Nicholas Masaba, the CFO of C-Care Health Uganda, participated in the recent CFO East Africa Uganda Launch Summit, sharing his insights on the evolving role of CFOs and the broader strategic influence they must now wield.
The event, attended by leading financial executives from across the region, provided a platform for Nicholas to share his perspective on the challenges and opportunities facing CFOs in today's dynamic business environment.
Speaking at the summit, Nicholas introduced himself and his company, saying, "I am the current CFO for C-Care Health Uganda. We have about 29 clinics across the country. I've been with C-Care Health Uganda for over five years now, and we're trying to transform healthcare spaces, at least within Uganda with a view of going regional sometime soon."
Before joining C-Care Uganda, Nicholas held the position of group head of finance at International Medical Group, Uganda. He also served as the head of finance and administration at NC Bank Uganda. Prior to that, he worked for audit and consulting firm PwC in Uganda and Aberdeen, Scotland.
Reflecting on the keynote speech by Patrick Mweheire, the regional CEO of Standard Bank Group, Nicholas noted the valuable insights shared.
"It's not every day that you have the opportunity to listen to a transformative leader speak and give you his trade secrets," Nicholas remarked.
He emphasised that the CFO role has expanded, so they are not just financial stewards but strategic partners. "The conversation is around transforming the CFO into a chief value officer, to start thinking about how you're going to be a strategic partner and advisor to your CEO. You need to push the agenda in terms of culture and support the CEO on that front," he said, highlighting the shift from traditional financial roles to broader strategic involvement.
Nicholas also addressed the changing expectations of stakeholders, especially in the realm of environmental, social, and governance (ESG) issues. He acknowledged the pressure to move beyond bottom-line thinking towards a more holistic approach that considers the societal and environmental impact of business operations.
"We have funders in C-Care who are actually not so interested in the bottom line. They're mostly interested in what you're doing to society, and what you're doing for the environment," Nicholas explained. This shift, he noted, requires CFOs to "literally have to shift the way you're thinking when you're storytelling. The numbers become an outcome. The drivers of those numbers are what we call social capital."
Discussing the practical application of these strategic shifts within his own organisation, Nicholas mentioned the importance of transforming organisational culture, especially in sectors traditionally run as family businesses like healthcare in Uganda.
"Transforming culture is a big thing within the healthcare space and this includes how people perceive healthcare institutions," he stated. He likened the cultural and procedural changes at C-Care to those undertaken by major financial institutions like Stanbic a decade ago.
Nicholas also lauded the role of CFO communities in fostering knowledge exchange and mutual support among financial leaders. Reflecting on his experience at the previous CFO East Africa Summit in Kenya, he said, "The one thing that I appreciated most was the round tables. There was a lot of energy when we started discussing taxation issues in Kenya, and everyone had something to contribute. The exchange of information between various CFOs, as well as regional CFOs, was quite interesting. We all share the same problems, but the approach is different."
He underscored the value of these interactions in enhancing the strategic capabilities of CFOs across East Africa.
