Nora Naadu Sena, council member of the Association of Corporate Treasurers (ACT) and head of treasury at Nestlé’s regional treasury centre in Dubai, is passionate about raising the profile of treasury as a profession, particularly across emerging markets.
A year into her tenure on the ACT Council, she’s more convinced than ever that treasury has evolved from a technical back-office function into a strategic cornerstone of business, especially in regions like the Middle East.
It is possible... to make sure that the ACT is front of mind for everyone who thinks of treasury as a career path
“Being on the ACT Council was my first experience on any kind of board,” she says. “It was my first year, and my mindset was to just go in, listen as much as I could, take in as much as possible and then see how I could add value to how things are really organised and managed.” Now, one year in, Nora is confident the profession can build further on its growing reputation in the Middle East. “It is possible... to make sure that the ACT is front of mind for everyone who thinks of treasury as a career path.”
She explains the evolution of the treasury function in clear terms: “Treasurers manage financial risk, liabilities and assets... but the management of financial risk has really grown beyond ordinary risk management tools. That’s where the role of treasury becomes very key.”
With increasing geopolitical risk, sanctions and currency fluctuations, corporate treasury has become an essential part of the finance organisation, not just a nice to have
Nora believes her own journey into the field is typical of many in treasury today. “I originally planned to be an accountant like my father and completed my ACCA qualification in 2009.” she says. “Many, like me, fall into treasury when their organisations realise the complexities of managing financial risk inherent in financial assets and liabilities, therefore a need to carve out treasury as a finance function dedicated to its management. I joined Nestlé at such a time and after 11 years in the profession, I took the ACT exams, to cement my experience within treasury.”
That decision would become transformative. Not only did she win an ACT award for best-performing student in the Middle East, but it also spurred her into deeper involvement with the association.
Since joining the ACT Council, she’s become a vocal advocate for expanding treasury’s footprint. “The ACT is broadening its reach, and the profession is growing,” she says. “With increasing geopolitical risk, sanctions and currency fluctuations, corporate treasury has become an essential part of the finance organisation, not just a nice to have.”
Her work at Nestlé illustrates this evolution. Based in Dubai, Nora leads a team of 12 overseeing treasury operations across more than 60 entities in Africa, the Middle East, Pakistan and Turkey. “You can’t just focus on top-line growth any more. If you’re not managing FX exposure, it will erode your margins,” she says. “Treasury is no longer something a CFO can handle on the side. The CFO needs the treasury function to provide a dedicated focus and expertise to secure the immense work achieved in the top line.”
And she has seen how the role of the treasurer has evolved from the back office to becoming a strategic partner for the business. “We can position ourselves... where the fire is actually hot and burning so that we can think more strategically about how the profession develops in a way that adds value to the organisation.”
Also, being based in Dubai has offered Nora a strategic vantage point. “In Dubai, you have a lot of entities, especially multinationals, that have their regional offices based here... and treasury is evolving. You meet treasurers from other multinationals and you realise, actually, you’re not the only fish in the ocean.”
A champion for professional development, Nora encourages her team to pursue ACT qualifications and has incorporated ACT certifications as preferred criteria for new treasury hires. “I don’t push people, but I make the path visible,” she says. “Qualifications are the seal of quality. They not only provide education and credibility but the continuous development requirement will ensure that members grow in the profession. Any profession that has a recognised educational qualification pathway should be emphasized."
She adds that affiliate memberships and the upcoming microcredentials are helping seasoned professionals and newcomers alike engage at their own pace.
I used to hesitate when asked my profession. I’d say ‘finance manager’. Now I say, proudly, ‘I’m a treasurer’
Mentoring and encouraging younger professionals is central to her mission. Nora mentors other in her organisation and uses her experiences to encourage them to prioritise their development. “I had a mentoring conversation (virtually) with a lady in Zimbabwe this morning. She said, ‘I really want to go deeper into the profession,’ and I asked her, 'Are you doing any professional courses to cement your experience?’ Experience enables growth in depth, qualifications enable growth in breadth within the same profession.”
But for Nora, the real potential lies in normalising treasury as a defined career path, something she believes the ACT can help catalyse. “We want young people to go to university saying, ‘I want to be a treasurer’, just like they say, ‘I want to be an accountant’.”
As more young professionals across Africa and the Middle East become aware of treasury’s impact, Nora is optimistic. “I used to hesitate when asked what my profession is. I’d previously say ‘finance manager’. Now I say, more specifically and proudly, ‘I’m a treasurer’. And I want others, especially those from my background, to feel that same pride and clarity.”
Philip Smith is editor of The Treasurer
For more information about the ACT's Middle East Treasury Summit