ELIZABETH NDUNGU
Nairobi,30
Summary
Dynamic tax leader with extensive experience at Safaricom PLC, driving strategic tax compliance and risk management initiatives. Proven track record in reducing tax liabilities and enhancing profitability through innovative tax planning strategies. Adept at stakeholder engagement and training, fostering a culture of compliance and excellence across diverse teams.
Overview
19
19
years of professional experience
1
1
Certification
Work History
Group Tax Manager
Equity Group Holdings PLC
Nairobi
11.2024 - Current
- Providing strategic tax leadership across Equity Group’s regional footprint, spanning banking, insurance, and fintech subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the DRC.
- Spearheaded tax compliance, risk mitigation, and digital transformation initiatives, aligning with evolving regulatory landscapes to support sustainable growth.
- Implemented standardized tax processes and procedures across group subsidiaries, establishing control measures for enhanced tax compliance.
- Collaborated with legal and finance teams to align intercompany transactions with OECD transfer pricing guidelines, ensuring defensible documentation and reduced risk.
- Conducted tax health checks and reconciliations for over 10 subsidiaries, identifying and resolving legacy issues and enhancing compliance posture.
Tax Manager
Safaricom PLC
Nairobi
01.2016 - 10.2024
- Overseeing tax strategy and compliance across the USD 3.9 billion market capitalization Group.
- Led tax management and analysis, providing advisory services across business areas, conducting regulatory intelligence on new tax laws, facilitating capacity building on taxation, managing relationships with revenue authorities, overseeing Group statutory reporting, and supporting Transfer Pricing projects and initiatives.
- Managing two staff and processing approximately USD 1 billion in annual tax payments.
- Dramatically reduced tax liability by challenging a VAT assessment by KRA, resulting in a USD 40M nullification through evidential defense, and obtaining a USD 4M tax waiver in 2020 tax assessments.
- Obtained a USD 120M tax penalty waiver by leading Safaricom’s Statement of Accounts (SOA) reconciliation with KRA.
- Reducing crystallized assessment to 1% in 2022 by working with consultants to defend assessments.
- Secured USD 750K reduction in assessed value of import tax assessment leveraging on skillful negotiation with stakeholders and documentation support.
- Spearheaded the roll-out of Kenya Revenue Authority’s (KRA) Electronic Tax Invoice Management System (TIMS) and various billing systems in partnership with IT and Finance teams to maintain regulatory compliance.
- Oversaw monthly multi-country tax compliance processes in Kenya and South Africa (corporation tax, local and foreign withholding tax, local VAT, and import levies), conducting tax health checks for Group and subsidiaries including Safaricom Money Transfer Services, Digifarm Kenya Ltd, and One Communications Ltd M-PESA Africa.
- Proactively reviewed products and services to ensure timely compliance.
- Performed tax analysis of the Pay-As-You-Earn (PAYE) scheme for 20 expatriate staff from the UK, South Africa, Germany, India, and Egypt, serving on secondment.
- Aligned taxation terms with Double Tax Agreements (DTA) with the UK, South Africa, India, France, Germany, Canada, the UAE and Seychelles through review of business cases and contracts.
- Trained new hires and over 50 finance staff on tax optimization, enhancing overall competence levels.
Financial Reporting Manager
Safaricom PLC
Nairobi
04.2013 - 12.2015
- Promoted to manage timely preparation and delivery of financial and statutory reporting including monthly trial balance, general ledger, subsidiary ledger accounts in line with IAS, IFRS and GAAP, ad-hoc cost analysis, annual operating budgets, and direct periodic closing process, including reconciliation and analysis of related accounts.
- Enhanced technical capabilities and safeguarded book balance integrity by migrating financials and finance reports from ERP Release 11 to 12, improving reporting efficiency.
- Group consolidation and reporting including Safaricom Foundation.
- Provided financial oversight on USD 350M in OPEX and NOPEX.
- Tightened financial controls through collaboration with section heads and department leaders to review monthly P&L and balance sheet schedules, ensuring accuracy and compliance.
- Successful implementation of IFRS 16 and IFRS 9 aligning rent and revaluation of cash equivalents respectively.
- Trimmed unsupported accruals by 30% leveraging on weekly section-based dashboards, monitoring of debtor and supplier ledger aging, and by ensuring optimal collections and payments within the stipulated 60 days.
- Reduced cost reporting TAT by two days through tight collaboration with finance business partners.
- Influenced decision-making by preparing and consolidating cost center reports for OPEX and NOPEX for review by the Head of Department, creating weekly financial report dashboards for management presentation.
Senior Accountant – Financial Services (M-PESA)
Safaricom PLC
Nairobi
11.2009 - 03.2013
- Led financial and accounting initiatives for M-PESA market float management, agent commission payments, and system upgrades, enhancing operational efficiency.
- Mitigated revenue leakages by 40% and improved overall business profitability through introduction of a commission claw-back mechanism.
- Leveraged automation of commission payments to reduce processing time from five days to same-day payout, resulting in 90% efficiency improvement.
- Streamlined Cash to e-Money conversion process, accelerating market turnaround time by 35% through effective KPI monitoring.
- Developed reporting requirements for Western Union and implemented settlement process, reducing SLAs by four days.
Accountant: Treasury & Tax
Safaricom PLC
Nairobi
02.2008 - 10.2009
- Managed and reconciled monthly financial statements for multiple business units, ensuring accuracy and compliance.
- Analyzed financial data to identify trends, improving reporting efficiency and decision-making.
- Created journal entries accurately and promptly for month-end close processes.
- Performed timely general ledger reconciliations, maintaining accuracy and supporting financial integrity.
Chief Accountant
Jikaze Investments
Nairobi
07.2007 - 12.2007
Education
The High Impact Leader -
The Catalead
Kenya07.2023
Certified Life Coach -
The Coach Training Academy
Canada07.2021
MBA - Strategic Management
The University of Nairobi
Nairobi 01.2016
BBA - Bachelor of Commerce
The University of Nairobi
Nairobi01.2007
Certified Public Accountant (CPA-K) - Business Accountancy
Strathmore University
Nairobi 12.2005
Skills
- Tax management and compliance
- Financial management
- Audit support
- Treasury management
- Staff management
- Strategic tax planning
- Risk management
- Financial reporting
- Internal and financial controls
- Project management
- Account reconciliations
- Closing processes
- Financial planning and analysis
- Regulatory compliance
- Training and capacity building
- Profitability analysis
- Cost analysis and forecasting
- Process improvement strategies
- Advanced Excel and Google Sheets analysis
- Leadership and coaching skills
- Strategic tax leadership
- Financial analysis expertise
- Stakeholder engagement strategies
- Effective communication skills
- Training facilitation techniques
- Tax planning strategies
Affiliations
- Institute of Certified Public Accountants of Kenya, ICPAK
- The Coach Training Academy, Canada
Certification
- Certified Public Accountant (CPA-K), Strathmore University, 07/01/02, 12/31/05
- Certified Life Coach, The Coach Training Academy, Canada, 11/01/20, 07/31/21
- The High Impact Leader, The Catalead, Kenya, 07/01/23, 07/31/23
Professional Development Courses
- Building Resilience – LinkedIn Learning
- Cultivating Mental Agility – LinkedIn Learning
- AI for business
- Effective Leadership
Key Areas Of Expertise
- Tax Management & Compliance
- Financial Management
- Audit support
- Treasury Management
- Staff Management
- Strategic Tax planning
- Risk Management
- Financial Reporting
- Internal & Financial Controls
- Project Management
- Account Reconciliations
- Closing Processes
- Financial Planning & Analysis
- Regulatory Compliance
- Training/Capacity Building
- Profitability, Cost Analysis & Forecasting
- Process Improvements
- Advanced excel and google sheet analysis
- Leadership and coaching
Timeline
Group Tax Manager
Equity Group Holdings PLC
11.2024 - Current
Tax Manager
Safaricom PLC
01.2016 - 10.2024
Financial Reporting Manager
Safaricom PLC
04.2013 - 12.2015
Senior Accountant – Financial Services (M-PESA)
Safaricom PLC
11.2009 - 03.2013
Accountant: Treasury & Tax
Safaricom PLC
02.2008 - 10.2009
Chief Accountant
Jikaze Investments
07.2007 - 12.2007
The High Impact Leader -
The Catalead
Certified Life Coach -
The Coach Training Academy
MBA - Strategic Management
The University of Nairobi
BBA - Bachelor of Commerce
The University of Nairobi
Certified Public Accountant (CPA-K) - Business Accountancy
Strathmore University