Finance Department

The Finance Department is responsible for the recording and reporting of all financial transactions relating to the CBS and the preparation of all financial statements that are compliant with the Central Bank Order as well as International Financial Reporting Standards.

The department provides management with accurate, relevant and timely financial information for decision making and oversees national payment and settlement systems and support to the country's Financial Sector Development Implement Plan.

DIVISIONS

1. SUPPLY CHAIN MANAGEMENT
2. MANAGEMENT ACCOUNTING
3. FINANCIAL ACCOUNTING
4. NATIONAL PAYMENTS AND SETTLEMENTS SYSTEMS

1. SUPPLY CHAIN MANAGEMENT

   This function is responsible for the strategic sourcing, procurement, contracting,and evaluation of goods and services required by the Bank by implementing the approved Procurement and Supplier Management Policies.

   FUNCTIONS

   • Create intelligence on sourcing trends with the intention of ensuring that the Bank derives value for money,delivery performance, customer satisfaction and innovation.
   • Act as a single point of contact with external suppliers and vendors and develop an effective
   • Communication and engagement strategy to ensure that business areas make Informed choices and plans on procurement and logistics issues.
   • Develop appropriate supplier relationships, including strategic supplier alliances between key suppliers and the CBS.
   • The other important role played by supply chain is the management of the bank's
   • motor vehicle fleet and driver staff, effectively acting as the primary custodian of
   • the approved Transport Policy.

2. MANAGEMENT ACCOUNTING

   This function provides financial information sufficient to assist management to make financial decisions in line with the Bank's strategy.

   FUNCTIONS

   • Bank's Budget & Expenditure Control
   • Staff Payroll, loans and allowances
   • Staff Terminal Benefits
   • Board Retainer & Sitting Allowances
   • Management of the bank's insurance portfolio
   • Management of the bank's tax matters
     

3. FINANCIAL ACCOUNTING

   This division ensures that the financial statements of the bank are accurate and of the highest integrity, and that they comply with IFRS and IAS.

   FUNCTIONS

   • Payments processing - All payments processed must relate to services/goods received to support the operations of the bank i.e. valid, complete and accurate.
   • Balance Sheet Substantiation - All balances recorded in primary accounting system (Globus) are accurate/authentic and can be reconciled to appropriate source documents, in accordance with the Bank's policies and procedures.
     

4. NATIONAL PAYMENTS AND SETTLEMENTS SYSTEMS

   The main role of this department is to oversee the National Payment Systems in accordance with the Central Bank Order and the National Clearing and Settlement System Act 2011.