Principal Financial Accountant (FIFC2) at AfDB – African Development Bank Group

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AfDB – African Development Bank Group was established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth.

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Job Title: Principal Financial Accountant (FIFC2)

Reference: ADB/20/144
Location: Abidjan, Cote d’Ivoire
Grade: PL4
Position N°: 50000746

The Complex

  • The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; financial control functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.

The Hiring Department / Division:

  • The Financial Control Department is responsible for accounting for the financial consequences of the Bank Group’s transactions and decisions, and for the preparation, fair presentation and overall integrity of the internal financial reports and published financial statements.
  • The department is also responsible for loan administration and accounting and related fiduciary responsibilities, including disbursement of funds to projects and programmes financed by the Bank Group. Lastly, the department provides decision support and expertise in the development and implementation of financial control policies, operational and financial strategies and related information systems.
  • The primary purpose of the Bank’s Administrative Expense division is to provide efficient transaction processing services with respect to the capital and administrative expenses of the Bank and of all bilateral funds.
  • The Division not only ensures that expenses incurred are in accordance with Bank policies, but also actively seeks opportunities for savings for the Bank in the management of expenses.

The Position

  • The Principal Financial Accountant will be responsible for performing verification of all types of payments and journal vouchers, except loan and pension payments, to ensure the accuracy and correct application of International Accounting Standards in the processing of transactions.
  • The incumbent will also ensure the provision of efficient transaction processing services that include effective controls over all financial transactions to safeguard the Bank’s assets as well as the respective grants and to effect continuous business process improvement for the processing of administrative expenses.

Duties and Responsibilities
Under the supervision and guidance of the Division Manager, Administrative Expenses, the Principal Financial Accountant for Administrative Expenses will perform the following:

  • Manage system development and upgrade activities for the Division. This involves analysing user requirements for enhanced business processes, designing required specifications to enhance SAP applications based on these requirements within the Division’s overall need and objectives and liaising with the IT department to implement same, collect data;
  • Perform verification of all types of payments and journal vouchers to ensure correctness and proper application of international Accounting Standards in the processing of transactions, except for loan-related and pension payments;
  • Supervise and effect timely and accurate payments of invoices/expenses related to contractors and vendors, consultants, travel advances and settlements including   prepayments, accruals and provisions to ensure compliance with International Accounting Standards and Bank’s policy and procedures;
  • Manage the payment proposals process by ensuring the accuracy and timeliness of proposal confirmations to Treasury for disbursement;
  • Establish procedures and controls to improve service efficiency to identify cost savings and promote the efficient use of Bank resources in the context of decentralisation;
  • Provide guidance on accounting treatment and classifications of financial transactions to all documents of the Bank;
  • Monitor payment processing times and ensure that they are complied with at the Division and all country offices and generate appropriate statistics to monitor key performance indicators related to payment requests;
  • Monitor open items in the SAP system for services rendered but not paid for;
  • Ensure that general ledger and vendor accounts are regularly analyzed, and that required entries are made;
  • Carry out adequacy checks and analytical review of Administrative Expenses by comparing expenses of one period to another, provide explanations and reports on the discrepancies and information for monthly, quarterly and annual financial statements;
  • Generate and/or prepare various SAP and other reports and follow-up of outstanding issues with other departments;
  • Participate in the review and formulation of accounting procedures, policies and practices, drafting proposals or parts thereof and reviewing proposed drafts by other staff members;
  • Assess best practices of other organisations; analyse their methodologies and procedures and draft thematic papers and recommendations on their adaptability to the Bank’s environment;
  •  Advise Management on methods to improve efficiency and effectiveness of the control environment in the department in particular and the Bank in general;
  • Represent the Division in relevant Bank-wide working groups;
  • Monitor the monitoring and implementation of audit recommendations.
  • Perform any other tasks as required.

Selection Criteria

  • Hold at least a Master’s degree or equivalent in Accounting, Auditing or Finance. A professional qualification obtained from an internationally recognised professional accounting body, e.g. CA, CPA, ACCA or Expert Comptable, would be an advantage.
  • Have a minimum of six (6) years of practical experience in an accounting firm or in international financial organization.
  • Experience in the field of accounts payable gained in the private sector or in an international financial organisation would be an added advantage.
  • Ability to visualize, articulate and solve complex problems, concepts and make reasonable decisions based on all available information, particularly problem solving in an automated accounting environment.
  • Ability to quickly analyse accounting data structures and data interrelationships and make recommendations on process, system and control improvements
  • Ability to work towards achieving and exceeding targets against internal and external standards of excellence.
  • Sound knowledge of accounting and International Accounting Standards (IFRS) and strong data analytic skills.
  • Demonstrate innovation and creativity.
  • Have communication skills.
  • Client orientation.
  • Have a team spirit and a sense of relationships.
  • Have problem solving abilities.
  • Operational effectiveness.
  • Ability to communicate effectively (written and oral) in English or French, preferably with a working knowledge of the other language.
  • Competence in the use of standard software (Word, Excel, Access, PowerPoint).
  • A very strong working knowledge of SAP.
  • Certification in one or more modules (preferably SAP FI-MM) is an advantage

Application Closing Date
7th November, 2020.

How to Apply
Interested and qualified candidates should:
Click here to apply online

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