Shaping the future of finance: Insights for CFOs in Africa and the Indian Ocean Islands

As a Finance Executive for the firstEquity Insurance Group operating across Africa and the Indian Ocean Islands, I recently explored the report "A Vision for the CFO & Finance Function" by the International Federation of Accountants (IFAC). The report offers valuable perspectives on how CFOs and finance teams can stay relevant and drive value in today's fast-changing business world. Here are my key takeaways:

1. Beyond the Balance Sheet

The role of the CFO is expanding. It's not just about managing the balance sheet anymore. We need to focus on how our business creates value now and in the future. For our insurance group, this means leveraging our strengths to drive long-term growth and enhance our brand.

2. Embracing Digital Transformation

Digital transformation in finance is essential. Technologies like automation, AI, and data analytics can significantly improve our decision-making. By using data effectively, we can provide insights that drive strategic and operational decisions, leading to better outcomes for our customers and increased competitiveness.

3. A Holistic Approach to Value Creation

The report emphasizes the importance of considering various forms of capital beyond financials, such as human, social, and natural capital. This holistic view is crucial for our insurance group as we navigate the complexities of sustainable value creation. By integrating these diverse capitals into our strategy, we can better manage risks and opportunities, ensuring long-term profitability and societal impact.

4. Investing in Talent and Skills

To achieve this vision, we need to invest in our people. Developing a finance team that is agile, innovative, and equipped with the necessary skills is paramount. This includes fostering a culture of continuous learning and development, encouraging collaboration across functions, and embracing a growth mindset. Our finance team must be seen as credible business partners who can provide the insights needed to drive better decisions.

5. Building Trust and Confidence

Building trust and confidence in our governance, data, and reporting processes is essential. This involves maintaining robust internal controls, ensuring data integrity, and upholding the highest standards of professionalism and ethical behavior. As we strive to be at the heart of decision-making, our commitment to transparency and accountability will be key to our success.

In conclusion, the future of finance is exciting and full of opportunities. By embracing these insights and transforming our finance function, we can position our insurance group for sustainable growth and success in the ever-evolving business landscape of Africa and the Indian Ocean Islands

Article by Husain Essa , Executive Head of Finance, The firstEquity Insurance Group?