Tanzania Mortgage Refinance Company (TMRC) CFO Joseph Mrawa has been chasing impact since he first started in finance. He sees leadership as a calling to invest in the growth of others and work for the common good.
When Joseph Mrawa was growing up, he wanted to be an engineer. The CFO of TMRC loved the subject and was fortunate to be selected to join one of the best government technical schools in Tanzania at the time. But his parents had other plans.
“My parents wanted me to join a private school. As a kid, I didn’t have much of a choice, so in 2000 I joined the school. It was actually a good school, even better than the government school, but the only challenge was that they didn’t offer science subjects. You could only pursue arts like history and language. Mathematics was compulsory. That became the number one stumbling block in my dream to pursue engineering,” he says.
The shift into finance was not part of his original plan. Joseph studied economics and mathematics for his A levels, then joined the University of Dar es Salaam to study accounting. After graduating, he became an auditor at PwC Tanzania, but auditing left him restless. After two years, he applied for a scholarship to study finance and investment in the UK.
“I think I went for my master’s in the UK in 2012. When I came back, I decided to move on from auditing and do something different. I shifted my entire career towards finance and I don’t regret it. I find it enjoyable because every day brings a new challenge and I’m always ready to stretch my brain and take on something new,” he says.
Starting over in a new discipline, albeit related to accounting, was one of the most difficult decisions Joseph has ever made. He had to work relentlessly to prove himself in a field he considers more dynamic.
“The challenge was how to switch to a better career that fits my ambitions and my expectations. So for that choice, the move and everything, I had to work around the clock. Back then, the chances of winning a scholarship were very low, but I had to work for it,” he says.
Shaping outcomes
Now CFO of TMRC, Joseph finds joy in the complexity of his work. Unlike accounting, which he describes as backward-looking, finance allows him to engage with data to shape future outcomes. Forecasting and strategic planning give him the mental stretch he has always sought.
“Accounting is more like a post-mortem. You’re posting things after they’ve already happened. Finance deals with the past, the present and the future. What I enjoy most is working with data and models to predict probable outcomes. Every now and then, especially when preparing board presentations, we have to factor in all the key parameters and variables to build solid forecasts. That entire process is what I find most interesting,” he explains.
Over the years, Joseph has become deeply invested in the development of his team. With automation and AI now being integrated into finance, he believes CFOs must prioritise people and prepare their teams to navigate the changes.
“I have always believed in teamwork and team building. For that to happen, training is key. I encourage my team to focus on training that is more strategic in nature, especially those that build leadership skills. I fully believe that 80 percent of a CFO’s time should go to strategy. Reports can be generated in seconds, so what really matters now is the human brain that makes sense of all the information,” he says.
In Joseph’s view, leadership skills are both innate and developed. In his experience, some people are born leaders, while others can grow into the role if given the right exposure. He faults the Tanzanian education system for encouraging compliance and passivity, which he thinks is the reason many are shy or hesitant to speak up. To counter that, he tries to understand the potential of each team member and expose them to challenges that help them grow.
“I normally take them out of their comfort zones and try to expose them to challenging environments. I’ve seen people grow into strong leaders after working with me and attending the recommended training. Not everybody can be a leader, but those with potential should be identified early. Once that’s done, the rest is easier,” he says.
Joseph takes great pride in having built self-sufficient teams wherever he has worked. He considers what he delivers at work equally as important as the legacy he leaves behind. For this reason, he enjoys helping his team members thrive.
A simple triad
“So in my career, I measure myself by how I manage to create my successors. One of the areas which I like the most is leaving behind people who will be able to perform the tasks without needing additional resources. I think that’s what I'm good at,” he says.
For his own career growth, he works with two to three mentors whose perspective he values. But he is also clear that responsibility for his choices rests with him. As he sees it, advice, no matter how useful, must be filtered through personal judgement and experience.
“They are there to help, but the final responsibility is mine. I think my mentors are only one part of the decision-making process,” he says.
He applies the same thinking to challenges, returning to a philosophy that prioritises people, processes and technology. It is a simple triad, but one he believes in deeply.
“You need to have processes, even though we hate them, because they help resolve problems. You also need the right people and you can’t avoid technology. We are in the fourth industrial revolution, and even if Tanzania is not fully exposed to it, our financial sector is well integrated and must keep pace,” he says.
When he was studying at the University of Edinburgh, Joseph was inspired to reflect on his purpose. He began to see success in a different light, realising he wanted to make a contribution to society beyond steering companies towards profit. Since then, he has been drawn to roles that align with this mindset.
“My last two employers are more of mission-orientated or impact financing organisations. I believe our education and expertise must impact society in a positive way. Otherwise we are not doing justice to ourselves. Slowly, I’m becoming someone who looks more towards societal development than individual development,” he reveals.
This belief informs his approach to ESG, which he sees as a way for organisations to remain relevant. However, he advises companies to genuinely integrate ESG into their strategies if they want to achieve longevity. The social contract, he explains, is not optional.
“Your brand has to embrace the society, and that will be the key differentiator between you and your competitors. To me, ESG is about how companies fit into and belong in the societies they operate in. Just like individuals, companies must be members of the society and make sure they have a relevant ESG policy that touches the community in which they operate,” he says.
The Kilimanjaro native likes to visit his ancestral home in the north of Tanzania from time to time. There, he and his family often unwind away from bustling Dar es Salaam. He also enjoys going to church, as spirituality gives him the grounding he needs to thrive.
“I take time during the week and on Sundays for worship. That connection gives me spiritual comfort. We are human and if you forget your spiritual life, eventually your worldly life will collapse,” he says.
