The department deals with cash circulation, custodianship of cash, and for the inventory and issuance-related business for all of the Sacco’s retail units.
The duties and responsibilities for the department include:
- Receiving and verifying bankers’ cheques, postal orders and money orders
- Recording all the cheques drawn.
- Ensuring that cash balances are well maintained by using the cheques register.
- Providing periodic reports to corporate finance and accounting department on cash and bank balances.
- Ensuring that all expenditures are properly authorized.
- Supervising tellers’ and strong room operations.
- Keeping custody of cheque books that are in use and is responsible for the drawing of cheques.
- Forecasting and requisitioning daily cash requirements.
- Maintaining adequate liquidity reserve in accordance with rules and regulations in collaboration with the Fosa banking department.
- Collecting cash from the Commercial Banks.
- Organizing for branch and mobile banking services in relation to cash requirements.
- Distributing cash to tellers.
- Receiving and reconciling tellers’ daily cash reports.
- Carrying out complete surprise cash counts from time to time for each teller.
- Preparing for daily deposits in the Commercial Banks.
- Preparing cash summaries and reports.
- Preparing tellers training and education programmes.
- Assigning duties to tellers and savings clerks.