Bancassurance Accountant

Bancassurance Accountant

Sumac Microfinance Bank Ltd is a premier, fully-fledged microfinance institution regulated by the Central Bank of Kenya. With a robust branch network spanning the country and a cutting-edge mobile banking platform, we bridge the gap between financial services and the entrepreneurs who drive Kenya's economy.

At our core, we are more than just a bank; we are a partner in growth. We provide a comprehensive suite of financial solutions—including Accounts, Loans, Trade Finance, Forex, and Bancassurance, designed to transform small ventures into sustainable, prudently managed enterprises.

About the Role

The job holder will be responsible for monthly analysis of both trade payables and receivables, reconciliation of the general ledger, bank reconciliation, cost management, periodic budget variance review and financial statement audit preparation.

Key Responsibilities: 

• Verify, allocate, post and reconcile accounts payables and receivables. 
• Prepare and post journal entries which includes expenditure allocation. 
• Proper accounting and reporting of both revenue and expenditure items 
• Posting of commission and premium payment from underwriters 
• Track expenditure as per budget and analyse and report any significant variance 
• Account analysis and reconciliation on all ledger accounts 
• Support audits by internal auditors, external auditors, and Regulators (IRA, CBK KRA). To follow up all issues raised in audits and inspections reports and resolve them. 
• Timely reconciliation of all accounts receivables and payables 
• Manage trade debtors and creditors ensure compliance with agreed payment timelines. 
• Adherence to quarterly closure procedures with all underwriters on accounts payables and receivables. 
• Proper controls around credit and adherence to credit policy and guidelines 
• Manage administrative functions as considered necessary from time to time 
• Compliance with IFRS17/IAS, Companies Act, and Taxation Act, IRA guidelines and the Company’s policies and procedures. 

Qualifications and Technical Competencies

• University degree in either Finance/Accounting/Economics or Business Admin.
• Professional Qualification (CPA(K) , ACCA, ACA or equivalent ) 
• At least 5 years’ accounting experience in a busy Insurance/Bancassurance environment. 
• Sound knowledge of the Insurance industry and regulatory guidelines. 
• Working knowledge of any insurance underwriting Business Suite with high proficiency in MS office suite 
• Understanding and practical experience dealing with taxation issues and KRA compliance requirements 
• Conceptual and Analytical Skills: Flair with figures, and strong analytical skills with the ability to interpret financial information. 
• Accuracy and attention to detail 
• Excellent interpersonal and negotiation skills 
• Able to communicate effectively with various stakeholders
• Good problem solving and presentation skills

Why Join Us

Working at Sumac means joining a team dedicated to sustainable development and impactful service. Our culture is built on five key pillars that guide how we interact with our clients and each other:

• Considerateness: We foster respectful relations with our employees, partners, and the communities we serve.
• Loyalty: We believe in the power of collaboration to solve problems and achieve ambitious goals.
• Integrity: We operate with total honesty, fairness, and transparency. Being "above board" isn't just a phrase—it's our standard.
• Passion: We take pride in our work, performing every role with purpose and a positive attitude.
• Transparency: We maintain an open-door policy, ensuring all stakeholders are informed and valued.

What to Expect In the hiring Process

• A Preliminary call with a Recruiter
• An interview with the Hiring Manager
• Panel  Interviews
• Executive Interview