Finance Director – ACIF

THE OPPORTUNITY

Job Title:

Director, Program Finance – Africa Catalytic Investment Facility

Grade:

DU

Department:

Program Finance

Reports to:

Executive Director, Programs Finance

Direct reports:

Head, Finance – Africa Catalytic Investment Facility

Job Purpose

This role is responsible for Strategic Financial leadership and stewardship for all finance operations within the Africa Catalytic Investment Facility (“ACIF”) portfolio. The individual will be a strategic business partner and support the execution of the ACIF investment program – both in fund investments and direct investments. The role will entail review, insight and contribution to finance and tax matters of specific ACIF investments at entry, portfolio management and exit; oversight of accounting and financial reporting on the investment program to Foundation leadership; the development and refining of systems, procedures and internal processes; improving the program’s finance infrastructure and procurement; and engaging and interfacing with the Mastercard Foundation Asset Management (MFAM) team.

We seek an individual with strong technical experience, as well as agility and creativity to help build and shape a relatively new platform in the Foundation. The successful individual will be a trusted advisor, business partner and thought partner to ACIF in effectively and efficiently executing its mission.

WAYS YOU CAN CONTRIBUTE

Investment Evaluation and Execution Support

• Serve as a finance business partner to the investment team throughout the funds and direct investment lifecycle: due diligence, transaction execution, portfolio monitoring, portfolio reporting and analytics, and exit planning.
• Provide an internal evaluation of direct investments and fund investments in the areas of accounting, tax, and financial reporting implications of specific investment structures, including specific jurisdictions and domiciles.
• Supporting fund investment, deal teams in financial analysis, particularly in evaluating fund budgets, fund models, review of fund financial statements and reporting structures, finance and reporting systems, general partner financial viability, NAV evolutions, gross to net return assumptions, and other areas of analysis.
• Support direct investment deal teams in financial analysis prior to third party due diligence, including reviews of potential partner financial statements, funding agreements and tax matters. Work with deal teams to identify, evaluate and engage third party financial and tax due diligence providers; review due diligence reports and support the refinement of investment theses based on their findings. Support, deal teams in identifying, drafting and assessing the execution of conditions precedent to transaction execution on the basis of third party due diligence findings.
• Ownership and oversight of reputational due diligence on all prospective partners, including the engagement of third party reputational due diligence providers.
• Review and contribute to internal investment memos from a finance, tax, accounting perspective and reputational due diligence perspective.
• Where possible, identify, develop and execute innovative and appropriate structures for ACIF investments to ensure compliance, risk management and financial efficiency.
• Identify, manage and mitigate any jurisdictional reporting, foreign exchange, capital control or other risks related to ACIF investments.
• Lead the oversight and execution of closing of fund and direct investments, including ensuring completion of all required internal and partner documentation, adherence to all internal governance and approval processes, overseeing internal workflows, coordinating with the team at MFAM and confirming timely execution of all procedures to fund initial and subsequent disbursements.
• Lead any jurisdictional / in country reporting, registering or tax related requirements to effect the execution of ACIF investments, in collaboration with third party legal, tax and finance advisors.
• Support portfolio companies and funds with identified gaps in the finance function, as part of the ACIF value creation strategy, strengthening the capabilities and governance of African enterprises.

Platform Finance Accounting Oversight

• Plan, implement, manage and control all financial related internal activities within the program.
• Budgeting: Lead the annual budgeting process; ensure availability of sufficient funding to enable delivery of the strategic objectives as well as individual program outcomes. Lead periodic reviews of expenditures, highlight areas of concern and identify areas of savings.
• Act as 1st line of defence for Financial and compliance risk through identifying risks, assessing controls, and implementing mitigations against risks.
• Contracting and procurement management: develop, review and improve contracting to ensure value for money, efficiency and effectiveness in procurement of professional and other services.
• Vendor selection and negotiation: identify areas of efficiency and savings by reviewing contracts, scopes of work and vendor selection processes; engage with professional services providers for due diligence activities, negotiate terms and pricing and leveraging a holistic view of ACIF and Foundation level procurement.
• Liaise with internal teams, including the Global Controllers office, Shared Services, Tax and other departments to ensure awareness, compliance and reporting as needed.
• Oversee and implement deal profitability analysis, including identifying and sharing lessons learned.
• In partnership with the ACIF Senior Director, develop and improve internal templates, program policies, processes and systems to ensure the effective and efficient implementation of the program.
• Provide monthly financial reporting and analysis to Executive Director, Program Finance and other internal colleagues as relevant on program expenses, partner disbursements, cash flow projections, value for money, and other ad hoc reports as needed. 
• Report status updates and provide ad-hoc support 
• Accountable for the budgeting, planning & forecasting process within the areas of programming through the provision of accurate, timely information to enable the enterprise-wide approvals of operating plans 
• Accountable to ensure that there are adequate internal controls are in place to mitigate the foundations against financial losses in the program 
• Provide support to the centralized accounting function for annual audits with MFAM, independent auditors and regulatory agencies as required 
• Embed a risk management culture within the program and ensure there are appropriate policies and other risk mitigation protocols in place together with the Senior Director, ACIF.
• Support the Assurance and ERM team on all matters related to auditing, assurance, compliance and risk management.
• Coordinate with the Canada accounting team, MFAM to assist tax and audit procedures (e.g., tax filings, year-end closing, annual audit).

Investment Portfolio Reporting

• Create a portfolio analytics approach and reporting templates for internal and Board and Audit Committee reporting.
• Coordinate internal reporting to the Audit Committee, Board on the financial and accounting elements of ACIF’s investments.
• Lead periodic portfolio construction review, including the development of templates, internal engagement, risk management assessment and other areas to inform investment decision making and pipeline development.
• Coordinate the annual valuation process, in collaboration with the Investment team and MFAM.
• In collaboration with MFAM, coordinate any Q&A or information needs from the external auditors on specific investments.

Other

• Be a trusted advisor, business partner and thought partner to ACIF in effectively and efficiently executing its mission.
• Act as a liaison with the Program Finance team and Executive Director, Program Finance to ensure awareness, input and regular insight into ACIF investments and other activities.
• Act as a collaborative cross-functional leader within the organization, bringing best practice to ACIF drawing on insights from program finance colleagues in other areas of the enterprise.
• In collaboration with the ACIF legal business partner, maintain delegation of authority procedures and other compliance internal related functions
• Participate in all ACIF team meetings, internal workshops, etc to provide perspective, inputs, guidance.
• Participate in all ACIF ExCo screenings, Investment Advisory Committee meetings and other leadership engagements.
• Ensure ACIF is consistently aware of Foundation best practices, policies, procedures and adheres to the highest standard of corporate governance and risk mitigation.

WHO YOU ARE

• Bachelor’s degree in Business (Commerce, Business Administration, Management) or related field; MBA or relevant Master’s degree added advantage
• Relevant professional qualification; CPA, CA and Member of a relevant professional body.
• Minimum 15 years in progressively senior financial roles within an investment institution or a Big Four audit firm with a focus on financial due diligence and private equity in African jurisdictions, with at least 7 years in a management capacity. 
• Experience managing and building capabilities and capacity of accounting and operations teams in high growth organizations including supporting expansion in multi-jurisdictional and multi-currency environments.
• Experience in supporting private equity funds, either from a fund of funds lens or a direct investing lens (ideally both) – as an internal finance professional or a finance due diligence advisor.
• Experience building reporting frameworks, templates and analytics.
• Familiarity and experience with SPVs, holding companies, fund structures, fund an investment valuation, investment accounting, IFRS and GAAP reporting; experience with charity accounting a plus.
• Senior leadership experience obtained across multiple territories.

Competencies:

Technical competencies

• Working Knowledge: Operate Accounting Systems, Generate Routine Accounting Records and Financial Reports
• Working Knowledge: Determine and apply correct accounting treatments; Able to Identify & Mitigate Operational, Financial and Business Risks; Manage Operational Internal Control Systems, Processes, and Policies; Financial Processes & Accounting Operations Management

Expertise in

• Analytics of Financial and Non-Financial Information to generate insights for decision support.
• Interpretation of Financial Information and Generating Insights for decision support.
• Excellent management & Financial Reporting including Financial Forecasting & Budgeting.

Other competencies (Leadership, Behavioural)

• Demonstrated initiative and drive towards innovative problem solving  
• Honed business partnership skills with Impeccable integrity 
• Ability to assess risks and exercise judgment in making important decisions. 
• Ability to challenge and provide feedback in a constructive manner with the goal of improving efficiency and operational excellence 
• Flexible, adaptable, and able to execute a range of job duties and changing priorities. 
• Possess excellent verbal, written, and presentation skills with the ability to articulate information to a variety of constituents across cultures. 
• Possess professional maturity, sensitivity with different cultures, and impeccable integrity.

The Mastercard Foundation values the unique skills and experiences each individual brings to the organization and we are committed to creating and maintaining an inclusive and accessible environment for everyone.

Completion of satisfactory business references and background checks are essential conditions of employment.
For more information and to sign up for the Foundation’s newsletter, please visit http://www.mastercardfdn.org/
Follow the Foundation on Twitter at @MastercardFdn