Job Vacancy Opened at Makazi Bora Finance Ltd (MBFL) | How to Apply

Filed in Jobs & Careers by on July 23, 2021 0 Comments

Job Vacancy Opened at Makazi Bora Finance Ltd (MBFL) for Application | How to Apply.

The Makazi Bora Finance Ltd (MBFL) Job Recruitment/Vacancies application form, requirements, eligibility, available positions, qualifications needed, application guidelines, application deadline-closing date, and other job updates are published here for free.

Makazi Bora Finance Ltd (MBFL) Job Vacancy Application Instruction.

The Makazi Bora Finance Ltd (MBFL) recruitment is opened for the below positions available. All Eligible and Interested applicants may apply online for the available vacancies before the recruitment application deadline as published on


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Details of Makazi Bora Finance Ltd (MBFL) Vacancy Positions & How to Apply.



Makazi Bora Finance Ltd (MBFL) was registered on 19th August 2019 as a company limited by shares under Companies Act, Cap. 212 of 2002, with Registration No. 139725735. MBFL evolved from Habitat for Humanity Tanzania (HFHT), a registered Non-Governmental Organization under the Societies Ordinance with Registration Number SO 8677. Therefore, in August 2019 a new company known as Makazi Bora Finance Ltd (MBFL), was formed to take over microfinance services that were being provided by HFHT. The company started its operations in October 2019.


Microfinance Act, 2018 (Article 41) requires a Microfinance Service Provider to appoint an Internal Auditor with qualifications and experience as prescribed in the relevant regulations. Article 27 of the Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2019 has outlined qualifications of an Internal Auditor and the subsequent article (28) has allowed an Internal Auditor to be outsourced.


The objective of this bid is to appoint a suitable independent internal audit service provider (who could be a firm or an individual) in order to support the Board and management in ensuring operations of the company are run in compliance with the laws and regulations.


The specific objectives of this assignment shall be:

  • To express an independent professional opinion regarding to efficiency, effectiveness and economy of the company operations.
  • To ascertain the compliance of Microfinance Act and its regulations.
  • To ascertain and evaluate the adequacy and effectiveness of the financial management and internal control framework.
  • To ascertain compliance of the laid down policies, procedures, various guidelines, manuals, etc. of the company
  • To identifying areas for improvement and critical weaknesses, if any.
  • To provide Project management with timely information and recommendations on financial management aspects of the company to enable timely corrective actions, as necessary.

The duration of the contract is twelve months


The internal audit shall be carried out in accordance with the International Standards on Auditing (ISA) published by the International Federation of Accounts and shall include such tests and controls, as necessary for performance of the audit. The scope of the assignment will be comprehensive and will cover the company operations and transactions of all departments. The responsibilities of the internal auditor shall include reporting on the adequacy of internal controls, the accuracy and propriety of transactions, the extent to which assets are accounted for and safeguarded, and the level of compliance with laws, regulations and policies.

Specific areas of audit shall include the following:

(a) An assessment of the adequacy of the company’s financial management system, including internal controls. This would include aspects such as adequacy and effectiveness of accounting, financial and operational controls.

(b) Funds have been used in accordance with the relevant financial norms and financial regulations with due attention to economy and efficiency, and only for the purpose for which the financing has been provided.

(c) Generally accepted Accounting Principles are followed by all units/departments that are authorized to incur expenditure

(d) An assessment of efficiency and timeliness of financial reporting to various authority levels.

(e) An assessment of the adequacy of financial and administrative delegation and segregation of duties and controls.

(f) An assessment of expenditures incurred/ advances provided, whether they are duly authorized as per approved financial and administrative delegation.

(g) An assessment whether goods, works and services financed have been procured in accordance with relevant provisions of the Procurement Function.

(h) The scope of work will additionally include detailed review of the issue of advances, staff advances and cash payments for items purchased.


In performing an audit assignment, each assignment shall at least consist of the following:

  • Pre-audit survey
  • Audit planning memorandum (Annual Audit Charter)
  • Minutes of entrance meeting
  • Risk assessment document
  • System description(s)
  • Sampling methodology
  • Mechanisms for follow-up on matters previously reported and feedback to the Audit Committee
  • Record of work performed
  • Audit findings and recommendations
  • Reporting (draft internal audit report and final internal audit report)
  • Follow up of previous findings on internal and external audits.

The structure of Internal Audit Report shall consist of but not limited to the following:

  • Introduction
  • Audit objective and scope
  • Background
  • Executive summary, highlighting significant findings
  • Findings, recommendations and management responses (including implementation dates)
  • Conclusion

The internal audit function must deliver one electronic and signed copy of the final report to the Chairperson of the Audit Committee and two electronic and signed copies to the General Manager on quarterly basis. Moreover, the auditor shall make regular follow-ups on implementation of audit findings and recommendations with the General Manager on monthly basis in order to ensure prompt implementation of recommendations that will be provided.


In carrying out the work, the internal audit shall ensure that its personnel maintain their objectivity by remaining independent of the activities they audit. In this view, the internal audit team(s) shall:

  • have no executive or managerial powers, functions or duties except those relating to internal audit
  • not be involved in the day-to-day operation of the MBFL
  • not be responsible for the detailed development or implementation of new systems and procedures

To be considered for this assignment, applicants are expected to have at least the following:

  • Be registered with the National Board of Accountants and Auditors (NBAA)
  • A Bachelor’s degree in Accountancy or its equivalent
  • A Certified Accountant (with either a CPA or ACCA)
  • 5 years’ experience in auditing banks/financial institutions or related companies
  • Thorough knowledge of Financial services/Micro finance industry policies and regulatory requirements as relates to MFI institutions will be an added advantage

Method of Application

Interested applicants should send their applications with their respective CVs with both Technical and Financial Proposals to:

The Board Chairperson,

Makazi Bora Finance Limited,

P O. Box 31451,

Dar es Salaam

Email: [email protected]

So as to reach him not later than 6th August 2021. Please be informed that only shortlisted candidates will be contacted.

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