IWD: Absa Women executives write the story of the future of female finance

Written by Oral East Africa

There is no industry whose jargon carries more weight in dollars like the financial sector; where complex-sounding abbreviations CDSCs, CLD, EFTs, Repos etc etc fall off bankers' mouths faster than you can compute how much they make from them in percentages and margins.

When, Absa Bank Kenya Director, Global Markets Stella Mambo, took to the stage at the 2025 Macro Economic Outlook, Risk Management and Structured Investments Solutions Forum in Nairobi last week, she described how she tried to explain her work to her grandmother.

Even as articulate as she is about financial engineering, she could not bring the old woman to see through the jargon.

It was an interesting analogy that not only tells of a generational shift that has opened up the financial world to women but also how women were using this access to break down the walls that have structurally kept them out.

Ms Mambo was hosting customers, peers, and financial market stakeholders for a weeklong 2025 Economic forum that offered in-depth macro analysis and explored financing opportunities and yield-enhancing strategies to help clients build resilience and growth.

She told her story of how she had waded through the jargon and corporate glass ceilings, thanks to the support and inspiration of another top Absa Bank female executive Vuyo Mafrika who was in the room.

A masterclass on abbreviations

Ms Vuyo, the Head of Client Solutions Group for the Africa Regional Operations at Absa had flown into Nairobi to speak to Kenyan bank analysts, financial institutions (both banking and non-banking ones), importers, exporters, regulators, and market investors an opportunity to unpack complex financial instruments that can be crucial in navigating current volatility.

She gave insightful sessions on exploring alternative funding opportunities as well yield enhancement instruments as we enter a low interest rate environment.

In the tone of a friendly elementary teacher, Ms Vuyo took us through her bag of trick words, Total Return Swaps, Repos, Buy and Sale Backs were her favourites for their exposure to foreign currency and openness to Kenyan investors who can purchase a position in shillings.

She explained the differences in how the contracting was done and what each meant in terms of who carries the risk of the instrument and how the profits from the investments would be negotiated, shared and disbursed.

“Buy and Sell Backs are very good for the short term and are based on ISDA terms. They are good with Islamic Banking since there are no interest charged, just that you have to agree on the price for the buyback beforehand,” she explained.

She weaved through the questions, advised bankers on how to structure contracts, and gave a masterclass on practical instruments that could be useful in hedging against currency movements in a way that protects cash flow for inventory from volatility.

“If I was expecting to make a purchase a few months down the line, I would buy a short-term instruments that provides a hedge to a percentage of the portfolio so that if the risk materializes, a significant portion is insured but if not, not too much resources have gone into the hedging,” she explained to importers who were at a loss on how to handle the swings in the Kenyan currency.

A rosy outlook

The Kenyan shilling moved from sharp depreciation in 2023, to a sharp appreciation at the beginning of 2024 around the payment of the county’s maiden Eurobond creating a nightmare for importers and exporters.

The shilling has remained steady but some anxiety and uncertainty remain with some of the purchasing managers present vowing to use some of the options provided by Absa to hedge their risks.

Despite this Absa Bank Senior Economist Phumelele Mbiyo gave a rather rosy outlook for the Kenya shilling expecting it to remain stable, backed by international financial inflows that have boosted foreign exchange reserves to near-record levels.

Mr Mbiyo said Kenya’s comfortable forex reserves and access to international financing, including foreign portfolio inflows to the local bond market, multilateral loans from the World Bank and International Monetary Fund, bilateral loans, and the Eurobond market continue to ward off volatility and have bolstered investor confidence.

She leads

Absa Bank women directors were articulate in making sense of the jargon of money to business executives in suits, they were even better at elucidating financial opportunities to the old women at the village as well.

Across the country, in HomaBay county where Absa Bank Director of Business Banking Elizabeth Wasunna hosted top women executives to mark International Women’s day in a high-level dinner fireside.

At the fireside chat the executives in the government and private sector shared experiences since the Beijing Declaration noting the lessons learned and sharing on how to evolve the movement for women empowerment.

Ms Wasunna stressed that the triumph of women is not just in breaking the glass ceiling and having a few women at the top, but in breaking down the structural barriers that keep women financially dependent.

How female executives changed Absa

The Absa Bank Director of Business Banking said having women at the top made the lender recognize that it needed a different approach to give women access to finance since less than 10 percent of Kenyan women have title deeds.

The bank went around the country and consulted with women who raised the issues of collateral, and tenor of the loans and asked for the bank to curate products that speak to women to help the women finance their dreams.

Absa Bank did not just come up with products that speak to women’s needs, the lender has extended support to mentorship to help them manage their cash flows.

The Bank has also sought to partner with multilateral institutions such as the International Finance Corporation (IFC) and Africa Guarantee Fund (AGF) to provide guarantees that ensure the financing is affordable to women and structured around tenors that can be rapidly backed comfortably.

Absa Bank has created a countrywide business club where they help women network and use Absa Bank platforms to promote and market small businesses owned by women. The Bank has taken Kenya women on trade missions seeking Pan African opportunities including a trip to Ghana last year and this year has taken businesses to Estonia and the United States.

“Women want access to sustainable capital, which is capital without collateral because less than 10 percent of women in Kenya have title deeds. Women want facilities that have tenor to pay back comfortably,” Ms Wasunna said.

Leading while wounded

Having women at the top decision-making tables to be able to influence the structure of financing is an indication of what is needed to make a meaningful impact towards women's empowerment.

The rise of women at the lender is a testament to deliberate choices the bank has taken to attain a gender parity ratio of 49 percent of female staff which is a testament to policies that have removed structural barriers to the rise of women.

Just recently Absa Bank appointed four female directors into its leadership team, a strategic move that enhances the bank’s leadership strength while advancing gender parity in senior leadership to over 47 percent.

Ms Mwihaki Wachira, who has joined the Bank as Director of Marketing and Corporate Affairs, will steer the bank’s brand, marketing and communications strategy. Elizabeth Munga, recently appointed to the role of Head of Strategy, will coordinate the implementation of the bank’s long-term growth agenda, ensuring alignment with its strategic priorities. Sophia Abdi Hassan, as Country Treasurer, will oversee treasury operations and financial risk management, playing a critical role in sustaining financial resilience. Meanwhile, Anne Nyongesa, has been appointed to the role of Company Secretary, will play a critical role in ensuring adherence to the highest standards of corporate governance and regulatory compliance.

"At Absa, we are intentional about fostering a workplace where talent thrives, innovation flourishes, and a leadership that reflects the communities we serve. These appointments reaffirm our commitment to inclusive leadership,” Abdi Mohamed, CEO & Managing Director of Absa Bank said.

Absa Bank Kenya celebrated womens’ day recognizing that women are leading while wounded, but using these wounds and experiences to fashion a better world for tomorrow.

As the famous Ernest Hemingway quote goes; We Are All Broken. That’s How the Light Gets In.