with SC Ventures. After incorporation, we expect to make this role a permanent position under Furaha directly.

Responsibilities 

Strategy, Business and Operations

·            Provide the strategic thought leadership on all the financial-related aspects of Furaha.

·            Be responsible for accounting and financial activities, including treasury, payroll, accounts payable, accounts receivable, budgeting, income statements, revenue development, and financial reporting.

·            Along with the Lending Lead, enable Loan reconciliation and payments to ecosystem partners including telcos and payment aggregators who are part of Furaha’s loan journey

·            Drive enhanced analytical reporting for key business and financial indicators. This will also require business focused conversations at all levels of the team and partners.

·            Financial planning and budgeting to support the medium-term business and expansion plans for Furaha

·            Engage with SC Ventures & Investors on financial performance, valuation and support co-CEOs in fund raising activities

·            Support co-CEOs to continue to refine and improve business model, especially in terms of pricing and margins.

Processes and Risk Management

·            The Finance lead will manage the company’s financial accounting, monitoring, and reporting systems (including setting up systems to maintain records in accounting systems, including maintenance of general ledger and subsidiary ledgers, fixed asset register and journal entry preparation and posting, reconciliation with the underlying transaction processing system).

·            Corporate and VAT regulations compliance and timely submission of returns. Establish and maintain accounting policies, procedures, and reporting systems; identify and implement improvements

·            Manage timely payments of all the vendor invoices and other business expenditures

·            Prepare periodic management reporting and financial statements

·            Ensure compliance with accounting policies and regulatory requirements.

·            The role will require a control mindset and adherence to the relevant risk framework for Business Ventures.

·            Lead the forecasting, annual budgeting exercise

·            Ensure operational continuity

People & Talent

·            Lead through example and build the appropriate culture and values.

·            Initially the role will be an individual one but as Furaha expands, this role will build up a lean Finance & Operations function to deliver on the requirements noted in this document

 Regulatory & Business Conduct

·            Display exemplary conduct and live by the Group’s Values and Code of Conduct.

·            Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.

·            Exercise authorities delegated by the Board of Directors and act in accordance with Articles of Association

·            Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key Stakeholders

·            Co-CEOs Furaha

·            Operating Partner, SC Ventures

·            SC Ventures CFO and team

·            Associated SCB Finance teams, tax, financial and regulatory reporting

·            External ecosystem partners

Skills and Experience

·            7-10 years of experience in accounting, financial controls with operational knowledge of IFRS and experience with treasury functions. Experience in Business Finance and analytics will be an advantage.

·            Strong analytical and numerical skills, familiarity with financial models and tools, proficiency in financial analysis software, and other analytical packages

·            Experience in early-stage Financial services entities involved in lending in Africa will be a huge advantage.

·            You enjoy working independently and are able to take informative decisions independently. You enjoy mentoring and teaching others to create a world class cohesive team

·            Energy and desire to succeed; follows through on commitments; pushes self and others to deliver exceptional results.

·            Ability to work across cultures and backgrounds is a must. Seeing things from multiple perspectives and being easy to work with.

·            Bachelor’s degree in Finance or Accounting; professional qualification (CA, ACCA, CMA) will be added advantage.

About SC Ventures

SC Ventures (“SCV”) was established in 2018 with the purpose of “Rewiring the DNA in Banking” by bringing three distinct areas together:

·       The eXellerator Lab, enabling innovation at large in the Bank by supporting intrapreneurs and their ideas, collaborating with fintech’s through the SCV Fintech Bridge and engaging with clients and co-creation ideas

·       The Investment Fund (“Fund”), tasked to acquire minority stakes in fintech companies (“fintechs”) whose technology has been successfully validated in the Group

·       Venture building, with the objective of exploring new business models (“ventures”), in the way it engages existing new customers and markets.

There are c.120 team members (excluding individual ventures), including dedicated colleagues from the Group’s support functions, based in Singapore, Hong Kong, Shanghai, Nairobi, London and San Francisco.