Skip to main content
Online Magazine

THE FINANCE DEPARTMENT- The Journey By: Leonard Matolo; Head of Finance

By June 12, 2020June 15th, 2020No Comments

The roles of the finance department of the academy include strategic budgeting, cost containment, cash flow management, procurement and inventory management, tax planning, enterprise risk management, running entrepreneurship program, financial literacy, ensuring accurate record keeping and accounting for all activities of the academy that involve cash – all these roles were established from scratch in 2016 from the first day when we walked into empty structures at the Academy and have been evolving and improving day after day towards excellency.

The finance department of the academy is guided by the following vision, mission and core values.

Vision

‘’To be a leading finance service provider offering the highest level of service to the

Academy that is consistent with international standards and regulatory guidelines’’

Mission

‘‘To pursue financial management function of the Academy that provide leadership in

the area of financial services, resource rationalization and professional consultancy to

aid efficient and effective achievement of Academy’s strategic plan’’

Our Core values

In order to realize the above vision, and mission, certain shared values shall be nurtured. The Department shall observe the following core values:

Espouse the virtues of truth, integrity, honesty, tolerance, professionalism

Provide valued service to our customers and stakeholders in a courteous and responsive manner

•Professional excellence and stewardship

•Nurture the spirit of Team work.

•Be creative and innovative

•Respect the beliefs and values of others in service delivery

•Have the courage to initiate and adapt to change

•Optimizing the use of resources through responsible stewardship

The Academy is unique. Other than just running normal school programmes, it has blended unique programmes into its system such as entrepreneurship, a technology driven curriculum, revenue generating enterprises among others. It is for this reason that it acknowledges and embraces enterprise risk management in its operations. During the year, any risks that faced the academy are sufficiently mitigated to the best of its ability through the leadership of the Head of finance. In 2018, a formal process of identification, mitigation and management of risks was started, and this has continued to improve year on year, with planned automation in year 2020.

The MPESA Foundation Academy Student Entrepreneurship program supports all students in developing their enterprising and entrepreneurial skills. Since 2017 when this program was started from the scratch, students have excelled in various enterprises, innovation competition such as Technnovation, Junior Achievement, Innovate Kenya, Diamond Challenge, Zayed Sustainability prize, Young Leaders and Enterprise Challenge among others. As at end of 2019, the students had 30 running businesses in the areas of farming, food and beverage, art, printing, handcraft, sewing, sports, detergents, entertainment, Salon and Barbershop with each business comprising of 3 to 6 students and making combined profit of over Ksh1 million.

The entrepreneurship curriculum was written down with the 21st century skills in mind,

which include;

1.Critical thinking

2.Creativity

3.Collaboration

4.Communication

5.Information literacy

6.Media literacy

7.Technology literacy

8.Flexibility

9.Leadership

10.Initiative

11.Productivity

12.Social skills

These skills are intended to help students graduating from MPESA foundation academy keep up with the lightning-pace of today’s modern markets and be ahead of other students in Africa in tackling leadership challenges facing the citizens.

The finance department has been core in ensuring the success of the entrepreneurship program by facilitating each student to open and own a bank account and debit card with standard chartered bank, get funding for their enterprises and ensuring that the businesses are run as practical to business world as is possible. Above all, ensure that the entrepreneurship curriculum reflect a practical business world.

In order that M-PESA Foundation Academy can strengthen its back-office efficiency, The Head of Finance spearheaded the implementation of Sage Business Cloud Enterprise Management. Modern education is a complex business. Beyond the classroom there are a host of procurement, finance, and HR challenges. For M-PESA Foundation Academy, a state-of-the-art, coeducational residential high school in Kenya, Enterprise Management enables it to make sense of the administration and focus its attention on teachers and students. Sage Business Cloud Enterprise Management has ensured a seamless, streamlined workflow for the academy’s administration. Procurement is more efficient, and payroll is automated. It has removed many of the manual processes. As the academy continues to build, this back-office efficiency enables M-PESA to focus resource where it is needed: on students and staff as well as enable finance other administrative staff get spare time participate in out of class student training such as sports, entrepreneurship, mentorship among others.

Back to online magazine

Leave a Reply

Facebook

YouTube