Our Organization

Governance Structure

The Governance of WEDAC Limited is structured on corporate best practices for effective distribution of responsibilities, exercise of authority and accountability at all levels. The structure includes three distinct accountability levels including the Board of Directors, Management and Staff as highlighted below:

Board of Directors

The Board of directors has a dual mandate: a) to guide the institution in fulfilling its corporate mission and b) to protect the institutions’ assets over time. The Board is accountable to both the subscribers and the regulatory authority in instituting proper business policies and overall guidance and supervision of management practices. The board will ensure the business plan is implemented and achieved. The Board of Directors is the highest governing body. The institution is very lucky to have board of directors who are well trained and experienced in microfinance arena. The board of director want to see growth, the role of the Board will include without limit upholding and safeguarding of the WEDAC’s vision and mission; setting policies; exercising fiduciary and oversight of the management of the WEDAC’s operations; monitoring the implementation of WEDAC’s strategic and work plans and achievement of objectives; providing stability to the company’s organizational structure and to ensure overall corporate effectiveness. The board shall periodically evaluate itself, particularly its ability to establish and achieve its objectives. The evaluation process shall:

i) Review board skills and experience in comparison with the strategic direction of the microfinance company in order to determine whether training and/or changes to the Board’s composition are needed

ii) Compare accomplishments with the work plan

iii) Ensure WEDAC has an internal control, information, monitoring and evaluation systems in place that can adequately convey to the Board whether or not the institution is achieving its objectives

iv) Assess the effectiveness of meetings in terms of frequency, time efficiency, and ability to reach important decisions

v) Assess whether the approved plans and budget support the institutional strategic objectives

Evaluate the market share in relation to increasing competition in the industry

The Board of Directors shall approve performance indices and factors of accountability for the management as stipulated in the business and work plans and in the terms of reference covering management appointments. A performance evaluation will be conducted to measure achievement of results by reviewing each year.

List of Board of Directors/Members

1

Richard Chancie Masandika

Director/Member

2

Jitu Soni Vrajlal

Director

3

Solomon J. Masangwa

Director/Member

4

Helena Awaki Massay

Director

5

Pulcheria Florian Panga

Director

6

Innocent John Umbulla

Company Secretary/Member/Advisor

Management

1

Elisha zakayo

General Manager (10yrs)

2

Philimina Phaustini

Accountant (2yrs)

3

Godfrey Anderson

Credit Officer (11yrs)

4

Esther Jachi

Credit Officer (7yrs)

5

Elihuruma Muchuno

Credit Officer (5yrs)

The Board will delegate the day to day running of the business to the management. Therefore, the management will operate and oversee the day-to-day operations of the organization including the translation of the strategic objectives into operational plans. In that respect the management is accountable to the Board of Directors on the successful implementation of the institutions business plan and annual plan. Currently WEDAC’s management team is not well placed as only on top there is General Manager and below him credit officers, accountant, cashiers and support staff. In this set up communication is jeopardized as there is no clear line of communication from top to the bottom.

Organizational Structure