PHILLIMON MHLANGA
He featured on a song at some point in his life.
A multidimensional executive who aspires to be progressively disruptive, Tumai Mafunga believes in reality happening twice, first in imagination or dreams and then living it through implementation.
The 39-year old chartered accountant was two weeks ago elected as the new president of the Institute of Chartered Accountants of Zimbabwe (ICAZ) for the term 2021/22.
The same week he was elected the ICAZ president, Mafunga moved from Deloitte Africa, where he was a partner and served the firm for more than 21 years to join the country’s largest brewer, Delta Corporation as group treasurer.
“My idea is to create my own reality and make things happen by taking action. Even in Egypt there was Goshen,” Mafunga told Business Times.
The Gweru-born Mafunga joined Deloitte soon after high school in 2001.
He qualified as a chartered accountant in 2006. At Deloitte, Mafunga rose through the ranks and was admitted into partnership at 27 years in 2009.
Mafunga was then appointed head of telecommunication, media and technology for Central Africa which included Zimbabwe, Zambia and Malawi. At the same time, he was appointed as Head of Audit and Assurance services for Zimbabwe a position he held until his appointment at Delta.
“I am driven and focused on making a difference in areas that I get involved in. For me, the sky is just the beginning,” Mafunga said.
Working with Mafunga in the ICAZ presidium is Davison Charamba, the finance director of RPC Data of Botswana, who was elected the senior vice president of ICAZ while junior vice president is Manyara Chigunduru, the founder and managing partner of Marianhill Chartered Accountants Zimbabwe.
Mafunga said he is “truly honoured” to be appointed as ICAZ president.
“This appointment presents an opportunity for me to continue to grow the influence and impact of the institute which has been passed on each year over the last 103 years,” he said.
He added: “I believe that my contribution as president is to be purposeful in steering the institute towards our strategic goals and to be proactively involved in sharing the vision and views through robust and progressive interactions with stakeholders.”
Mafunga told Business Times that ICAZ has made some great milestones.
“The throughput of numbers into the profession is good given the different accounting bodies that have provided avenues for qualifications in the country.
“The profession continues to recruit and train more accountants. ICAZ has made some significant milestones. Our members sit in positions of significant economic influence and we want to continue making an impact.
“We have seen an increase in the number of female members who are being admitted into the institute as a deliberate contribution towards advancing women’s participation which is a crucial point for delivering on the SDGs under targets for Goal 5 which is to “Ensure women have full and effective participation and equal opportunities for leadership at all levels of decision-making.”
He added: “(About) 50% of our members are in different jurisdictions around the world. This confirms that we develop world class accountants that meet international standards.
“While the international presence is a point of celebration and speaks volumes of our capabilities, that capability creates international demand resulting in significant brain drain as a result of the local economic challenges. There is definitely a need for resources locally and the strain in identifying the right skill set is starting to be a challenge due to these migrations. We have seen support from training offices in increasing the pool of candidates in response to this and have continued to register additional training offices.
As an Institute, we have continued to assist the government in strengthening training in the public sector with a particular focus on the International Public Sector Accounting Standards project for those in the public sector.
Mafunga ,who holds a BCompt in Accounting Science Degree and an Honours in Accounting Science Degree from the University of South Africa and a Certificate in Theory of Accounting from ICAZ, said his presidency will focus on influencing the more than 2 400 ICAZ members to get involved in directing and advising on public policy and playing a greater role in influencing good corporate culture in investment decisions, among many.
“Active involvement and accountability is key. The institute has over 2 400 members in major areas of economic influence across the world with 50% of our members working outside the country. We are an engaging institute influencing significant investment decisions through our members.
“I expect a greater involvement by our institute and members in directing and advising on public policy and playing a greater role in influencing good corporate culture in investment decisions.
“Government should be commended for the positive transformation to date but there is a need for additional accountability and transparency in both the public and private sector to deal with corruption. We stand ready to influence and direct in a manner that is progressive for all stakeholders for the greater good of the country. I believe the connected influence of our members can have a positive impact on investment opportunities and improving corporate culture.
“We will continuously build on our six strategic pillars so that we maintain the strategic direction of our institute focusing on membership, positioning, partnerships, people, and processes and funding,” he added.
The executive said ICAZ has a number of its members sitting in areas of significant influence across the world.
“This demonstrates that despite the challenges faced we continue to produce an internationally recognised accountant that meets world standards.
In addition to that, the continued growth in female members of the institute in positions of influence has been a major success story. We definitely need to do more in that area and through WeCan we are in the right direction.”
He highlighted some of the challenges that ICAZ is battling with.
“….The brain drain is a major challenge for us.
“We have also found that the challenging economic conditions result in our members having to deal with things that consume a lot of time in terms of financial reporting while not necessarily adding value to the stakeholders given the time and effort applied towards it.
“We operate in a global market and the non-standard nature of our economic experiences makes it difficult to apply agreed international methodologies appropriately. We recognise it is a journey with multiple factors that will need to be regularised and we stand ready to contribute progressively towards this,’ Mafunga told Business Times.
To take ICAZ to the next level, Mafunga said: “A lot of work has been done by the many presidents who have come before me. The next level is ensuring that we maintain the strategic goals and improve on our influence and relevance.
“Engaging the private sector and government continuously and being a pillar of strategic support on matters where we have experience and influence will be critical for me. Our members operate in multiple industries with in-depth experience and stand ready to be proactively involved in our journey of transformation. Discussions may be tough and candid but meant for the greater good of the country.”
The executive draws inspiration from his parents and wife Chipo. Tumai and Chipo have four children—Kunashe, Mwakawashe, Izwirashe and Wandidaishe.
“My parents have their own stories of the journey they had to go through to create a better future for us under very trying times. I am proud of what they achieved because it set me up.
“Chipo has taught me about what comes from determination, smart work and focus. She started off as an economist and then a financial advisor, gave birth to four kids and eventually studied law, became a lawyer and started her own firm. That alone shows what focus and determination can deliver and is inspiring.”
Mafunga has read many books that have left indelible lessons and helped shape his views in life.
“I would have to say the Bible first because it’s a book of many life stories depending on what one is going through in life. The other notable books that have shaped my life are: The 5 a.m. Club by Robin Shammah, Outlier by Malcom Gladwell, Can’t hurt me by David Goggins, Leading for the Future by Joe Mutizwa, A dusty Road to Success by Doug Mboweni, The richest man in Babylon by George Samuel Clason, The invisible war by Chip Ingram and The 48 Laws of Power by Robert Greene. I have to stop there because I may end up listing many books here.”
Currently, Mafunga is reading The Richest Man Who Ever Lived by Steven Scott and Discover Your Strengths by Donald Clifton.
Asked if there was ever a point at which he wanted to trade the accountancy profession for a different career, Mafunga said: “Oh yes. At one point I felt like I should have been a lawyer or a programmer (IT). Once you hear them say my “learned colleague” you then appreciate the almost sarcastic but educated humour in that statement when discussing a matter. The world around is so interlinked with technology and the internet of things hence the desire for something in programming or IT.
Mafunga has stepped onto podiums that have so much pressure for example as ICAZ President, Partner at Deloitte and now Group Treasurer at Delta Corporation.
To handle the pressure, Mafunga said: “The world is changing very fast, I have managed to continue to learn new things and from those who’ve come before me.
“I was fortunate to get mentors early, and I recommend it for the young professionals. There are those who have walked the path and they are more than capable to impart their wisdom so that you are a step ahead and do not have to invent the wheel all the time. In the same light, learn but take bold steps to create your own journey. That means at certain points you may need to take your lessons and apply them in ways that those who have advised you may view differently. There is a good balance in between.’
He added: “The world does not necessarily need accountants in their absolute form but people with an acumen that allows interpretation for strategic business decisions due to financial propositions at hand.
“Understanding accounts is good, (but) understanding the impact on matters of a strategic nature is better. See the opportunity, have an entrepreneurial mindset and understand the industry you operate in.”
On the one thing he wished somebody should have told him the executive said: “I wish someone had told me not to be afraid to fail. Learn to FAIL FAST, allow yourself to make mistakes and forgive yourself for it.
“Understand mistakes have consequences. Ride the wave and come back better. As you fail and learn, understand that how you communicate is an important delivery in what you communicate. Be honest but manage your ego.”
Mafunga said he had no regrets in life.
“I don’t necessarily view life with a lens of regret. There are lessons and delayed learning opportunities.
“(But),I would have obtained another professional qualification earlier as a way of widening my knowledge base.
My advice is to prioritise your health, it’s the biggest asset that translates to optimal performance. Get to exercise early. The body is an important vessel to your execution. Spend time with family and loved ones, tomorrow is not guaranteed.”
On who influenced him to be a chartered accountant, Mafunga said: “I have always enjoyed accounting and was fortunate to understand it quite early in the years. I then read a magazine article when I was in lower six that spoke about the firm Deloitte and becoming a Chartered Accountant.
“This was a place I then spent 21 years of my professional career. The younger guys use the term “yanga ine ka that”.
“I needed a profession that would give me insight into what mattered for businesses and the manner in which decisions were made. Articles and Accounting did it for me and gave me an opportunity to network at very senior levels.”
Mafunga said young professionals should always have a long-term plan and focus on experience ahead of money in the early days.
“Focussing on amassing an additional dollar may hinder your long-term professional growth if you are not focussing on experience,” he said.
“Fail fast, get proactively involved and obtain the experience. It’s okay to make mistakes and think differently.
He said one should get a mentor early and get another professional qualification/experience that disrupts how “you think earlier on in your career” which helps in one’s journey.
“Understand that when you operate through articles it is more than becoming an accountant that takes time to understand the businesses you serve and provide commercial solutions to problems,” the executive said.
“Define and act on your destiny authentically. Only you decide how far you take yourself.
Watch the company you keep. Surround yourself with people who push you to become better and also push others to become better.
He said one has to read widely and build lasting relationships.
The people you meet and work with will become the same people you call on for support at your points of opportunity or need, he said.
“Finally, find your higher being and be spiritually astute. God has been my guide and my spiritual journey with Christ has remained my constant.”
Mafunga said reality happens twice first through one’s “imagination/dreams” and then “as you live it out through implementation”.
Dream and make it happen. Failure is the condiment that gives success its flavour. Have no fear of perfection – you’ll never reach it.”
“Do not fear failure but rather fear not trying. Success is stumbling from failure to failure with no loss of enthusiasm. Don’t spend time beating on a wall, hoping to transform it into a door.”
