VisionFund Savings Director
*Preferred location: London, UK or anywhere in a jurisdiction (country or US state) where WVI and VisionFund is registered to operate.
VisionFund International (VFI) is the microfinance subsidiary of World Vision International (WVI). VFI administers and manages a network of WVI and VFI affiliated microfinance institutions (MFIs), delivering microfinance services around the globe and serving within 35 countries. In 2014, WVI and VFI affiliated Micro Finance Institutions (MFIs) made a positive impact to over 3 million children, while providing $400 million in lending to approximately 1 million borrowers. For the last ten years we have been improving the lives of children by providing small loans to people who wouldn’t otherwise have access to credit, so they can grow their own businesses. We know that when they grow successful small businesses the whole family benefits and their self-confidence increases. Their children are more likely to attend chool,s have enough to eat, benefit from improved living conditions and better health. The people we lend to also make a real difference in their community as their businesses thrive. We see them creating jobs, becoming role models and taking a lead in community projects like schools. Like World Vision, we are a Christian not-for-
profit organisation and as part of the World Vision partnership, we are committed to providing access to financial services to the poor regardless of their religious beliefs, gender or ethnicity.
PURPOSE OF POSITION:
The role of the Savings Director (“SD”) has been created to champion the strategic concept of ‘savings’ as one of the core global business thrusts of VFI, as defined by the SET. Savings comes alongside the credit and insurance pillars, as part of the overall focus on the strategic growth of VFI and the service model, to the client base. Savings provides an investment in our clients’ futures: safety net for clients, an improved ability to moderate personal cash flows, and a better alternative for safe-keeping liquid assets in times of need.
It is understood that a client that is able to save, over and above their basic expenses for family and business welfare, is a client that has benefitted from VFI’s social performance goals through the lending and education products.
As such, an ability to develop the global strategy around savings, to support clients who are journeying out of the poverty cycle, is key to the long term success and sustainability of both the client themselves and the VFI network entities. The strategy is to compliment the current focus of credit lending, with a savings strategy and product suite to specifically raise large amounts of local currency capital at low cost. VFI wants to develop/implement innovative ways of providing savings that breaks the traditional high cost mode of delivery through a branch network.
Creating, building, enhancing and supporting a global strategy and common directive on savings initiatives in the wider organization through use of technology and other low cost operating models such as agent networks to drive down the cost of transactions in rural areas.
Developing and implementing the deposit taking strategy country by country, including working with and lobbying external parties (including regulators, central banks, NGOs etc) and technology partners as appropriate.
Delivering successful transformations of MFIs to support the saving strategy and client interaction and service model, including the capacity to manage the liquidity and other risks involved in deposit taking.
Develop Best Practice Savings Models in the areas of policies, processes, and procedures and then support the implementation in transformed MFIs.
Deliver new innovation in the areas of operational models, technology, and product design leading to operational efficiency in the savings delivery model.
Working with VFI Fundraising Team and the MFIs to attract, deliver, and manage funding for transformation projects.
KNOWLEDGE, SKILLS & ABILITIES:
A degree level in finance, business administration or economics.
A senior and seasoned manager from the finance / banking world, with experience of retail savings products and strategy, including product development and operations, policy and risk/balance sheet/liquidity management, sales, operational processes, ideally on an international basis.
Experience of hands on implementation of mobile banking and/or agent network rollouts.
Proven broad understanding of the microfinance industry, especially best practice and performance (social and financial).
Project management qualifications.
Working Environment / Conditions:
The position requires ability and willingness to travel domestically and internationally up to 35% of the time.