Veronica Pascal Magongo
Dar es Salaam
Summary
Motivated Finance Executive promoting more than 20 years of proficiency in identifying and analyzing trends and partnering with other departmental leaders. Action-oriented individual with experience tracking actual business results against plans. Well-organized, proactive and successful at managing multiple priorities with positive attitude.
Overview
19
19
years of professional experience
Work History
Head of Finance
I&M Bank (T) Limited
2021.01 - Current
- Accountable for administrative, financial, and risk management operations of the Bank, including development of a financial and operational strategy, metrics tied to that strategy, on-going development and monitoring of control systems and reporting financial results.
- Responsible for coordination implementation of the Bank's strategy and track the performance of the strategic initiatives against the set target
- Guide financial decisions by establishing, monitoring, and enforcing policies and procedures.
- Participate as a member in different management committees such as Executive Committees (EXCO), Asset and Liability Committee (ALCO), Management Risk Committee (MRC), Management Credit Committee (MCC) and ensure compliance to bank liquidity and risk management
- Oversee the implementation of proposed financial recommendations from various consultants
- Respond to queries from internal and external audits in relation to the Finance Department
- Review management, financial or regulatory reports required by laws, regulations, or board of directors
- Review of daily and weekly regulatory reports for submission to BOT
- Maintenance of Fixed Assets Register of the bank and ensure complete records are kept in the books of account
- Manage the tax affairs of the Bank and resolve any tax matters raised by the tax authorities
- Review company performance monthly and propose necessary recommendations to the CEO on various parameters of the budget (Branch performance, profitability, costs)
- Initiate, prepare and compile annual budgets and medium term plans
- Oversee preparation of board pack on a quarterly basis
- Ensure regular reporting to the group finance and strategy and provide analysis of the financial performance and Balance Score Card of the Bank
- Overall in charge of staff within department including leave management, performance appraisal, training, coaching and mentoring
- Review and approve suppliers' invoices, daily management reports, nostro reconciliation on a day-to-day basis
- Carry out Quarterly review of the unaudited financial statements for publication.
- Quarterly review and approval of financial covenants ratios for submission to direct foreign investors (DFI)
Chief Financial Officer
Bank of Africa Tanzania Limited
2019.10 - 2020.12
- Accountable for financial, administrative, and risk management operations of the company, including development of an operational and financial strategy, metrics tied to the overall group strategy, and the ongoing monitoring and development and of control systems designed to report accurate financial results and preserve company assets.
- Tracked cash flow and financial planning to analyze company's financial strengths and weaknesses and propose strategic directions.
- Implemented cost reduction initiatives and process improvements to optimize efficiency and productivity.
- Conducted detailed analysis of company financial information and oversaw preparation of related reports.
- Authored, evaluated and reviewed reports to highlight company financials to key stakeholders.
- Directed budget development, budgetary controls and recordkeeping to make informed financial decisions.
- Set and monitored effective financial policies to analyze company financial strengths and weaknesses and propose corrective actions.
- Prepared accurate financial statements at end of quarter to summarize financial health and business performance.
- Created, planned, and implemented policies and procedures to increase productivity and maximize return on investments.
- Assessed company resources to keep business funded and nurture relationships with investors, lenders and key partners.
- Oversaw accounts payable and receivable to track income and expenditures, drive statutory compliance and provide quantitative financial information.
- Analyzed industry trends and tracked competitor activities to inform decision making.
- Initiated strategy to drive company growth and increase market share and profitability.
- Established and maintained strong relationships with customers, vendors and strategic partners.
- Worked with the group finance team and other departments on strategy implementation and financial reporting including budgetary monitoring
- Oversaw budgets, payroll, and accounts payable and receivable
Head of Finance
NMB Bank Plc.
2014.05 - 2019.09
- Accountable for the administrative, financial, and risk management operations of the Bank, including development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve bank's assets and report accurate financial results.
- Provides leadership in the development for the continuous evaluation of short and long-term strategic financial objectives.
- Ensure credibility of Finance team by providing timely and accurate financial transactions and reporting to management and board of directors.
- Direct and oversee all aspects of the Finance & Accounting functions of the organization leading a team of about 30 employees working in Finance function to deliver to Bank's objectives. Ensure development of policies and procedures in line with professional reporting standards for delivery of quality services
- Responsible for the general ledger reconciliation of Bank of Tanzania, Nostro and suspense accounts of the Bank ensuring daily reconciliation and follow-up on outstanding items with various departments within the Bank
- Establish and maintain strong relationships with senior executives to identify their needs and seek full range of business solutions.
- Together with MIS team, manage processes for financial forecasting, budgets and consolidation and reporting to the management and board of directors.
- Ensure development of policies and procedures in line with professional reporting standards for delivery of quality services
- Ensure that effective internal controls are in place and ensure compliance with IFRS and applicable statutory and local regulatory laws and rules for financial and tax reporting.
- Manage the taxation matters of the Bank including ensuring payment on time of all taxes, adherence to tax laws, maintain relationship with Tanzania Revenue Authority and perform tax planning of the Bank
- Ensure that the team achieves their goals through monitoring and management of performance. Identify relevant training interventions to promote team and personal development
- Serves in various management committees such as credit committee, audit, risk and compliance committees, operational risk committee, Assets and Liabilities Committee etc
- Analyze the business performance and financial results of the Bank and its subsidiary and provide recommendations to strategically enhance financial performance and business opportunities.
- Provides recommendations on how to improve performance to the Board Audit and Compliance Committee and Board of Directors on quarterly meetings
- Coordinating the external auditors, internal auditors, BoT examiners and TRA auditors to ensure smooth audit within the agreed timelines and implementation of recommendations for an effective and efficient control environment
- Ensure safe custody of the Bank's assets by maintaining the comprehensive fixed assets register and proper accounting of assets of the Bank in the financial statements
- Oversee the financial operations of subsidiary company – Upanga Joint Venture Company Limited where I also serve as an executive director
- An alternate director at Tanzania Mortgage Refinancing Company (TMRC) Limited representing the Bank at Main Board meetings, Annual General Meetings and Board Credit Committees.
- Managed day-to-day operations within 20-person finance department for the organization
- Analyzed financial statements against forecasts to prepare high-level variance analysis
Head of Internal Audit
First National Bank Tanzania Limited
2011.12 - 2014.04
- Responsible for auditing the governance, financial, business, and operational processes of the relevant portfolio at divisional and business unit level within FNB Tanzania.
- Established the Internal Audit department of the Bank by implementing the Group Internal Audit Methodology and work with South Africa subsidiaries teams to deliver on the effective and efficient internal audits and prepare reports from Group Audit Committee and In-Country Audit Committee;
- Prepare internal audit reports for Board Audit Committee and Compliance Committees and present to the members;
- Ensure that financial budget is met and utilised effectively in auditing assigned portfolio;
- Audit plans are executed successfully within agreed time, cost and quality requirements;
- Measure the impact of the audit service on the customer base to determine value-add;
- Ensure the constant delivery of superb value and a ‘memorable' customer experience;
- Maintain client relationships with the customer base, executives and other stake holders;
- Ensure that client needs and queries are dealt with accurately within agreed turn-around times;
- Ensure that specialist support provided is adding value to the processes and businesses of clients;
- Allocate resources for assigned areas based on risk, quality and cost/benefit analyses, ensuring that time; requirements, and financial and resource budgets are met;
- Maintain and ensure a thorough understanding of organizational goals, strategies, metrics and industry trends as well as products, services and processes for assigned audit functions;
- Assist in setting strategic direction for the department, as well as for audit plans, methodology, and automation techniques;
- Provide timeous and accurate input into Audit/Risk Committees and Executive Management reports;
- Encourage a free exchange of information and open dialogue on business processes and control issues with executives;
- Ensure an ongoing awareness of changes to business risk profiles, and educate and promote audit client control awareness and accountability;
- Manage follow-up on open audit issues and work within the client to ensure closure of action plans for the assigned portfolio; and
- Ensure that the team achieves their goals through monitoring and management of performance.
Audit Manager
PricewaterhouseCoopers (PwC)
2004.09 - 2011.11
- Took full ownership of engagements assigned from planning, execution to completion phase, including planning audit assignments, managing relationships with clients, coaching team members, and participating in various practice management and development activities.
- Proposal writing and presentation, negotiating fees with clients and contracting clients;
- Developing budgets for the various assignments and monitor budget against actual time and cost utilised to completion of the assignment;
- Audit planning including risk assessment and determination of audit approach;
- Proposal writing and presentation, negotiating fees with clients and contracting clients;
- Developing budgets for the various assignments and monitor budget against actual time and costs spent to completion of the assignment;
- Audit planning including risk assessment and determination of audit approach;
- Assigning and reviewing work done by the team;
- Project management including ensuring that the team gets information on time, audit work is done as per PwC methodology and quality & quantity of resources is sufficient;
- Preparation and review of reports including financial statements and management reports and provide professional advice to clients and present the reports to various Audit Committees and Board of Directors meeting
- Reviewing Internal Financial Control and provide recommendations for improvement;
- Conducted strategic and technical reviews to verify compliance with quality control standards, schedule constraints and budget parameters.
- Review income and deferred tax computations for inclusion in the financial statements; and
- Ensure that the team achieves their goals through monitoring and management of performance
Education
Other Courses
Leadership and Corporate Governance Certification -
ESAMI in Collaboration With ATE
Dar Es Salaam05.2017
MBA -
University of Dar Es Salaam
10.2012
Associate Certified Public Accountant -
National Board of Accountants And Auditors
Tanzania11.2011
Bachelor of Commerce (B. Com Hons.) -
University of Dar Es Salaam
10.2004
Certified Public Accountant (CPA) -
National Board of Accountants And Auditors
Dar Es Salaam10.2002
Skills
- Finance and Accounting
- Risk Management
- Internal Controls and Compliance
- Taxation
- Business Process Reviews
- Business Management Advisory
- Coaching and Training
- Financial Analysis
Affiliations
- Member of National Board of Auditors and Accountants (NBAA)
- Founding member, Tanzania Association of Women Accountants (TAWCA)
Languages
English
Proficient
C2
Swahili
Proficient
C2
Personal Information
- Age: 43 Years
- Nationality: Tanzanian
References
Mr. Waziri Barnabas, Chief Finance Officer, NBC, waziri.barnabas@nbc.co.tz, +255 (0) 754 495 195
Mr. Cletus Kiyuga, Partner, PricewaterhouseCoopers, Cletus.kiyuga@pwc.com, +255 (0) 752 438 033
Mr. Jaffari Matundu, Managing Director, Exim Bank Tanzania Limited, jaffarim@eximbank.co.tz, +255 (0) 755 489 489
Hobbies and Interests
- Travelling
- Reading books
- Social Work
- Professional presenter in the Accounting and Auditing field
Timeline
Head of Finance
I&M Bank (T) Limited
2021.01 - Current
Chief Financial Officer
Bank of Africa Tanzania Limited
2019.10 - 2020.12
Head of Finance
NMB Bank Plc.
2014.05 - 2019.09
Head of Internal Audit
First National Bank Tanzania Limited
2011.12 - 2014.04
Audit Manager
PricewaterhouseCoopers (PwC)
2004.09 - 2011.11
Other Courses
Leadership and Corporate Governance Certification -
ESAMI in Collaboration With ATE
MBA -
University of Dar Es Salaam
Associate Certified Public Accountant -
National Board of Accountants And Auditors
Bachelor of Commerce (B. Com Hons.) -
University of Dar Es Salaam
Certified Public Accountant (CPA) -
National Board of Accountants And Auditors
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