Job Title: CHIEF FINANCIAL OFFICER
Organization: ANANYA FINANCE
About the organisation:
Ananya Finance for Inclusive growth private limited is one of the apex organizations in Microfinance arena, lending to Microfinance institutions. Ananya is a wholesale lender to 125 MFIs with a portfolio size of 425 Cr. These 125 MFIs constitute more than 95% portfolio of Indian Microfinance sector.
Being Promoted by FWWB, Ananya carries goodwill of FWWB (Well know entity operating in microfinance and development sector) in financial sector. FWWB created Ananya with the intent of reaching out to a larger section of microfinance institutions and building a large lending portfolio. Along with this Ananya has a mandate to meet more complex financial and technical assistance needs of its partner MFIs.
Ananya spun off its operations from March 2010 and thereafter bought 375 cr. of portfolio from FWWB in May 2010. They are planning to raise 200 Cr of equity and build up a portfolio of 750 Cr. in this financial year. Along with credit Ananya has plans to take up equity investments, SME and livelihood finance, technical assistance, portfolio audit and other services. In the long run Ananya will assist in building a powerful microfinance industry by bringing expertise along with the funds. Ananya and FWWB trust are poised to offer their knowledge of systems, methodologies, philosophies, management and corporate governance guidance given the fact that the microfinance sector in general, suffers from the lack of appropriate systems, technologies and management talent.
Ananya has a well qualified and experienced group of people in senior management team. It has a 4 member senior management team in place. The team members are bringing more than 10 years of experience in banking, microfinance operations. Second level management team of Ananya is also a well-qualified and committed pool of middle and junior managers. All these have management qualifications from reputed business schools and rural management institutes in India like IIM, IIFM, TISS, XISS etc.
In a move toward achieving their goals, and in preparation of future growth, the company wants to augment and enhance the existing leadership team by bringing on board a Chief Financial Officer (CFO), to lead the finance function. The CFO will be expected to provide strategic and tactical financial leadership to the organization by driving the company towards an optimal capital structure, leading the fund raising activities of the company, integrating the financial budgeting and strategic planning processes and enhancing and maintaining strong financial and management reporting systems and controls, besides help drive the overall corporate and financial governance models within the company.
• Effectively deploy and manage strong processes and controls around cash movement and cash deployment;
• Lead and drive all aspects of raising additional capital for the company, including via debt and / or equity, through innovative structured finance products;
• Drive and ensure optimal cash and working-capital management processes and controls;
• Develop and lead capital and operational budgeting capabilities;
• Provide strategic leadership to the overall finance function at the company ensuring that the function is properly organized, staffed, developed, motivated, and compensated
• Deploy adequate and appropriate financial management and reporting systems, controls, procedures and processes
• Ensure that all regulatory reporting and compliance obligations are met in a timely manner and simultaneously create insightful internal and external management reporting capabilities
• Develop, enhance and maintain strong investor relationships
• Oversee and manage all capital expenditure based on appropriate Return On Investment and any other return on capital measures or metrics as required of the business
• Build the organization’s relationships with industry and banking communities; with regulatory bodies such as SEBI, RBI, commercial banks and the investor community.
• Risk management including assessment, develop strategies to manage it and mitigation of risk using managerial resources.
Reports to: Chief Executive Officer
Other Key Relationships: Chief Operating Officer
Head of Credit
Head of HR
Existing Finance team
Future additions to the Management team
Regulatory Authorities, e.g. RBI / SEBI
Lenders and Institutional Investors
CANDIDATE SPECIFICATION: KEY SELECTION CRITERIA
• A minimum of 10-15 years of managerial and professional experience in of which at least 5 years must be in leading the finance function of a high quality financial services firm, having a large distribution capability, including banks, asset management companies and NBFCs.
• A qualified Chartered Accountant or an MBA (Finance).
• Recent or current experience, with exposure across the full array of financial functions including fund raising, treasury, cash management, working capital management, corporate finance, control, audit, financial planning & analysis and investor relations.
• Experience in deploying systems, processes and controls to effectively manage the same within a large branch / distribution channel network.
• A mindset where the individual can feel and live the mission of the company and be a strong champion and believer in the power of microfinance and its role in poverty alleviation. In essence, an individual who can be an excellent cultural fit and help drive the overarching mission of the company.
• A team-oriented individual who can be a part of the consensus driven & participative management.
• Ability to view & gauge the intrinsic value of the microfinance business.
• Recent experience in closing on either debt or equity funding rounds will be essential.
Critical Competencies for Success
• Fund Raising & Treasury Management: Drive the acquisition of debt and equity based capital for facilitating the company’s growth, in the context of optimizing the company’s cash usage, capital structure and its cost of capital by:
o Exploring innovative capital instruments and structures, e.g. structured finance arrangements, a variety of bonds and possible securitization vehicles;
o Optimizing the company’s Weighted Average Cost of Capital (WACC) by driving a balance between equity and debt related funds and off-balance sheet funding;
o Ensuring that the individual is fully abreast of developments in the capital markets including developing a thorough understanding of the regulatory and compliance environment;
o Effectively deploy and manage strong processes and controls around cash movement and cash deployment, given the significantly distributed nature of the company’s branch network across the rural landscape.
• Drive and Integrate Financial Budgeting & Business Planning: Drive towards creating a central and integrated business planning process, in the context of the current environment where individual business unit plans are not cohesively aggregated and integrated, thereby making it difficult for leadership to view the corporate impact of plan changes at the business unit level. The individual will achieve this by:
o Developing models which would allow individual business unit changes to “flow through” to the corporate business plans;
o Possibly deploy budgeting / business planning applications that will allow leadership and business unit managers to collaborate on building a cohesive company wide plan;
o Developing a variance reporting mechanism that will allow leadership and business unit managers to proactively respond to changes in their businesses.
• F&A Team Leadership: Provide leadership to the F&A team in the context of a rapidly growing and evolving organization by:
o Building upon the F&A team’s existing capabilities and augmenting F&A resources, as required;
o Developing robust and financial and management reporting capabilities focusing on timely and accurate financial reporting;
o Ensuring that the team has the knowledge, skills and systems necessary for meeting all the regulatory reporting requirements and compliance aspects related to the company’s business;
o Build world-class controls and implement a financial governance mechanism in line with best-practices for the company’s businesses.
To apply interested candidates can send in their CVs along with three references, a cover note and salary requirements to firstname.lastname@example.org. Please mention in the subject line the position for which you are applying. Only shortlisted candidates will be contacted.