MTN Group CFO Tsholofelo Molefe is passionate about connecting Africa. As a key leader at MTN, she has played a pivotal role in expanding the organisation’s reach across the continent and empowering communities through digital solutions.
If you could give Tsholofelo Molefe all the money in the world, she would spend most of it collecting more stamps on her passport, and visiting all the tropical places on her bucket list.
While the tropics beckon, one of the perks of her job is to visit different countries in Africa and abroad in her executive role at MTN, with an emphasis on keeping the African continent connected.
The 2023 Moving into Africa CFO Awards winner is committed to ensuring that Africans get the resources they need to be able to do their work at the click of a few buttons.
“As MTN, we do a lot of work in the continent, and it is quite enriching for us, because of the difference we are making in the ordinary lives of people,” Tsholofelo explains. “We firmly believe that everyone deserves the benefit of a modern, connected life. Our purpose is to build digital solutions for Africa’s progress.”
The regional visits to various African countries are not just about PowerPoint presentations and reports – she also wants to see the direct impact of their work.
“I sit on various boards of our subsidiary companies, including Ghana, Nigeria and South Africa. I also visit the different markets. Whenever I visit our markets I enjoy visiting the trades, where you see customers using our products and services, including trading in our mobile financial services businesses,” she says.
“You get to see how our services are appreciated by consumers who historically did not have access to financial services or data. It is heartwarming to see men and women on the streets trying to make a living for their families using our data and financial services, which are in high demand,” she adds.
Making an impact
“Being able to see first-hand the difference we make in the lives of ordinary people fills my heart with joy. Don’t get me wrong, I love my job as a finance professional,” she continued. “Nevertheless, being among the people we are building these products for is very exciting. We are making impactful socio-economic contributions to society and I believe it is an important role we are playing. This is quite exciting for me.”
One of the recent countries Tsholofelo visited on a business mission was Rwanda. “I was in Kigali and it was so remarkable to see how a country that is commemorating 30 years since the most atrocious civil conflict in Rwanda has progressed. Seeing how the country has developed to what it is today left me so inspired,” she explains.
It was the self-dependency that also stood out for Tsholofelo. “The people in that country are not waiting for anyone to come and rescue them,” she explains. “Everyone in that country is self-sufficient. Our mobile financial services are everywhere in that country. It makes me excited to be a part of this MTN story.”
As someone with a love for travel, Tsholofelo thought she had explored enough countries on the African continent to have a favourite. However, the Kigali visit got her thinking.
“I always thought Accra, in Ghana, was my favourite city, but since my visit to Kigali in Rwanda, I am torn between the two. Each of them is unique in its way, because you draw different things when you’re visiting. But I must say, I enjoyed Kigali, even though I did not get a chance to visit most parts of it, but I did get to visit the Rwandan Museum. If I was to settle for a favourite, it is probably Kigali. It left a lasting impression that makes me want to visit again, and this time, not for work,” she says.
An African at heart
But, she adds, “South Africa remains very close to my heart. We are very fortunate, we have a beautiful climate, and our provinces provide beautiful cultures.”
As an executive of a multinational company, Tsholofelo’s work also takes her to Europe and America. “When you travel to London, New York, San Francisco, Boston and so on, you appreciate new and different perspectives of your profession and life in general,” she says.
“I am just proud to be an African. Yes, they are more advanced in technology, they carry the first-mover advantage, so to speak. They are also rich countries. Things are also easy, but equally more expensive to live overseas. I wouldn’t trade living there. I would probably go a few years to study. I always encourage my kids to go overseas and study, just to get that international, broad experience,” she notes.
She would also like to see her children share their experiences and skills in Africa.
“It is always good to have a global perspective on issues. As part of learning, it is important to let our kids go overseas and explore. But they must come back and plough back into the African economy,” she says.
Giving back
Tsholofelo has certainly ploughed her own education and experience into South Africa. She joined the MTN Group in April 2021 as the group CFO.
Prior to joining MTN, she was the group CFO of Telkom SA. She joined the state-owned telecommunications provider in 2016 as deputy CFO, and was promoted in 2018 after briefly serving as the company’s chief risk and compliance officer.
Before that, Tsholofelo climbed the ranks at Eskom, starting as a general manager of finance and business support in the power utility’s transmission division in 2005, then joining the group executive committee as the group executive for the customer services division, and finally being promoted to financial director in 2014.
She had a short stint with FNB’s personal banking segment as the CFO in the consumer segment unit. Prior to this, she was an audit manager at Absa Group and an assistant audit manager at Liberty Group. She studied in London, attaining a BA (Hons) in accounting and finance before coming back to South Africa to pursue her CA qualification.
With such an impressive career and experience, it is not surprising that Tsholofelo already has a good idea of how she will spend her leisure time in future – and it involves travelling!
“I wish I had time to take on more hobbies. I travel a lot; the job keeps me busy. I enjoy travelling on a personal level. My ideal holiday is a tropical destination. I want to see a different part of the world every year. I have travelled to places like Singapore, Thailand and Hong Kong. I have been to Bali and the Maldives recently,” she says.
In her personal life, Tsholofelo enjoys exercising, spending time with family, and exploring hobbies like reading.
“I believe in taking time to relax and rejuvenate. Whether it’s a spa day or a cruise with my girls or family, I believe in living life to the fullest and making the most of every opportunity,” she adds.
