Helping East Africa’s rebound

Sydney Wechuli, chair of the ACT East Africa Advisory Panel, talks to The Treasurer about improving the talent pool in a volatile economic environment

Based in Nairobi, Sydney Wechuli is head of treasury for payments fintech Spektra Inc in Kenya and chairs the Association of Corporate Treasurers’ (ACT’s) East Africa Advisory Panel, part of a network of advisory panels that provide support and input into important areas of the ACT’s work. Here, he talks to The Treasurer about his work and how Africa is rebounding from the pandemic while facing commodity and currency volatility.

You have just started a new position at fintech Spektra Inc – what is your role and, as it is a fintech, do you find yourself not only looking after treasury but also advising on what the company and its apps should be doing for their customers?

As a fintech company, Spektra Inc is currently pioneering an application that will enable cross-border payments throughout Africa – so if I’m in Kenya, I can send money to friends in Nigeria so that they can draw the equivalent money in local currency. It is a unified platform for people throughout Africa to send payments. It really is at the cutting edge of payments on the continent.

My role in Spektra Inc is head of treasury in Kenya. I’ve been in the role for five months now, having joined from DPO Group, another online payment service provider. It’s a role that encompasses cash and liquidity management, FX management and reporting.

The role is also an advisory one as I help the company on the structuring of its products, providing profitability analyses on these products among other things. The role is multifaceted, since in treasury you are able to see the whole company dynamic and help the company achieve its goals. It really is all-encompassing.

In a career spanning more than 10 years, I have also enjoyed working with a pan-African telecommunications company as well as the Nairobi Securities Exchange.

What are the economic conditions like in East Africa at the moment, and is this a good, but busy, time to be in treasury?

We are currently rebounding from the effects of the COVID-19 pandemic. Businesses have started to pick up, though unfortunately, we are also now feeling the effects of the Russia/Ukraine conflict.

Prices of basic commodities have gone up, local currencies are losing against the US dollar and as such treasurers have a busy time trying to make sure their companies stay afloat. We have to source investments with good returns while trying to raise funding in an efficient way as well. The challenges are there, but I am relishing every moment of it.

You are chair of the ACT East Africa Advisory Panel – why did you choose to become involved, what does the panel do and how can others get involved?

Being chair gives me a good opportunity to spread further what the ACT stands for, especially in East Africa. Treasury is a growing field here, especially for fintechs. As such, the panel aims to bring together the practitioners to further develop the profession.

We welcome others who can provide insight on how to better articulate how our profession should be developed.

There is not a massive talent pool of treasury professionals here; it’s more of a talent puddle. We are aiming to improve that with continuous engagement and development.

About the author

Sydney Wechuli was speaking with Philip Smith, editor of The Treasurer