The CFO role in East Africa has undergone a dramatic transformation over the past two decades. Crystal Ventures CFO Theogene Maniragaba, DTB Tanzania CFO Deusdedith Mulindwa and Frostan group FD Seleman Issa reflect on how finance leadership has evolved.
When Theogene Maniragaba started his career in Rwanda, the title ‘CFO’ barely existed. Instead, companies employed directors of administration and finance, known as DAFFs.
“These people were known for being the ‘no’ people. For every question, the answer was ‘no’," he says.
The shift from French to English systems following Rwanda's transition introduced a fundamentally different conception of what finance leadership could be. While DAFFs focus narrowly on financial stewardship and control, CFOs are expected to think strategically about the entire business.
"All of a sudden, we started seeing the roles of CFO with a much broader view of what finance is all about, of what leadership is all about. So from that time I really have witnessed a kind of evolution of the CFO role," Theogene says.
The evolution has seen finance move from stewardship to strategic partnership. Early in his career, Theogene recalls the traditional finance function: waiting for big files to land on the desk, reviewing them and making decisions.
"The role has changed into being a partner. You have to have a much broader view of what is happening in the company. You are at an executive table thinking through the strategy that is going to be leading the institution that you're serving for the next five years," he says.
Beyond the numbers
In Tanzania, Deusdedith Mulindwa has observed a similar shift. When he began his career over a decade ago, CFOs were often seen as chief accountants. They were technical experts focused primarily on reporting historical performance.
"Before, we were looking at the numbers. But now you also need to go to the front sometimes and help people to achieve those numbers," he explains.
As DTB Tanzania’s second-in-command administratively, he steps in when the CEO is unavailable. More importantly, he serves as the institution's strategic challenger, pushing business units to justify their projections and identify growth opportunities.
“The business guys are telling you they need to increase their portfolio from let's say 1 trillion assets to 1.2 trillion. Why only 200 billion? You need to have a knowledge of what exactly we are doing, you need to have a knowledge of the market," he says.
This expanded role requires CFOs to understand the operational realities that drive them. When Deusdedith evaluates DTB's positioning within the Tanzania market, he analyzes competitive dynamics and market opportunities. This is work that would have fallen outside the traditional CFO’s remit.
"It is moving to helping people, making sure that they perform, looking at the gaps and where they can do better," he says.
Understanding the whole business
For Frostan FD Seleman Issa, the evolution of finance means immersing himself in aspects of the business that might seem far removed from accounting.
"In agriculture, you need to understand how the process of farming goes, which season is a good season for placing your chickens on the farm and how they are affected by weather. It's a lot of things, but I am still learning," he says.
This depth of operational understanding allows Seleman to provide genuinely strategic advice. When the sales team projects revenue growth, he can evaluate whether those numbers align with production capacity, farming timelines and market demand.
"Finance or the accountants are the ones to see the numbers. But in the end, whenever we come out and produce those reports, it is not the case. So it is us to see from the trends we are able to predict that this is not a good investment," he explains.
As Theogene puts it, today's CFOs stand at the intersection of data, innovation and leadership.
"This is what excites me today. This kind of evolution and transition and then being able to be where we are now," he says.
