I&M Bank Chief Finance Officer Job in Kenya

I&M Bank is looking to recruit a competent and highly motivated individual for the following position:

Chief Finance Officer

Ref: CFO /11 /2019

Job Summary: The incumbent is responsible for assisting in developing the Banks’ budgets in line with the strategic and corporate objectives.

This role is also responsible for improving the control environment and ensuring compliance with all reporting requirements in addition to ensuring an effective and efficient management information system (MIS).

This position also coordinates between Group Companies to ensure proper consolidation and reporting of the Group’s financial performance.

Primary Responsibilities:

The Incumbent will report to the Chief Executive Officer and will be responsible for the following:

1. Financial Planning & Strategy

  • Working closely with the senior leadership team, provide relevant inputs to ensure the Bank’s strategic plans and goals are aligned with its overall vision and Board’s expectations.
  • Guide formulation of appropriate Financial KPIs to ensure the Bank achieves its strategic objectives.
  • Develop/regularly review the Bank’s Financial models and MIS to ensure they are adequate for effective and timely decision making.
  • Provide leadership and necessary support in the budgeting process, including regular review of actual performance against targets.
  • Regular review of key ratios against budgets, Corporate and Strategic Objectives/targets as well as regulatory requirements, making specific recommendations to Management and Board on required interventions to address significant gaps, as and when required.
  • Provide effective due diligence and/or other critical inputs to ensure effective decision making with respect to the Bank’s Expansion and/or Diversification Plans.

2. Financial Reporting

  • Ensure the appropriate financial reporting systems, accounting systems and internal control mechanisms are in place to enable effective financial management of the business in line with statutory, regulatory, IFRS and internal company requirements.
  • Coordinating and overseeing the preparation of the audited Annual Financial Statements for the Group and I&M Bank Kenya.
  • Ensuring timely preparation of the quarterly unaudited Financial Statements for the Group and I&M Bank Kenya, including obtaining CBK and Board approval for publication.
  • Reviewing Financial and Management Information to various internal and external stakeholders to ensure that they are correct and submitted on a timely basis. These include; CBK, KRA, EXCO, ALCO, DFIs;
  • Coordinating audits of DFIs returns;
  • Critically reviewing recommendations of the Auditors (as captured in the Management Letter and Internal Audit Reports) and developing appropriate measures deemed necessary to address identified gaps;
  • Similarly with respect to relevant aspects of the CBK Inspection reports.

3. Revenue & Capital Management

  • Maintaining the overall budgetary discipline over OPEX and CAPEX through regular monitoring of overall expenditure levels/ trends and critical review of expenditure, before effecting payment;
  • Critically reviewing significant invoices/bills/certificates (per limits agreed upon from time to time) before payment to ensure that they are within budget and approved in line with laid down procedures.
  • Regularly reviewing the General Ledger Structure and Accounts designation to ensure that they are adequate and appropriate for purposes of providing relevant and reliable Management Information on a timely basis;
  • Ensuring continued reliability of the General Ledger accounts maintained even with introduction of additional modules/new products or integration of new systems with the Core Banking System.
  • Drive/guide process optimization and automation of all significant activities under Finance department.

4. Tax Management

  • Regularly reviewing changes in tax legislation and ensuring that the Department’s staff are fully briefed of these. This includes liaising with the Bank’s Tax Advisors and training the staff members as appropriate;
  • Critically reviewing the quarterly instalment tax Returns and recommending the amount payable for approval;
  • In liaison with the Tax Advisors, ensuring the Annual Final Tax computations are correct and are settled on a timely basis;
  • Reviewing project related costs to ensure tax implications thereof are properly understood and correctly accounted for. This includes attending limited sessions of the Project Committee meetings to gain an understanding of each project’s dynamics;

5. Leadership and Oversight

  • Providing leadership and oversight over the Finance department in order to ensure that it effectively discharges its mandate, within the stipulated deadlines. This includes addressing and providing guidance on matters escalated by the team, providing training to the team on new developments impacting the accounting profession as well as changes in Tax Legislation. Ensure proactive coaching of the staff in one on one sessions to enhance their understanding of pertinent matters and their overall performance
  • Periodically reviewing procedures and processes in the department to ensure that they remain relevant and effective;

Person Specifications

Academic Qualifications

  • Master’s in Business Administration or its equivalent from a recognized institution will be an added advantage; and
  • Bachelor’s degree in Business Administration, Finance or its equivalent from a recognized institution.

Professional Qualifications

  • CPA (K) / ACCA or its equivalent; and
  • Member of Institute of Certified Public Accountants.


  • At least 12 years relevant experience, 5 of which should have been at a senior managerial level.

Skills and Attributes

  • Strategic and analytical thinking skills;
  • Good communication and interpersonal skills;
  • Excellent management and leadership skills;
  • Good planning and organizational skills;
  • Knowledgeable in Banking business and concepts; and
  • Excellent report writing skills.

How to Apply

If you believe you meet the above requirements, please send your application together with a comprehensive curriculum vitae indicating your qualifications, present position, salary expectations and names and contacts of three referees to recruit@imbank.co.ke.

Your application should reach the address above as soon as possible but not later than 8th December 2019.

Please quote reference number followed by the position applied for in the application.

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Job Location

Nairobi, Kenya

Nairobi County

Accounting and Finance
Updated: December 6, 2019 — 7:00 am