Iron sharpens iron, and it is all about integrity, a positive mindset, and an unwavering commitment to excellence. These are the core principles that have defined Kate Kiiza, the CFO and Executive Director of dfcu Bank, who was recently crowned CFO of the Year. Her journey to the top is a testament to resilience, adaptability, and leadership rooted in both ethical values and strategic vision.
In the ever-changing world of finance, leadership demands more than just technical expertise—it requires the ability to navigate transformation, mentor future leaders, and drive business growth with a customer-centric approach. It’s also about strategy, adaptability, and integrity.
Kate embodies these qualities, having transitioned from a finance professional to a well-rounded executive who not only manages numbers but also influences strategy and innovation
In an exclusive interview with Muhereza Kyamutetera, Executive Editor of CEO East Africa Magazine, Kate shares her story, revealing key lessons on financial leadership, mentorship, integrity, mindset, empowerment, digital transformation, and work-life balance. From championing innovation at dfcu Bank to inspiring the next generation of finance professionals, her journey is a masterclass in what it takes to become a holistic and impactful leader.
The Evolving CFO: From Accountant to Strategic Business Leader
Wearing two executive hats—CFO and Executive Director—requires strategic focus and discipline. Kate explains that the two roles, though distinct, complement each other seamlessly. “The CFO role… originally it used to be the original CFO role, the accountant, sometimes called chief accountant. But because of the amount of data that is visible to the CFO, they are at the backbone of the business.”
As CFO, she ensures that financial strategy aligns with overall business objectives, while as Executive Director, she co-drives the bank’s direction alongside the Managing Director. “At the center of being the ED, who is the co-driver and supports the MD in delivering the results, is actually a natural.”
Kate highlights the importance of prioritization, delegation, and team empowerment. “Work with a team, empower the team, and make sure you have people who deliver in your name.”
She acknowledges that juggling both roles requires adaptability and structured planning. “Some days I can have my to-do list for the day, and the day ends, and I haven’t touched it. But I take a step back and launch into another day.”
For Kate, balancing these responsibilities is not about doing everything alone but about leading with vision, building strong teams, and maintaining strategic clarity.
Her philosophy is clear: finance is not just about numbers but also about understanding the story behind them.
“I would love to be known as the person who puts words to numbers.”
Iron Sharpens Iron: The Role of Mentorship in Professional Development
Kate attributes much of her success to mentorship and professional exposure. From her father encouraging her to “speak for yourself and work hard”, to inspiring bosses like Grace Kavuma, Ivan Kyayonka, and Japheth Kato, each played a key role in shaping her mindset.
“Japheth always said, ‘I need to see you beyond finance. What is it that you can deliver beyond your finance role? How do you get to use your finance role to transition into a value creator and a person who drives strategy?’”
She emphasises that having great mentors is one thing, but truly benefiting from them requires effort. “There are two things: initially, honestly, it was accidental, purely accidental. These are the people you’re working with. However, what do people look at as leaders? Good leaders look for the good in you.”
She underscores the importance of showing up and proving oneself in order to attract great mentors. “If they see the good in you, how do you show up? What is it that you do? What level of excellence do you subject yourself to?”
Kate firmly believes that mentorship is not a passive relationship but a process that requires individuals to take ownership of their development. “If you have an assignment, what is the quality of that assignment as you submit it? So it starts there, and then your openness, especially to feedback that’s not so positive.”
She acknowledges that many people focus on their strengths, but true growth comes from working on weaknesses. “The issue is the positives are good, and of course, you blow them up. But how do you work on your not-so-good areas? How do you work on your negatives or your weaknesses and actually translate them into positives?”
Kate also highlights the value of actively participating in professional circles. “Then the second thing is different fora—if there are ACCA forums, are you actually there? Are you entering into those forums, and are you having the conversations with the right people?”
She urges aspiring leaders to put themselves in environments where they can be seen and mentored. “Yes, then there, you’ll find almost natural that they will want to share their experiences, and they will want to ask you one or two things.”
Mentorship, in her view, is not just about receiving guidance but about proving that one is worthy of the time and investment of experienced professionals. “Allow yourself to fail. Strength is not demonstrated in never failing, but in how you rise every time you fail.”
By actively seeking knowledge, embracing feedback, and consistently demonstrating excellence, finance professionals can attract the right mentors and maximise their leadership potential.
Integrity: The Foundation of Leadership
A finance leader must stand firm in their ethics, even when faced with temptations and pressures. Kate’s stance on integrity is non-negotiable:
“Integrity is the foundation. The first brick that you put on the foundation is actually integrity.”
She acknowledges the growing challenge of dishonesty in society but advises professionals to practice contentment:
“There’s always a better thing on the other side. But how do you nurture yours to actually grow to be even better?”
The Power of Mindset: Overcoming Failure and Building Resilience
For Kate, success begins in the mind. She shares two powerful lessons from her mentors:
“Allow yourself to fail. Strength is not demonstrated in never failing, but in how you rise every time you fail.”
Her belief is that professionals must be willing to learn, unlearn, and transform:
“How do you allow yourself to learn in order to transform? How do you keep abreast with the latest that’s happening in the profession?”
Empowering Teams: The Art of Leadership
Great leaders don’t just do it all—they build capable teams. Kate stresses:
“Work with a team, empower the team, and make sure you have people who deliver in your name.”
She warns against micromanagement, citing lessons from the book The Multiplier:
“Avoid being the person who knows it all… Identify the multiplier behaviors that you must exhibit as a leader.”
Her philosophy is to challenge, train, and support her team:
“Set the bar high for the team, and actually make sure you support them on the journey to actually achieve at that level.”
Self-care: Leaders Must Not Forget Themselves
Amid the demands of leadership, Kate stresses the importance of self-care and personal development. Leaders often focus on empowering their teams and driving business goals, but they must also prioritize their own well-being. “One of the things is, especially when you become a leader for the first time, you feel it’s all about the team. You want to improve the team, but you have to take a step back and also think about improving yourself as a leader.”
She highlights that leadership is a continuous journey of learning. “What are the kind of sessions you get into that develop you into a leader? What do you allow yourself to fail on? I think as a leader, one of the biggest things that you must adapt, or you must get yourself into, is to accept that you’re not perfect and use the imperfections to actually improve yourself.”
Kate also advocates for leaders to cultivate honest feedback loops within their circles. “Surround yourself with people who will tell you, ‘the emperor is naked.’ Who are able to tell you when you actually mess up. Have the humility that people will be able to approach you and tell you, ‘here, you didn’t measure up.’”
She acknowledges that taking time for personal well-being—both physically and mentally—has an impact on professional performance. “Previously, I was a person who would say, ‘Oh, I’m a leader. I’m too busy. I can’t do this.’ But one of the leaders in one of the sessions on the CEO Apprenticeship Program came and told us, ‘I wake up every morning and I do my exercise, because exercise really helps you to think.’”
For Kate, a well-balanced leader is a more effective leader. “If you stop learning, that’s the day you die. You need to get yourself certified, develop continuously, and ensure that while you are helping others grow, you are also nurturing yourself.”
By focusing on self-improvement, leaders can sustain their energy, sharpen their decision-making, and continue inspiring those around them.
Balancing work and life is critical for longevity in leadership. Kate is also a strong advocate for fitness and personal well-being:
“It’s not unusual for me to be in the pool at 6 a.m. It gets the mind calm, gets you less stressed, and you’re less likely to let things get to you.”
She believes that structured planning is key:
“Some days I can have my to-do list for the day, and the day ends, and I haven’t touched it. But I take a step back and launch into another day.”
Adaptability: The Changing Face of Finance
With rapid technological advancements, Kate emphasises staying ahead of the curve:
“What do you use your data for? What does the data tell you? How do you actually connect the dots for the numbers to tell a story?”
She encourages professionals to question, research, and think critically:
“Encourage teams to research. One of the techniques I use is asking questions: ‘What do you think about this?’ That triggers somebody to actually go and research a bit more.”
Women in Leadership: Competing on Equal Footing
Kate challenges the notion that women in leadership are at a disadvantage. “The moment you adopt a victim mindset, you’ve already lost,” she states.
Having grown up with brothers, she learned early on to compete on merit. “You don’t need special treatment. Show up, do the work, and earn your place.”
While she acknowledges the societal barriers some women face, she believes in focusing on what can be controlled. “Women must subject themselves to the same high performance standards as men. Opportunities will come to those who prove they deserve them.”
She advocates for a shift in perspective: “Don’t carry gender as a limitation. If you start from ‘I need this position because I am a woman,’ then you’re starting from a weak place. Compete fairly, prove your worth, and let your work speak for itself.”
Kate also emphasizes the importance of women supporting each other. “As women in leadership, we must empower those coming after us. Provide mentorship, open doors, and create opportunities for the next generation.” Kate challenges the notion that women in leadership are at a disadvantage. “The moment you adopt a victim mindset, you’ve already lost,” she states.
Having grown up with brothers, she learned early on to compete on merit. “You don’t need special treatment. Show up, do the work, and earn your place.”
While she acknowledges the societal barriers some women face, she believes in focusing on what can be controlled. “Women must subject themselves to the same high performance standards as men. Opportunities will come to those who prove they deserve them.”
Personal Branding: Letting Your Light Shine
Finance professionals often shy away from the limelight, but Kate emphasizes the importance of visibility. “You can do great work, but if no one knows about it, your impact is limited.”
Winning the CFO of the Year award was a turning point for her. “I never sought recognition, but the award showed me the power of visibility.”
She encourages finance leaders to step out of their comfort zones. “Share your experiences, speak at forums, write articles. Your story can inspire someone else.”
Kate acknowledges that self-promotion doesn’t come naturally to many finance professionals. “Being in the media, blowing our own trumpet is not natural. But thanks to ACCA and things like the CFO Award, it’s an encouragement to help us learn to get out of our shell.”
She reinforces that showcasing one’s expertise is not about vanity but about making a meaningful impact. “The lamp has to shine for it to give the light and for it to be seen.”
For her, personal branding is about demonstrating excellence consistently. “Let your work speak for itself, but also be intentional about positioning yourself where opportunities find you.” Finance professionals often shy away from the limelight, but Kate emphasizes the importance of visibility. “You can do great work, but if no one knows about it, your impact is limited.”
Winning the CFO of the Year award was a turning point for her. “I never sought recognition, but the award showed me the power of visibility.”
She encourages finance leaders to step out of their comfort zones. “Share your experiences, speak at forums, write articles. Your story can inspire someone else.”
The CFO of the Year Award: A Recognition of Excellence
Winning the CFO of the Year Award was not just a personal achievement—it was a testament to her impact:
“The first thing that was very humbling is that you have your team members, you have your peers actually nominating you. That was priceless for me.”
The rigorous selection process challenged her to articulate her leadership philosophy:
“Facing the panel felt like a real job interview. You had to be articulate, pay attention to the questions.”
But more than the award, it is the responsibility it carries that drives her:
“So many girls said, ‘We’re so proud of you.’ That sets the bar much higher. The expectations have raised a lot higher.”
Customer-Centric Banking & Digital Transformation
In today’s fast-paced banking environment, customer expectations are evolving rapidly. “Customers want to do things themselves; they don’t want to queue at branches,” Kate notes.
As dfcu Bank undergoes digital transformation, Kate ensures that solutions are designed with the customer in mind. “We must remain relevant by understanding and responding to customer needs.”
She highlights the importance of leveraging data analytics to enhance customer experiences. “Banking is no longer just about transactions; it’s about delivering value and making banking seamless.”
To stay ahead, dfcu Bank is prioritizing self-service solutions that empower customers. “There’s a lot of demand from customers who want to be able to manage their own transactions. The key is ensuring convenience without losing the personal touch.”
The transformation is also evident in branch operations. “We’ve introduced a queue management system to streamline service delivery. The next step is analyzing that data to further enhance the customer experience.”
For Kate, technology is an enabler, but the core remains customer satisfaction. “The challenge is not just implementing new systems but making sure they truly address what the customer needs.” In today’s fast-paced banking environment, customer expectations are evolving. “Customers want to do things themselves; they don’t want to queue at branches,” Kate notes.
As dfcu Bank undergoes digital transformation, she ensures that solutions are designed with the customer in mind. “We must remain relevant by understanding and responding to customer needs.”
She stresses the importance of using data to enhance customer experiences. “Banking is no longer just about transactions; it’s about delivering value and making banking seamless.”
Final Thoughts: A Call to Excellence
For upcoming finance professionals, Kate’s advice is clear:
“The excellence is a given. It’s an expectation. The integrity, it’s like breathing. That must be there.”
Her final challenge?
“Think through, and when you think about it even before, then you’re able to achieve a bit more than when it happens by accident.”
With such an inspiring journey, Kate Kiiza stands as a true example that iron sharpens iron, and finance leadership is not just about numbers—it’s about vision, resilience, and impact.