Job Summary
The head of Finance is responsible for managing the financial activities of the Electronic Money Institution, ensuring financial stability, regulatory compliance, accurate reporting, and effective use of resources. The head of Finance provides financial leadership and supports management in strategic and operational decision-making.
Key Responsibilities
- Financial Management & Reporting
- Oversee day-to-day financial operations of the EMI.
- Ensure accurate and timely preparation of financial statements in accordance with applicable accounting standards.
- Review and approve monthly, quarterly, and annual financial reports.
- Maintain proper accounting records and documentation.
- Budgeting & Financial Planning
- Prepare annual budgets and financial forecasts.
- Monitor actual performance against approved budgets.
- Analyze variances and provide explanations to management.
- Support management in financial planning and cost control.
- Regulatory & Compliance Support
- Ensure financial activities comply with Central Bank and other regulatory requirements.
- Prepare and submit required financial and regulatory reports on time.
- Coordinate with regulators, external auditors, and internal auditors when required.
- Safeguarding of Customer Funds
- Ensure customer funds are kept separate from the EMI’s own operational funds.
- Oversee bank accounts related to customer funds and operations.
- Ensure regular reconciliation between system balances and bank balances.
- Cash Flow & Liquidity Management
- Monitor cash flow to ensure the EMI can meet its financial obligations.
- Ensure sufficient liquidity is available for customer transactions and redemptions.
- Manage relationships with banks and financial service providers.
- Internal Controls & Risk Management
- Establish and maintain effective financial controls and procedures.
- Ensure segregation of duties within the finance function.
- Identify financial risks and recommend mitigation measures.
- Support fraud prevention and financial risk monitoring activities.
- Audit & Tax Matters
- Coordinate external and internal audits.
- Ensure timely resolution of audit observations.
- Oversee tax compliance, filings, and payments in line with applicable laws.
- Team Management
- Lead and supervise the finance and accounting team.
- Assign duties and monitor staff performance.
- Ensure finance staff are properly trained and supported.
