Suzan Manungo, Financial Manager, with extensive experience in operational and strategic financial management and corporate governance. With 13 years’ experience working in the financial sector, she has stood out for her ability to turn challenges into opportunities and for her dedication to sustainable growth in the organizations in which she works.
Profile Mozambique: How has your career been in the national market?
Suzan Manungo: With 13 years’ experience in the financial sector, I began my career in the telecommunications industry, working for one of the main operators in the market. Initially, I worked in the area of operational financial support, focused on collecting financial data and transforming that data into useful information for financial reporting.
Later, I had the opportunity to progress to a control function, where I was responsible for preparing data and producing reliable financial reports that could be used in decision-making processes and developing business strategies. Recently, I underwent a significant transition in my career, shifting the focus from operational support to a more strategic role, acting as a partner and ally to the board of directors and shareholders of the institution where I am currently working.
I consider this transition to be a defining moment in my career, something I was able to achieve thanks to my vast operational experience. However, this change showed me that career progression is not just vertical or based solely on technical skills. It was necessary to develop skills beyond the so-called “hard skills”; I had to learn to think strategically, exercise leadership and have a holistic view of the business. This evolution was crucial to my professional growth and to the position I hold today.
PM: What was the theme of your contribution to this CFO (Finance Executive Summit)?
SM: In the panel I took part in, I shared a little about how I’ve managed to turn the challenges I’ve encountered throughout my career into opportunities. One of the major challenges I highlighted was the need to make a transition from a predominantly operational role to a more strategic one. During this process, I realized that one of the key skills I needed to focus on was engagement. I needed to move away from an exclusive focus on numbers, put aside the Excel spreadsheet and the office, and spend more time in the field to understand the factors that could influence the financial results we would then have to report.
In another approach, I reflected on what factors could expose the institution I represent to risks and how, when presenting reports to the Board of Directors, I could not only report on past events, but also anticipate how market trends could affect the future of our company and the results we present. In other words, I had to develop a forward-looking vision and learn how to engage internal and external stakeholders, identifying those with essential information for our business. This not only helped me add value to the institution, but also contributed to my own professional growth.
This approach has allowed me to expand my network of contacts and broaden my knowledge of the area in which I work and other related areas. This will be invaluable if I want to work in different industries.
PM: How can CFOs develop the ability to “connect the dots” in Mozambique’s current economic environment, and what strategies are most effective for identifying and mitigating risks in the midst of a restrictive monetary policy?
SM: I believe that one of the big challenges we face as CFOs is the ability to connect the dots. We need to understand what is happening in the economic sector and how we can contribute effectively to the institutions we serve.
We currently operate in a very restrictive monetary policy environment. So it’s up to us CFOs to find ways to meet the funding needs of our institutions, while protecting our assets and liabilities in this challenging scenario. We need to be able to understand and anticipate the impacts that these monetary policies may have on our operations.
Our role involves going into the field to identify these factors and using this know-how, to protect our organization’s financial interests. It is essential for us to maintain a constant dialog with the regulators in the areas in which we operate and to be attentive to what is happening politically in our country. We therefore need to change our mindset and position ourselves in the right places, where important conversations take place and where crucial decisions are made. It is in these spaces that we can identify both the opportunities and the risks for our businesses.
PM: How can CFOs organize themselves and strengthen their collective influence in the Mozambican market to ensure that their voices are heard in the political and economic decisions that affect the financial sector?
SM: In terms of opportunities, I believe we are at a moment when we can unite to have a stronger and more representative voice. There are different voices defending different interests, but, as we saw in this workshop, we CFOs still don’t have that solid union that allows us to significantly influence the course of some decisions that affect our performance as financial professionals.
I see this as a new reality for professionals in the sector, and I believe that the sooner we prepare for this reality and unite, the greater our ability to form a cohesive and influential community will be. This unity will allow us, in the coming years, to have a significant impact and be a strong voice in the decisions that are made in our country. I believe this is a unique opportunity for us, as CFOs, to shape the future of the financial sector in Mozambique.
PM: How can CFOs prepare to mitigate the risks associated with possible negative exchange rate fluctuations, considering the dependence on imports and the potential impact on companies’ liquidity in the Mozambican market?
SM: This is a very risky scenario, especially as it is out of our direct control. As financial professionals, we need to know how to position ourselves in the face of something we can’t control.
We need to understand to what extent we can anticipate the fluctuations in the market and the economy that may arise from this conservative positioning we have seen on the part of the regulator. It’s important to consider that many of us have debts in foreign currency on our books. If the current scenario, which appears to be stable due to a managed exchange rate, “were to change”, this could compromise our liquidity.
We are therefore facing a challenging scenario that requires us to pay the utmost attention to ensure that we have sufficient liquidity to deal with any negative swings that the exchange rate situation may present.
PM: And what impact could a possible negative exchange rate swing have on the business sector and the more informal entrepreneurial sector?
SM: If there is a negative swing in the exchange rate, doing business will become much more difficult. For those who are already operating, it will be an even greater challenge to meet their financial responsibilities, as the cost of all obligations will increase. And this could jeopardize their ability to meet this additional demand.
For those who are not currently in a debt situation, but who intend to continue doing business, acquiring goods and services will become significantly more expensive. We are in a context where our trade balance is highly disproportionate, most services and goods need to be imported. Therefore, a negative swing in the exchange rate could jeopardize the ability of many institutions to meet their commitments to their clients, due to the constant increase in the costs of acquiring these goods and services.
PM: How would you suggest that future CFOs develop the ability to step out of their comfort zone and take calculated risks in order to achieve significant growth in their careers?
SM: I think it’s essential to join this initiative in the first place. Participating in forums like the Finance Executive Summit allows us to hear the testimonies of renowned and established professionals in the financial field. During the event, important recommendations were shared that everyone should consider. We need to have a clear vision of our future. As we leave university and enter the job market, it is essential to understand where we want to go and what goals we need to set in order to achieve that vision.
It’s also important to be willing to step out of our comfort zone. We won’t get different or better results if we keep doing the same things, having the same attitudes and staying in the same places. It’s crucial to have a vision, set clear goals, and be willing to step out of our comfort zone and connect with the financial community that already exists. We’re not reinventing the wheel, there are experienced professionals who are willing to welcome new perspectives and support potential new financial leaders.
