Chief Financial Officer
Title: Chief Financial Officer
Reporting To: Chief Executive Officer
Duty Station: Kampala
Job Opening: December 6, 2017
Application Deadline: January 31, 2018
Tugende is hiring a CFO to join our leadership team and drive growth as we continue to build the leading productive asset finance company across East Africa. Our core values are Empathy, Always Growing, Work as a Team, Solutions Oriented, and Integrity. In addition to meeting our core values and a history of excellent performance, the successful candidate will have:
- Corporate finance experience: negotiating, structuring and executing investment transactions, preferably both from the operating company (investee), and investor/advisory services side of the table.
- Demonstrated excellence in leading a team of high achieving finance professionals in a fast growing company, including accounting/financial operations and financial analysis and research.
- Expert financial modeling, analysis and research skills, with emphasis on growth planning and risk management, preferably with experience doing this in the context of a financing business.
Profiles: Examples of backgrounds for strong candidates include:
- Serving as a CFO, or directly reporting to a CFO in a company that has successfully sourced capital in East Africa,
- Experience in M&A, private equity, capital raising, and investment structuring with a top fund, consultancy or advisory services business,
- Experience with lending/financing operations and accounting and auditing standards in East Africa.
What does Tugende Limited do?
Tugende is building the leading productive asset finance company across East Africa. Our flagship product helps motorcycle taxi drivers own their own motorcycles in nineteen months or less instead of renting indefinitely. Ownership significantly increases income, job security and road safety. Across Uganda, and many other emerging markets, motorcycles help drive the economy, mitigating traffic jams and bad roads as well as offering hundreds of thousands of jobs for those with little formal education.
Tugende is proving that millions of self-employed entrepreneurs can receive credit to own the equipment they use to provide for their families, even without credit histories, collateral, and in industries considered high risk by traditional lenders.
Tugende means “let’s go” and both signifies our mission and is the actual phrase used when climbing on a motorcycle taxi.
We currently serve over 4,000+ customers across 7 offices. We plan to expand to at least 10 locations in Uganda over the next 1-2 years and then to regional neighbors including Rwanda, Kenya, and Tanzania.
The Successful Candidate:
The successful candidate should have a desire to dive into Tugende’s challenging business environment and lead our crucial finance division, with an aim to raising over $20M in the next 2 years, growing geographically and into new products, and preparing to list in East Africa in the next 5 years.
Today we are growing quickly and are expanding our team (of 160+), our branch network (incl. into other countries in East Africa), and our portfolio of assets. The candidate has experience managing the finances of a growing global enterprise; they are good at establishing policies and processes, developing relationships with disparate stakeholders, and dealing with ambiguity.
This individual must have transactional Corporate Finance experience – they have been on the business, investor or the business side of complex capital raises, including initial public offerings (IPOs), private equity / mezzanine transactions, and mergers & acquisition (M&A) transactions.
Finally, this individual is motivated by solutions that are profitable while providing a social good; they will become a critical driver of our culture and will perform their duties in accordance with Tugende’s Core Values: Empathy, Always Growing, Work as a Team, Solutions Oriented, and Integrity.
Strategy & Planning
Serve as a key leader in the formulation and execution of Tugende’s strategic direction.
- Work alongside other members of the Executive Management Team (CEO, COO) to develop and achieve the organization’s strategic vision including:
- Identify business development opportunities (for example, developing regional and international expansion plans, launching new products and services, identifying acquisition targets, etc.)
- Identify and report on areas of organization efficiency & inefficiency and recommend strategies for investing or divesting
- Monitor the progress of the company in meeting its strategic goals:
- Oversee the formulation of the annual budget / forecast as well as the long-term financial projection, both based on the organization’s strategic goals and on economic forecasts
- Report results vs. forecast on a regular basis, with an eye to both timeliness and accuracy
Oversee the day-to-day functioning of the Finance department:
- Supervise all finance personnel and directly manage team of financial controllers and financial analysts
- Oversee the finance components of the company’s systems and suggest improvement
- Oversee the compilation of financial information into financial statements, and the presentation of information to management, the board of directors, and the investment community
Monitor Tugende’s cash position.
- Monitor cash balances across all Tugende geographies and ensure cash flow is appropriate for the organization’s operations and to meet the organization’s goals
- Actively identify short-term investment opportunities by considering cash and liquidity risks and maximize return on invested funds
Arrange for additional funding, as necessary, optimize existing investment mix, and play a key role in investor relations.
- Evaluate the organization’s capital structure and recommend the short-, medium-, and long-term mix of debt & equity to maximize the organization’s value
- Identify potential debt and equity partners including, but not limited to, angel investors, institutional investors, private equity and private wealth funds, and development finance institutions (DFIs)
- Structure and execute deals that combine disparate groups and enable Tugende to raise large tranches ($20MM and above) of capital
- Develop and maintain relationships with banks, lenders, investors, investment bankers, insurers, regulators, and outside analysts
Understand the current and potential risks to which Tugende is subjected and take steps to mitigate them.
- Ensure that the business complies with all regulatory, legal, and tax requirements, and report on risk issues to the Board of Directors
- Improve internal control systems
- Shift risk to other parties through insurance coverage
- Monitor legal issues involving the company, as well as legal issues impacting the entire industry
- Review and act upon the findings and recommendations of internal and external auditors
Continually update finance-related knowledge and skills by:
- Staying abreast of new regulations across all Tugende geographies
- Participating in continuing education opportunities including in-person events (e.g., conferences, seminars, etc.) and online courses
- Reading professional publications
- Participating in professional organizations
Qualifications & Experience:
- BSc/BA in Accounting, Finance or relevant field; MSc/MBA is a plus.
- CPA / ACCA is a strong advantage.
- Proven experience as CFO, finance officer, controller or relevant role.
- Corporate finance transaction experience: raised or invested debt or equity capital of at least $5MM.
- Experience developing or expanding strategic business units or entire businesses.
- Five to seven years of finance and management experience; managing the day-to-day financial operations of an organization of at least 50 staff persons.
Required Competencies & skills:
- Excellent knowledge of data analysis and forecasting methods; an analytical mind, comfortable with numbers.
- Strong leadership and organizational skills.
- Experience working in similar lease-to-own / asset financing businesses.
- East African national.
- Fluency in Luganda, Kinyarwanda, or Kiswahili.
What will you gain?
Hours and compensation: This position is for a full-time employee who can take on additional responsibilities as new tasks and projects come up.
Meaningful Work: Tugende’s work gives entrepreneurs the tools to earn a living for themselves and their families. We are changing the face of the boda industry in Uganda, and proving that young men with little education can take on the responsibility of financing a significant asset and earning a liveable wage. Help be part of this movement!
Great Team: Tugende has a smart, fun, and growing team of 160+ Employees. We take our work seriously, but love to joke and have fun. We regularly have fully-paid, voluntary team outings, as well as fun parties for our clients. Our headquarters are in Kampala, and we also have offices in Eastern and Western Uganda.