During the first-ever CFO East Africa Virtual Summit, titled CFO Ideas Worth Sharing, a breakout session on strategy brought together more than 50 finance executives. The conversation revealed that CFOs across East Africa are stepping into broader leadership roles.
In a session led by BasiGo CFO Jonathan Green and Rwanda Space Agency CFO Toussaint Maniriho, one central question emerged: What does it take for CFOs to lead strategy while balancing execution and impact?
Jonathan Green, CFO of electric bus company BasiGo, spoke candidly about strategic planning in the growth-stage of a business backed by private investors. He explained the high-pressure balancing act that defines his work.
“Every time we do a funding round, we basically get 12 to 18 months of runway. And essentially, the strategic decisions that we have to make as an executive team really is balancing investment in growth. So basically, how do we acquire more e-bus assets to increase revenue versus extending our runway,” he said.
He explained that strategy always comes with limits, especially in companies focused on solving real-world problems. As he noted, finance leaders often make decisions that affect people’s health and the environment. For BasiGo, that includes reducing air pollution in urban areas.
“Air pollution is the leading cause of death amongst the global population at this point. And for those of us who live in cities, particularly in developing countries, a lot of that air pollution comes from traffic. I can’t remember where I saw these statistics, but about 80 percent of the air pollution within Nairobi is primarily a result of the PM 2.5 pollution from internal combustion vehicles at the moment,” he explained.
Balancing mission and money
Toussaint Maniriho, CFO of the Rwanda Space Agency, offered a perspective from the public sector. He supported the idea that today’s CFO must be a trusted advisor to the CEO rather than just a technical expert. Toussaint also highlighted the importance of data and transparency, signalling a shift in how public institutions in the region define value and accountability.
“It is now financial. It’s no longer numbers. Finance is more about strategy leadership as a key partner to the CEO, and then ensuring that you work closely with the CEO to provide financial insight to guide decisions. Ensure that the institution is most stable in terms of cash flow or any capital investment,” he said.
Another CFO who works in the aviation industry described how her responsibilities have shifted dramatically. She spoke about how finance now connects directly to customer experience and pricing strategy, capturing the complexity of the work of a modern CFO.
“Basically, we know being a CFO is no longer about numbers. We are moving out from numbers to operations to sustainability. We have a lot of fields to oversee as CFOs,” she said.
A finance leader from Uganda shared how strategy lives across every part of her role, IT, ROI modelling and regional expansion now sit under her portfolio. She noted that the lines between champion and implementer have disappeared entirely, making it clear that CFOs are the link between strategy and execution.
Strategy as a core CFO function
“You know it was funny when that poll was sent out about what role you play in strategy. I wanted to pick all of them, because I’m in charge of it. So, I do everything. I’m not just the champion, but I’m also the one who looks at spending,” she revealed.
Several attendees emphasised the CFO’s responsibility to ‘hit pause’ when necessary, even when it’s unpopular. One banking CFO put this into perspective with a firm challenge.
“The CFO’s responsibility is to tell the business when to stop. I think we are very good at directing traffic on what needs to be done, but sometimes I think we need to call ourselves into meetings and kind of tell the business when to stop doing what we think or what has potentially succeeded in the past and won’t succeed in the future,” he explained.
Another common topic was how CFOs manage their teams. Several people brought up how they find time to focus on big-picture thinking. For many, the answer was building a strong team they can rely on. Participants emphasised the importance of hiring strong technical leads, upskilling staff and staying ahead of technology. As they pointed out, AI and automation are only helpful if used to unlock capacity.
“You are the bedrock of the organisation. Most CEOs and functional experts expect that the CFO should know. And therefore, they will follow your guidance and they will respect you when they believe they get value from you,” one attendee said.
As the session came to a close, one executive offered a sharp reminder that focus is a strategy in itself.
“What is it that you need to excel and what is it that you need to accelerate on? Because you can’t focus on everything. So how do you focus on what counts?” she said.
