Essential Wisdom For Financial Mastery: Insights From Leading CEOs In Kenya

By Steve Biko Wafula / Published February 6, 2024 | 8:00 am




KEY POINTS

“Don't Gain The World & Lose Your Soul, Wisdom Is Better Than Silver Or Gold.” ― Bob Marley


Diamond

KEY TAKEAWAYS


“Rich people have small TVs and big libraries, and poor people have small libraries and big TVs.” ― Zig Ziglar


Listening to industry leaders is crucial because they offer a treasure trove of experiential knowledge and insights that can help steer others toward success. These individuals have navigated complex business landscapes, encountered myriad challenges, and developed strategies to survive and thrive.

Their advice is often a distillation of years of trial and error, innovation, and leadership experiences, providing a shortcut to best practices that emerging professionals and entrepreneurs might take years to discover independently.

Leaders like these have a unique vantage point; they can see the bigger picture and future trends that others might miss. They are often the first to encounter new market dynamics, regulatory changes, and shifts in consumer behavior, allowing them to provide guidance that is both current and forward-looking.

Read Also: Navigating The Investor’s Journey: The Path To Sustainable Wealth

Moreover, these leaders embody the real-world application of theories that many learn in business courses or books. They provide living case studies on how to apply financial principles, manage risk, drive innovation, and lead teams effectively. By sharing their journeys, they offer not just strategies but also inspire resilience and adaptability.

This inspiration is invaluable, encouraging others to persevere through difficulties and see opportunities where others see obstacles. Furthermore, these narratives often include an emphasis on ethical decision-making, corporate social responsibility, and sustainability, which are increasingly important in today’s global business environment. Listening to them helps individuals align their career aspirations with broader social and economic goals, ensuring that their efforts contribute positively to society and the economy at large.

In the journey toward financial independence and business success, lessons from industry leaders can serve as powerful guides. Here are distilled insights from top CEOs on money, business, and career, each offering a unique perspective that can be leveraged for personal and professional growth.

Read Also: Financial Literacy: Emulating Wealth Building Strategies For Economic Success

Invest Wisely and for the Long Haul (Jeremy Awori, Ecobank Group):

 

Awori emphasizes the importance of investing in ventures or skills that generate income rather than incur costs. He suggests placing money in education and businesses that help other businesses, highlighting a strategy of earning potential over immediate gain.

Cultivate Curiosity as a Business Asset (John Gachora, NCBA Group):

Gachora exemplifies how curiosity can differentiate leaders. His educational choices reflect a breadth of interests, which can translate into innovative thinking and a well-rounded approach to business challenges.

Read Also: The Importance Of Mentorship in the Entrepreneurial Journey: Insights From Jimnah Mbaru, John Gachora, And James Mwangi

Compounding Growth through Reinvestment (CEO Kariuki Ngari, Standard Chartered Kenya):

 

Kariuki advises watching investments grow over the long term and reinvesting earnings, especially at good rates. He underscores the power of compound interest and the importance of saving consistently, even when income increases.

Balance Liquidity with Growth (Elizabeth Irungu, Absa Asset Management):

Irungu suggests adjusting one’s portfolio to favor liquid assets that can be quickly mobilized, reducing reliance on non-earning assets. This balance is crucial for both immediate needs and future stability.

Read Also: Leadership Lessons From John Gachora: The Successful Bank CEO Driving NCBA Bank To New Heights

Ask Boldly in Your Career (Rose Muturi, Branch International):

“The world belongs to the askers,” says Muturi, implying that opportunities often go to those who are bold enough to request what they want or need.

Insurance as a Wealth Safeguard (Bente Krogmann, mTek Services):

Krogmann stresses insurance as a foundational element of wealth protection, ensuring that one’s financial assets are shielded from unforeseen circumstances.

Read Also: Thrifty Wealth Building: Maximizing Earnings And Investments On A Budget

Building Generational Wealth (Mumo Mutisya, CDS Kenya):

 

Mutisya encourages creating a legacy through responsible stewardship, where resources are accumulated and passed down to ensure exponential transformation from one generation to the next.

Passive Income through Financial Markets (Paul Mwai, AIB-AXYS Africa):

Mwai challenges the notion that side hustles are the only way to earn passive income, advocating for investments in financial markets as an alternative.

Passion-Driven Focus (Bharat Thakrar, former WPP Scangroup):

Thakrar’s mantra is simplicity and focus, with a belief that being concentrated on what drives one’s passion will naturally lead to success.

Live Within Your Means (The late Orie Rogo Manduli):

Manduli lived by the principle of spending within one’s income, a fundamental rule for financial stability.

Read Also: How Kenyans Can Create Wealth Baskets Via Money Market Funds

Finance Acumen in Entrepreneurship (Kamal Budhabhatti, Little App Kenya):

Budhabhatti advises hiring someone skilled in finance to oversee financial decisions, stressing that every dollar spent should yield a return, balancing the CEO’s risk-taking with the CFO’s caution.

Liquidity and Long-term Investment Balance (Mary Wangari, Equity Group Holdings):

Wangari speaks to the importance of having readily available funds for immediate needs while maintaining long-term investments for growth and stability.

The Power of Passive Income (Barack Obatsa, Britam Asset Managers):

Obatsa highlights the significance of passive income as a path to financial independence, contrasting it with active income that demands constant effort.

The Importance of Due Diligence (Paul Njoki, Standard Chartered Kenya):

Njoki warns of the risks associated with high returns, advising individuals to understand and match their risk appetite to their investments.

Global Competence and Adaptability (Peter Ndegwa, Safaricom PLC):

Ndegwa shares insights on the importance of proving oneself in international environments, emphasizing openness and tolerance.

Building a Sustainable Business (Muthoni Drummer Queen, Blankets & Wine):

Muthoni focuses on creating a business that lasts beyond personal branding, a vision that ensures continuity and legacy.

Read Also: How To Join Mhasibu Sacco And Start Your Journey Towards Wealth Creation

James Mwangi. ‘Put the customer and his or her needs first

He is the most important person in the World. Treat people with dignity and respect”​​. This quote encapsulates his commitment to integrity, customer service, and respect for individuals, principles that have guided his leadership at Equity

Steve Biko Wafula

CEO of sokodirectory.com; One quote by Steve Biko Wafula, found on SokoDirectory.com, highlights the importance of setting priorities and boundaries: “The most successful people in life say ‘No’ to almost everything”​​. This quote underscores the power of focus and the ability to prioritize one’s goals over distractions or less important tasks, which is a crucial lesson in managing time and resources effectively.

Jules Ngankam

He is the Group C.E.O of the African Guarantee Fund (AGF). Jules has over 15 years of experience in banking and financial services with leading financial institutions. Before his current role, he was the Group Deputy CEO of the African Guarantee Fund. Jules worked for over 8 years at Barclays Capital, the investment banking division of Barclays PLC, in various roles including rates strategist, rates trader, and treasury vice president.

Njeri Jomo, CEO of Jubilee Health Insurance

She values affordable health more than anything else in her life. “Healthcare access is a fundamental human right that goes beyond an individual’s income level. At Jubilee Health, we are doing all we can to ensure every individual has an opportunity to live a healthy and dignified life,” she said.

Read Also: Skills And Tools For Building Sustainable Wealth

These leaders’ shared wisdom converges on a few core principles: invest in growth, protect your assets, balance risk with caution, and pursue passion with focus. Whether you’re a seasoned entrepreneur, a professional climbing the career ladder, or someone starting to navigate the complexities of personal finance, these insights are invaluable. They are not just lessons but principles that, when applied, can lead to a life of financial abundance and career fulfillment.




About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters.He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

View other posts by Steve Biko Wafula


More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2024
  • January 2024 (238)
  • February 2024 (227)
  • March 2024 (11)
  • 2023
  • January 2023 (182)
  • February 2023 (203)
  • March 2023 (322)
  • April 2023 (298)
  • May 2023 (268)
  • June 2023 (214)
  • July 2023 (212)
  • August 2023 (257)
  • September 2023 (237)
  • October 2023 (266)
  • November 2023 (284)
  • December 2023 (176)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (358)
  • April 2022 (292)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (232)
  • December 2022 (167)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (272)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950