In an exciting development for Letshego Faidika Bank (LFB), Benson Msangi has been appointed as its CFO, effective May 2024.
Benson steps into this role with a wealth of experience and a proven track record in the financial sector.
“I'm thrilled to be joining LFB,” he says. “My passion lies in using financial solutions to empower underserved communities. As a tech enthusiast, I believe LFB offers a unique opportunity to leverage innovation to improve the lives of those with limited access to traditional banking.”
“LFB, born from the recent merger of Letshego Bank Tanzania and Letshego Tanzania Limited (Faidika), represents a new chapter in Tanzanian finance. I'm honoured to play a role in establishing LFB as a key player in the sector, ensuring Tanzania and Africa's financial landscape reflects the power of inclusive banking,” he adds.
Prior to joining LFB, Msangi served as the CFO at UBA Tanzania from August 2022 to May 2024. His tenure at UBA Tanzania, which lasted nearly two years, was marked by significant achievements in financial forecasting, corporate finance and strategic partnerships.
Before his role at UBA, Benson held various positions at Exim Bank (Tanzania) Limited. He was the manager of Business Research and Financial Analysis from February 2021 to July 2022 and served as assistant manager of Business Research and Analysis from February 2020 to February 2021. His responsibilities included overseeing financial analysis, strategic planning and management accounting, all of which honed his skills in problem-solving and leadership.
Benson's career began at PwC Tanzania, where he was a senior assurance associate from August 2016 to February 2020. Here, he developed his foundational skills in auditing, tax accounting and corporate finance. His early career also included an internship as an accountant at Sub-Treasury Manyara and a role as assistant account manager at Sabilo Dispensary.
Strategic priorities
LFB’s decision to appoint Benson as CFO comes at a pivotal time for the bank, as it seeks to strengthen its financial strategies and expand its market presence in Tanzania. Benson’s extensive background in financial management and his ability to adapt to diverse financial environments will be instrumental in driving the bank’s growth and success.
Benson’s strategic priorities will include aligning align financial strategies with LFB's mission to provide inclusive financial solutions through accessible products, managing risk profiles effectively for underserved segments, and affordable pricing. He also hopes to play a crucial role in overseeing the smooth financial integration of Letshego Bank Tanzania and Faidika operations including streamlining processes, and managing potential risks as the entities conclude the transition.
“As regards our growth strategy, I will be involved in developing data-driven financial plans to support LFB's growth objectives. This involves market analysis, customer segment reviews, and effective resource allocation. To enable our financial sustainability, we will implement strategies to ensure LFB's financial health and profitability through such measures as cost optimisation, optimal capital allocation, and mitigating relevant financial risks,” Benson explains.
Benson will also take charge of financial reporting and compliance which will involve submission of reports to Tanzanian regulators. Budgeting and forecasting will be essential to create discipline in implementing current strategies. He will further oversee internal control and risk management as well as optimisation of financial systems for efficiency and data security.
Additional priorities relate to stakeholder management, which will involve building and maintaining positive relationships with investors, regulators and other key stakeholders.
“I also aim to build a strong finance team which will involve leadership and mentorship. I plan to foster a culture of collaboration and high performance. Finally, I will explore financial technology solutions that can be leveraged to enhance financial inclusion and improve service delivery,” he concludes.
