On Friday 23rd, Maputo hosted the Finance Executive Summit 2024, an event that brought together some of the main CFOs of Mozambican companies. Organised by the CFO Forum Mozambique, the meeting focused on creating a solid community of finance professionals committed to transforming the sector in the country.
The executive director and founder of CFO Forum Mozambique, Huruda Malungane, kicked off the event with a speech that emphasised the importance of solid ethical and moral values as pillars for the evolution of the financial sector.
‘Our aim is to create the first community of finance professionals who, together, will change the course of our country’s history,’ she said, emphasising the intention to develop a local network that provides mutual support between members and a unique ecosystem of shared solutions.
Challenges and Transformation
Manuel Jorge Mendes Soares, chairman of the executive committee, was one of the highlights of the event when he addressed the need for in-depth involvement with all sectors of a company.
‘A finance professional has an obligation to leave his office, visit the various sectors of the company and get to know the problems that each one faces,’ said Soares, emphasising that making the right decisions depends on in-depth knowledge of the business.
The executive also spoke about the role of the CFO as a strategic partner for the CEO and the board of directors, arguing that the CFO must be ‘the driving force for change in the institution’ and that he must have the courage to carry out stress tests on each decision, considering the long-term impact.
‘The CFO must have the courage to tell the entire organisation that if we don’t take corrective action, we won’t achieve the desired objectives,’ he warned.
Georgina Guedes, executive director of the CFO Forum South Africa, brought to the discussion the concerns of South African CFOs, with emphasis on ESG (environmental, social and governance) reporting standards and digitalisation.
She emphasised that the role of the CFO is evolving and is no longer just ‘the numbers man’ but ‘a co-pilot of the business, a strategic partner.’
The executive director of the CFO Forum South Africa also addressed the challenge of maintaining a balance between personal and professional life, a topic that has gained relevance post-pandemic.
Future Perspectives: Adaptation and Innovation
Cláudia Rei, CFO of Global Alliance Seguros, spoke about the evolution of the CFO role and the importance of ethical and theological principles in the career. ‘To have a prosperous career as a CFO, I believe it all starts with theological principles,’ she said, emphasising the need for humility, integrity and respect.
Cláudia Rei also highlighted the importance of continuous adaptation in a globalised environment and the need to leave one’s comfort zone in order to reach leadership positions.
Celma Esmael, CFO of Electricidade de Moçambique, gave a practical view of the role of the CFO, emphasising the need for a strong strategic partnership with the CEO and the board of directors. Esmael emphasised the importance of resilience and the ability to innovate in order to guarantee the company’s sustainability.
‘Resilience is another important characteristic, as all businesses face challenges,’ he said, emphasising the importance of effective communication and leadership that motivates and encourages employees.
Ethics and Governance
Germano Nhabinde, Head of Treasury at Standard Bank, addressed the importance of ethics and governance for financial leaders, stressing that these areas complement each other and are essential for the proper functioning of an organisation.
Nhabinde illustrated his presentation with a striking case study from the financial sector: the story of Kweku Adoboli, a former UBS stock trader who became well-known in 2011 due to a financial scandal that rocked the Swiss bank.
Adoboli, a native of Ghana and resident in the UK, was responsible for unauthorised transactions that resulted in a loss of 2.3 billion dollars for UBS, leading to the resignation of the bank’s CEO and exposing flaws in the institution’s internal control systems.
‘This case highlights the risks of a high-pressure culture in the banking sector and the lack of effective supervision,’ explained Nhabinde, emphasising the importance of a strong commitment to ethics and governance to avoid devastating consequences.
According to Germano Nhabinde, the role of CFOs must go beyond simply complying with regulations: ‘We must act as guardians of organisations, ensuring that business practices are always aligned with the highest ethical and governance standards.’
This commitment, according to the speaker, is crucial for the sustainability and credibility of companies, especially in a sector as sensitive as the financial sector.
Reflections on the Future: Technology and Digital Transformation
Devan Manmoanda, CFO of Moza Banco, offered a provocative reflection on digital transformation and the future of this professional’s role. ‘Leadership in digital transformation and innovation is now an essential competence for the CFO,’ he said, emphasising that the modern CFO must be seen as a strategic partner and value catalyst.
Manmoanda concluded that, in the digital age, ignoring data compromises an organisation’s competitiveness and financial performance.
Beatrice Malenga Mabhena, CFO of Vodacom Mozambique, closed the event with an analysis of disruption and the challenges faced by CFOs in crisis scenarios, stressing that the CFO must balance short-term survival with long-term viability, being the voice of reason within the organisation.
‘The result of any crisis must be the ability to learn from it, to reinvent oneself and to grow,’ he concluded.
The Finance Executive Summit 2024 reaffirmed the importance of adaptation, innovation and ethics in the role of CFO, at a time when the financial sector is facing growing challenges.
With a shared vision of transformation and collaboration, the CFOs present pledged to lead their organisations towards a sustainable and innovative future.
Huruda Malungane also announced the launch of a mentoring programme for CFOs in the years 2024-25, highlighting the relevance of the ‘C-App Solutions Series’, an initiative that will allow members to anonymously share the challenges they face and get support for practical resolutions.
‘We want to create spaces for direct debate, where we can benefit from each other’s vision and perspective,’ he concluded.
Felisberto Ruco
