As an examiner at the Bank of Zambia (BoZ) I interact with senior management throughout the financial sector. The work involves analysing the financial condition and performance of banks and financial institutions to assess their soundness, risk management practices, and level of compliance with applicable laws and regulations.
The Bank of Zambia is essential to the country’s sustainable economic development. It has two key missions: to achieve and maintain price stability by targeting inflation in a 6-8% band and providing overall financial stability. Working for the bank is fulfilling as you are part of a team mandated to license, regulate and supervise financial institutions. The financial sector is the heart of the economy and therefore every regulatory decision made by the central bank has an impact on the economy of the country.
What I enjoy most about my job is being able to add value to financial institutions by issuing supervisory and remedial recommendations that improve their risk management practices. Crucially, working at the BoZ allows me to offer a service to the nation, which is a source of great satisfaction to me. A drawback for those aspiring to a similar position is that, like many state-owned organisations, BoZ is highly bureaucratic compared to the private sector – career progression can be slower than in audit firms, for example. So you need to have patience in your earlier roles before you can expect to be promoted.
My first career choice was to be a medical doctor, but after completing high school I decided on accounting, with ACCA being my choice because of the wide curriculum. It’s a decision I have never regretted. My career took off in 2009 when I joined Deloitte & Touche as an audit associate and ACCA affiliate. Joining a Big Four firm was vital as it accelerated my acquisition of knowledge and experience.
My qualification and experience as an auditor and regulator has been the bedrock of my career
In 2012, I joined the Pensions and Insurance Authority (PIA) as a financial analyst. I found being a regulator an exciting role as you are at the apex of the industry you regulate and supervise. Then in 2014 I was headhunted to join the Patents and Companies Registration Agency (PACRA), which is responsible for business and intellectual property, as an internal auditor. My next step three years later was into my current role at the Bank of Zambia. As a regulator, I see myself as a risk and compliance specialist as well as an accountant.
I have stepped out of my comfort zone many times as I have changed jobs approximately every three years, which comes with its own uncertainties. However, knowing that I am qualified and possess practical experience as an auditor and regulator has been the bedrock of my career.
My greatest achievement is to have been a key member of the team that was responsible for setting up an internal audit department for PACRA. This led to the employees in the institution really appreciating the value of internal audit. I’m also proud to have been elected to the ACCA Zambia Member Network Panel – it’s my way of giving back to my profession.
If I had law-making powers, I would ensure that value addition on minerals mined in Africa is done in Africa. Currently, we have minerals being extracted from Africa, but the value addition is conducted elsewhere, which is disadvantaging the continent.
Russia’s invasion of Ukraine, which has impacted the global economy and supply chains, has presented an additional challenge for us. It has led to higher food prices, especially in Africa, which is heavily reliant on grain from Russia and Ukraine.
When I’m not at work I watch football, design product advertisements, and manage my family businesses. Along with my wife, I am a co-founder of two companies: an online store and a cleaning business.
