Somali Payment Switch Managing Director – Mogadishu, Somalia

BANKIGA DHEXE EE SOOMAALIYA

The Central Bank of Somalia (CBS) has been implementing several core payments, clearing, and settlement systems, including the Automated Transfer System (ATS) consisting of Real Gross Settlement System and Automated Clearing-house modules and a national switch facilitating interoperability in mobile money and card payments. While the ATS has been successfully deployed, further support is required to implement the Somali payment Switch as a part of the NPS infrastructures.

The Central Bank of Somalia and Somali Bankers Association (SBA) launched the Somali Payment Switch (SPS) Company. A managing director will manage the company under the direction of the Board of Directors.

The SPS will switch financial transactions among banks and other participants; its revenue will be based on transaction fees. A driver of the SPS design is financial inclusion, and the fee structure has been estimated on the lower side of the average pricing structure. System participants will also generate revenue following the interchange rules, with a larger share being retained by the SPS. It is expected that the SPS will have retained enough earnings to enable regular updates and other changes during the system’s life and replace associated hardware within a reasonable time to avoid obsoleteness.

2-   OBJECTIVES

SPS seeks to recruit a self-driven professional to the position of Managing Director. The successful candidate will be tasked with providing strategic leadership to the apex institution and positioning it for quick implantation and operationalization. The successful candidate will have the primary responsibility to:

1. Provide expert leadership on SWITCH establishment, implementation, and operationalization. In addition, to provide expert advisory services on operational rules, procedures, pricing, and standards on a SWITCH entity.

2. Compile and or contribute to the structure and content of interparty agreements and service level agreements and validate and clarify the SPS functional and technical specification.
3. Undertake participant technical readiness assessments, support their action plans, and coordinate implementation of readiness action plans. In addition, overseeing end-to-end testing of the SPS system and supporting infrastructures catering to participants, the Central Bank of Somalia, and the SPS Company.
4. Participate in developing SPS staff induction and training programs in collaboration with the SPS vendor and Board of Directors.
5. Prepare and submit monthly reports on scheduled technical deliverables in line with the SPS project schedule.
6. Develop the SPS IT security policy, oversee implementation in collaboration with the SPS vendor, and validate and clarify the SPS bill of materials.
7. Oversee and manage SPS project activities from substantive, administrative, and financial points of view, applying strategic planning and systematic coordination of SPS project activities.
8. Ensure supervision of the SPS Project personnel and ensure effective communication and coordination between the SPS Project vendor and the Board of Directors
9. Provide strong leadership in advocating SPS objectives and ensuring that all interested parties are well informed about the SPS activities and goals. Identify any support and advice required for the BoD, planning, and control of the SPS Project.
10. Ensure the quality of outputs and results with optimal monitoring mechanisms; establish effective coordination, monitoring, information sharing, and reporting systems.
11. Participate in the transparent and competitive selection, recruitment, supervision, and mentoring of staff. Ensure efficient HR management conducts regular performance appraisal exercises for SPS staff.
12. Represent the SPS and endeavor to build professional relationships with national and subnational authorities, international development agencies, and the private sector to realize the potential benefits of the new system.

3-   SCOPE OF WORK AND EXPECTED OUTPUT

The Managing Director will work in close collaboration with the SPS Board of Directors, World Bank, vendors, and other international cooperating partners. The period of the contract will be three years.

The scope of work includes strategic management and governance of SPS, market outreach, team management and development, board relationships, and fiduciary responsibilities. The Managing Director will carry out all tasks outlined in these terms of reference, as well as any other related duties that may be required to achieve the objectives of this role, including the following:

• Management and Governance
• Developing and directing organizational strategy by drafting corporate policies and procedures.
• Implements and communicates SPS’s vision, mission, and overall strategy and direction.
• Identifies a start-up to growth-phase Business Plan to bolster long-term sustainability.
• Responsible for all aspects of the start-up and day-to-day operations, including staffing, budgeting, outreach, and business development.
• Develops an Annual Work Plan to measure success against short- and long-term goals, with targeted Key Performance Indicators approved by the Board of Directors.
• Oversees risk management and full compliance with all requirements approved by the Board, affecting the company’s business and operations.
• Management Team and Development
• In liaison with the Board of Directors, recruit and mentor a strong team of self-starters.

o    Manage and mentor a team of professional staff in implementing and administering the facilities.

• Motivate staff, maintain a positive, transparent, mission-oriented, and results-driven environment; operates with integrity and professionalism.
• Cultivate a positive environment of learning and professional development for all staff members.
• Recognizes problems, seeks appropriate input, and develops solutions to resolve personnel problems that are gender-aware and culturally sensitive positively.

4-   QUALIFICATIONS

• Master’s degree in Banking, Finance, Economics, Business Administration, or similar discipline with a minimum of 10 years of experience in a relevant managerial position or business sectors such as Financial Market Infrastructure implantation and organizational leadership in developing countries.
• At least 8 years of technical and delivery experience working with financial services payment systems or national payment infrastructure operationalization firms or implementing such solutions in banks.
• Entrepreneurial spirit with management experience in financial services, Banking, or relevant business sector.
• Exposure to EFT transaction switching or online banking environment.
• Experience in testing ATM/Switching and Card Management
• Knowledge about National Payment System and required infrastructure, including relevant international standards and principles, supplier market, and technology requirements.
• Experience in business analysis, System Rules requirements management, operationalization, assessment of business and technical requirements and project governance, and managing shared facilities.
• Knowledge about International Payment Schemes Guidelines for Licensing for issuing and acquiring the portfolio.
• Knowledge of card revenue and cost optimization for payment.
• Understands various risks involved in such payment systems (Operational Risk, Systematic Risk, Settlement Risk, Legal Risk, Security Risk, and Liquidity Risk). In addition, to have understood how the other digital payments infrastructure could be integrated, such as e-money, e-wallet, and online banking.
• Excellent written and verbal skills in English and Somali language are required. Fluency in Arabic is an added advantage.

5-   APPLICATION PROCEDURE

Qualified applicants with required skills are invited to submit their electronic applications and updated resumes through email; info@somalipaymentswitch.so and copy to shamsa.maalim@somalipaymentswitch.so not later Than Thursday 26^th May 2022, midnight Mogadishu time. Incomplete Applications and those received after deadline will not be considered. Per newly approved human resources policy, Central Bank is equal opportunity employer, female applicants are highly encouraged to apply. Please note Only shortlisted candidates will be contacted.