CFO Joseph Masaku is not one to back down from a challenge. At Habib Bank AG Zurich, he is driving transformation with empathy and a grounded leadership philosophy.
In November 2020, Equity Group completed its acquisition of Banque Commerciale du Congo, giving rise to Equity Banque Commerciale du Congo. At the time, Joseph Masaku was the senior manager for financial reporting.
The bank embarked on a massive data migration project, and Joseph and other team leaders were assigned to the team that would oversee it. Initial scope had projected the project would take eight months to complete, but the team was given three months to deliver on the challenge.
“We were told to fly to the DRC the following week. We had no time to prepare. When we arrived, the first hurdle was winning over the local team. We didn’t win everyone over, but we got the key local management team on board. That made all the difference,” he says.
That was the most intense experience of Joseph’s career. The team completed the project in slightly under four months, returning to Nairobi just in time for Christmas.
“It was the toughest thing I have ever done. But we pulled it off. We finished the migration in three and a half months. And we implemented some of the local team’s ideas back home. It was exhausting but worth it,” he says.
Staying open to change
The Congo experience shaped how Joseph approaches his work, showing him the hidden value of being pushed to his limit. It also sharpened his perspective on leadership. With time, he gained a lot more clarity on the need to be agile, a quality that came in handy years later as he considered a career move.
In 2022, Joseph’s sixth year at Equity Group, he began to reflect on his goals for the coming years. His early years at the bank had been full of growth, as he had worked in reporting and controls, taken part in regional projects, and built a reputation. But as his fourth year rolled in, he began to feel he needed a more challenging role.
“I had a career plan. I knew where I wanted to go. But the opportunities available were not aligned to that. I did not want to move just for the sake of moving. So, I waited for the right fit,” he says.
He stayed at the bank for two more years before Habib Bank AG Zurich came calling. After researching the business and its group structure, he accepted his first CFO role.
Although he had a strong background, Joseph was eager to learn more. He leant on colleagues and reached out to peers in similar roles, remaining open to feedback.
“When I saw the kind of organisation they were, I felt ready. I had done my homework. This was the right step. Some things I still needed to build on. But I had people who helped me and guided me,” he says.
The essence of finance
For Joseph, insight and influence are the essence of finance. The transformation of the bank’s strategy and budgeting process is a point of pride for him. Under his guidance, he has learnt to interrogate business projections, ensuring they are supported by facts and validated assumptions and aligned to the overall strategy.
“Anyone can plug in numbers. The question is, what’s the thinking behind them? What are the assumptions? What’s the strategic goal? This shift has improved our accountability and focus. Everyone is more conscious of each decision made across the bank,” he says.
Although these wins are another notch in Joseph’s belt, they are also opportunities for his team members. He makes a point of grooming them for leadership, encouraging them to take on more, as he believes mistakes are part of learning. And when they leave for better opportunities, he sends them off with wind in their sails.
“You cannot micromanage and expect people to grow. I give them the basics, then I let them figure things out. If they go wrong, we talk about it. That’s how confidence is built. I do not want to block someone’s growth. I encourage them to keep growing and ensure their roles align with their goals,” he explains.
Joseph offers the same lessons to young professionals in finance. He urges them to shun chasing money for its own sake and develop character, as this builds longevity.
Mentoring young professionals
“If you grow too fast and skip the basics, those gaps will catch up with you. People may start exploiting that knowledge gap. So, take time to understand the business. Learn from the ground up. Integrity is not optional. People watch how you speak, how you act, how you lead. It shows in the little things. And if you lose that, it does not matter how brilliant you are,” he says.
On weekends, Joseph spends time at his farm in Kajiado, bringing his wife and children along. He is also a lover of German Shepherds and has two of them. His wife was ambivalent about the dogs at first, Joseph shares – but now she is more attached to them than he is. Joseph and his son often walk their two dogs in the morning or evening.
“Even the kids have bonded with them. My youngest is three. Sometimes, the dog protects him from me if I try to scold him,” he says, laughing.
In another life, Joseph reckons he might have been a rally driver. As a Formula 1 fan and a supporter of Lewis Hamilton, he is fascinated by speed and still nurtures dreams of trying motorsport himself when he retires.
“It amazes me how those drivers control those cars at high speed. I have not tried it yet. But maybe one day, I will,” he says.
