Prominent East Africa finance leaders Daisy Wanjie, group CFO of Africa Guarantee Fund (AGF); Dilip Pal, Group CFO of Safaricom; and Yusuf Omari, CFO of Absa Bank Kenya, recently participated in a panel discussion, during the release of Absa Bank Kenya's 2023 Sustainability Report in Nairobi.
The panellists shared insights on sustainability and discussed their organisations' initiatives in environmental responsibility, social impact, and corporate governance.
On social impact, Daisy explained that AGF plays a crucial role in de-risking financial investments that financial institutions provide to SMEs, acknowledging the pivotal role SMEs play in driving economic growth. She noted that SMEs face significant challenges, particularly limited access to finance and the perceived risks financial institutions associate with them. Additionally, SMEs often struggle with inadequate infrastructure and a lack of reliable energy, such as electricity, which further hampers their growth potential.
"As financial institutions, we have a crucial role in supporting SMEs by providing them access to finance and the confidence they need to grow and contribute to achieving sustainability goals. At AGF, we tailor our products to meet these needs, including our Green Guarantee Fund, which supports SMEs involved in renewable and clean energy. This has had a significant impact. We also focus on social impact through our AFAWA initiative, where we’ve partnered with Absa to support women-led businesses. There are many opportunities for collaboration with financial institutions to help SMEs drive progress towards the Sustainable Development Goals (SDGs)," she explained.
As a mother-of-three, Daisy expressed that her commitment to sustainability is deeply personal, driven by her desire to leave a better world for her children. She also highlighted the importance of gender balance, noting that she was the only woman at the table during the discussion, which in her view underscored the need to support more women in advancing to leadership positions.
"Sustainability is personal to me because I grew up in a household where my father was a geochemist. By the age of 10, I already knew about the ozone layer, how to explain climate change, and understood its effects and impacts on our planet. This knowledge has been part of my life from an early age, and the sustainability goals, particularly around climate change and improving our planet, are deeply important to me. As a leader in my organisation, I am committed to working towards these goals and finding ways to contribute to a better, more sustainable future," Daisy shared.
Daisy acknowledged that while the 2030 target for meeting the SDGs is approaching, there are still numerous challenges to overcome. She highlighted the significant financing gap, noting that there is an annual shortfall for funding the SDGs alone. She emphasised that financial institutions have a critical role to play in addressing this gap. Daisy stressed the need for collaboration between institutions and the importance of supporting SMEs, which she believes have a major impact in helping to achieve these global goals.
"I believe it's important to develop technical expertise among stakeholders in financial institutions," Daisy continued. "This involves understanding market trends, gaining insights into different sectors, and learning how to create more innovative products. Additionally, we need to ensure that we effectively report on the impact these products have on our environment. Doing so will provide funders with more confidence, encouraging them to offer additional financing for these projects."
Before becoming CFO of AGF in 2020, Daisy served as chief accountant at AGF for over five years, where she played a key role in financial reporting, planning, and oversight. Her contributions have been instrumental in supporting the company’s mission to facilitate access to finance for African SMEs, helping to promote sustainable development across the continent.
Daisy has also held senior financial roles at various financial institutions. As finance and administration manager at Equatorial Commercial Bank and earlier as part of the financial control team at Ecobank Kenya, she gained extensive experience in financial reporting, budgeting, compliance, and asset management. Her career began in auditing, with roles at PKF Consulting Firm and Githongo and Company Associates, where she honed her expertise in financial audits, due diligence, and internal controls.
