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In the dynamic world of corporate finance, the Chief Finance Officer (CFO) role undergoes a significant transformation. No longer confined to back-office number crunching, today’s CFOs act as strategic partners, innovation drivers, and key contributors to organisational success. Few embody this shift better than Peter Ssenyange, the Chief Finance Officer of PostBank Uganda. In an exclusive interview with CEO East Africa Magazine’s Muhereza Kyamutetera, Ssenyange shares his journey, challenges, and vision for the future of the finance profession.
“The baseline role of the CFO does not change,” Ssenyange begins. “We still say no to many things to ensure the organisation’s survival, but the role evolves from being transactional to becoming a value-creating, strategic one.” He emphasises that today’s CFO acts as an advisor to the CEO, helping steer the organisation’s strategic direction.
“Essentially, your job is to ensure that whoever sits in the CEO role succeeds,” he adds. “This means being a chief custodian of value creation, keeping the board and leadership honest, and showing them what’s around the corner before they get there.”
Opportunities for Innovation and Growth
CFOs face a host of challenges, both external and internal. Ssenyange shares a vivid example: “When the Russia-Ukraine war starts, we think it won’t affect us in Uganda. But suddenly, vendors begin reporting increased paper costs because Ukraine is a major producer of newsprint. Events far away can have direct implications on our operations.”
He also points out the internal challenges CFOs face. “Do you have the right team? Is the culture aligned with your goals? These factors heavily influence performance,” he says. Ssenyange also describes the CFO’s role as “a very political one,” requiring navigating and delivering results within complex organisational dynamics.
“Never waste a good crisis,” Ssenyange advises. For him, challenges like rising costs become opportunities to innovate. “We start a journey of cost optimisation, not just reduction, and I’m excited about the results we see.”
He explains that a CFO’s job is to foster innovation and growth, both personally and organisationally. “You set the tone for growth,” he says. “That includes influencing the board, preparing your team, and ensuring strategic communication.”
At PostBank, this approach drives significant transformation. “We build a business model that integrates traditional banking with fintech through platforms like ‘Wendi,’ Mobile Wallet” he notes. Wendi focuses on ensuring financial inclusion and delivering value to underserved communities.”
PostBank’s Transformation Journey
Under Ssenyange’s financial stewardship, PostBank achieves remarkable milestones. “Our purpose is to foster prosperity for Ugandans,” he explains. “Access to affordable financial services is one of the biggest barriers to development in East Africa, and we’re committed to addressing that.”
The transformation journey focuses on four key areas: enhancing human capital, strengthening social and intellectual capital, and fostering financial inclusion. “We invest in our people to improve service delivery, upgrade our technology, and develop new branches and fintech solutions to reach the underbanked,” Ssenyange says.
Driving Growth and Managing Risk
Ssenyange emphasises the interconnectedness of growth and risk management. “Growth often involves taking calculated risks,” he says. “It’s the CFO’s job to identify these risks, ensure compliance, and champion investments that keep the business competitive.”
He urges CFOs to look beyond financial metrics. “We need to invest in stakeholders and challenge leadership to think long-term,” he says. “It’s not just about saying no; sometimes, it’s about advocating for bold, strategic investments.”
Regarding technology adoption in finance, Ssenyange doesn’t mince any words. “Technology is your best ally,” he declares. He highlights its ability to automate repetitive tasks, allowing the finance team to focus on strategic initiatives. “At PostBank, we reduce manual processes, enabling the team to think critically and drive innovation.”
He also emphasises the importance of data analytics. “Data is a goldmine,” he says. “Understanding customer behaviour through data can provide invaluable insights and drive better decision-making.”
ESG and Sustainability
Environmental, Social, and Governance (ESG) considerations are increasingly central to corporate strategies, and according to him, “every business impacts society, the environment, and the economy. It’s the CFO’s job to ensure these impacts align with the organisation’s values.”
At PostBank, Ssenyange leads the sustainability agenda. “We focus on delivering value to stakeholders while minimising negative impacts,” he says, adding: “Sustainability is not just a metric; it’s a key driver of long-term value creation.”
Lessons Learned and Leadership Insights
Reflecting on his career, Ssenyange shares invaluable lessons. “Culture can make or break your plans,” he states, adding: “Invest in your people. They’re your biggest asset, and their growth drives organisational success.”
He describes his leadership style as built on collaboration, planning, and execution. “I believe in setting clear values for the team,” he says. “We don’t sacrifice deliverables; we work as one unit, and we ensure everyone leaves the role better than they found it.”
Advice for Junior Finance Professionals
Ssenyange’s advice is clear for aspiring finance professionals: “Don’t waste your young years. Focus on learning, be humble, and strive for technical excellence.” He also emphasises the importance of understanding the business context. “Accounting is the language of business. You can’t succeed without knowing the industry you’re in.”
He also encourages young professionals to seek mentorship and learn from others. “A good mentor can highlight the skills you need to succeed. Surround yourself with people who challenge and inspire you.”
Balancing Work and Life
Despite the demands of his role, Ssenyange values work-life balance. “Spending time with family reduces the pressure of the job,” he confesses. “It’s challenging, but deliberate effort makes it possible.”
He admits that finding time for personal pursuits, like watching rugby or spending time with his wife, remains a challenge. “But it’s important to recharge,” he believes. “Work-life balance has to be intentional if you want to last the distance.”