Mentorship plays a crucial role in shaping the next generation of finance professionals. In this New Faces of Finance podcast episode on Spotlight, Doris Odit Achenga, founder and principal consultant at Kampala-based Odit Frontier Partners, shares how mentorship is vital to not only individual career progression, but growth of private equity in Africa.

How does mentoring rising stars in finance help accelerate their professional growth?

In the context of Africa, finance professionals typically emerge from two distinct tracks: they either have talent or develop it through formal education. As a finance professional who has mentored talent, I typically prefer to mentor those with raw talent. My approach to mentorship is four-fold. First, I encourage people to get into the trenches and learn. Second, I encourage my mentees to walk their own paths. Next, I mentor them to think globally. Finally, I leave them to sink or swim, through which the most valuable creativity and problem-solving skills usually merge.

What are the biggest challenges for new financial professionals, and how can mentorship help?

The first challenge is the illusion that technical expertise alone is enough. The reality on the ground is that deals, most of the time, don’t happen because of perfect spreadsheets. You need to have built local relationships and networks. In Africa, deals are built on relationships, they’re built on trust, they’re built on understanding local realities. The best finance professionals are not only analysts; they are also strategists, negotiators and decision-makers. Mentorship is guiding finance professionals not about what to think, but how to think.

How can mentorship initiatives adapt to the growing influence of digital tools and diversity-focused strategies?

Artificial intelligence will make the technical aspects of the finance profession faster, but it will not replace human skills like judgment, strategy, intuition, managing relationships and emotional intelligence. Diversity is also a big one. Some of the work I’m doing right now is on mainstreaming diversity in HR processes. Mentorship should drive that aspect, because these are the people who’ll be making decisions in the future.

Can mentorship programs be tailored to meet the demands of the finance industry?

Future leaders need strategic, high-level decision-making abilities. Therefore, mentorship programs should focus on negotiation, influence and power dynamics in finance. Those are the skills professionals will need, particularly as AI advances. Mentorship must connect African finance to global capital movement. In Africa, as we work locally, we must understand what is happening globally. Mentorship programs should also teach students, the next generation, about these skills. And it’s very important to teach mentees to be contrarian thinkers. The best opportunities in markets such as Africa are found in what is contrary to what is working in the West.

What will the African private equity ecosystem look like in the coming years?

The most successful private equity firms in Africa or investing in Africa will be those that are chasing long, uncertain exits and those investing in high-velocity business models that monetize quickly, scale efficiently and deliver cashflows faster than traditional models. What we need is to build a private equity approach that works for Africa and for emerging markets. And many African countries must modernize their policies so that they’re more aligned with private equity investments.