Luke Woodford’s journey from part-time bank teller to CFO of FirstRand’s Broader Africa division is a story of purpose, grit and growth. Rooted in Johannesburg with early exposure to banking at FNB’s Cresta branch, his career has taken him across the continent – from Tanzania to Botswana – all while fuelling a lifelong commitment to financial inclusion.
While still new to the role of CFO for FirstRand: Broader Africa, Luke is no stranger to being part of the C-Suite, although he has been with FirstRand from day one. This is largely by design, as the financial organisation has always aligned with his purpose and principles.
“Over the years I’ve realised how banks are one of the most important institutions in ensuring financial inclusion and economic growth,” says Luke. “If you’re part of a bank that’s well-governed and led by the right principles, it’s a sustainable engine.”
Luke is a Joburger – his father worked on the mines and his mom was a nurse. When he turned 18, he moved out of home and started his BCom accounting at the University of Johannesburg. While studying, he worked on a part time basis as a bank teller at First National Bank’s Cresta branch. This, he says, introduced him to the world of banking and allowed him to get to grips with the client service function early on. It was also the humble start of his career journey at FirstRand.
His career path did take a short detour, however. When he finished his studies at 21, he became involved in volunteer work. This first took him to Uganda, where he spent just over a year, and then eight months in Ethiopia. These experiences have instilled a love for the African continent that he carries with him today. They also fired a passion that he has been able to channel through previous CFO roles in Botswana and Tanzania, as well as his current role.
“As CFO for FirstRand’s Broader Africa division, I can share my passion for Africa; a passion that still sits inside me all these years later. I get to travel; there's a lot of value to add across the continent and I’m grateful to be part of a very forward-thinking organisation that isn’t going into the rest of Africa to make profit, it’s adding growth and inclusion.”
A crisis becomes a career catalyst
After returning to South Africa, Luke reconnected with his FNB network to put out feelers for any opportunities. There was a contractor role to help build a new accounting system and he grabbed it with both hands. He did that for a year, while once again studying – this time completing his BCom honours.
In 2008 his hard work paid off as he landed a permanent role at FNB as a management accountant. However, 2008 was not the best time to be in the financial sector due to the global financial crisis, and his promotion soon turned to an “all-hands-on-deck situation”.
“I got stuck in helping with the collections Exco – all the big banks, including FNB, were facing significant defaults and we needed to help our clients navigate a very difficult time,” says Luke.
“In doing so, I was exposed to a number of executives across the group because we were all dealing with the financial crisis. I saw that when you sit around a table and help people solve a big problem, that opens career doors because they know what you’re made of and how you handle pressure.”
Diving in the deep end
As soon as he qualified as a CA(SA) in 2013, Luke was appointed as an FNB business unit CFO, which forms part of FNB’s structure. At the end of that year, a CFO was needed in Tanzania and Luke put up his hand. He points out, however, that a business unit CFO and a country bank CFO are two very different roles. “I was 30 when I moved to Tanzania and very green, but I had many amazing people supporting me, investing in me and teaching me best practices. You learn best when you’re thrown in the deep end and people trust you.”
Tanzania would take him to India (where he took on a dual CFO/CHRO role), and then back to Africa to Gaborone as CFO for FNB Botswana, where he spent five years. As he was finishing up his Botswana handover, the role for the head of in-country credit opened up. So, because Luke had worked very closely with credit during the financial crisis (and continued to work closely), his next move, as FNB Botswana’s chief credit officer, was a natural fit.
“If you think of banking, the one thing you really want to understand as a CFO is how the credit world works. That's where you can make or lose money; it's the biggest financial risk area and the highest deployment of your resources,” comments Luke.
Back to Joburg – and giving back
It was always Luke’s intention to hold the credit role as a growth one, so after two years he returned to a central finance role – and this is where he finds himself today, having come full circle. Back in Johannesburg, he is taking full advantage of all the city has to offer.
“The exciting part about moving back to Joburg is there are all these things to do that I never appreciated while growing up here, like going on hiking trails, numerous sports opportunities, or exploring the endless dog parks with my partner and our pups.”
While he’s back in Joburg, he’s still connected to Gaborone. He continues to volunteer at an NGO that he co-founded which he helps run once a month.
“I believe in giving back and my retirement dream would include being a CFO coach,” he concludes.
