Luiza Otwoma: Six methods I use as a bank assets manager to save and invest my money

Luiza Otwoma is the Corporate Dealer at Family Bank Limited, Treasury Department.

My current role involves managing the financial assets and liabilities of the bank. I am also responsible for executing trades in various financial instruments such as bonds, currencies, and derivatives on behalf of corporate clients. Most of my time is spent monitoring market trends, analysing economic indicators, and assessing the financial needs of clients to provide tailored solutions.

I started my banking career as a direct sales representative on contract for seven months. I then got confirmed as an operations officer on permanent employment at one of the 95 Family Bank branches. From there, I progressed through various roles, moving from operations officer to customer service supervisor and eventually to branch management as an operations supervisor where my scope was enriched before transitioning to my current role in the dealing room.

In my career, one if the challenges that comes to mind on a whim is the shift of mind-set from thinking along operational risk to business development and strategy. The dealing room is a fast-paced environment where you require to make informed decisions and still be agile enough to change your mind when your hypothesis does not play out. It is an exciting department to be in!

When it comes to money, financial mistakes are akin to teaching tools. One of the biggest money mistakes that I have learnt from is leaving money at the negotiating table when promoted to higher levels, simply because I was keen on the experience and knowledge to be derived from the position.

I did not know how to place value on my time and capabilities which I am gradually correcting as I get exposed to other people’s experiences. My work environments have always been good, I just never asked, so the answer was a constant no!

The second mistake I made was tapping into unconventional financial literacy a little late. Yes, even bankers make this mistake! There is a wealth of knowledge in the banking space you just need to ask and talk to relationship managers to get a different view or strategy on things. Securing a business or facilitating a job out there need not be monstrous, the bank has experts willing to chart a clear course for you in your journey.

Shifting from Branch Operations to Treasury ranks as the greatest milestone in my career. This has been the best and nerve-racking step in my career. Treasury requires you to have an abstract & open mind to things and look out for solutions in whatever chaos that are in play.

Receiving the letter confirming my promotion from Operations Supervisor to Corporate Sales Dealer in the Treasury department remains vivid in my memory. This promotion was timely and felt like an answered prayer.

If I were to start all over again, I would have invested heavily on my financial literacy and been more audacious! This is a journey though not a destination, so I have learned to extend grace to myself. Financial literacy initiatives can take various forms including educational programs, workshops and online resources.

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My general rule is to invest in what I understand and can explain simply in a paragraph! There is no new hole under the sun, so there is no shame in asking for help and advice when stuck. Knowing that now liberates me to be open and honest with my position at any given time and be able to restart when necessary. Walking with a trustworthy financial savvy partner also helps with this.

Saving is a prerequisite to investing. If done well, you will reap the benefits in times the support is heavily needed for example in old age, in sickness or in tumultuous times. I have up to six methods that I use to save money and invest I use the Family Bank mobile banking platform which offers a goal setting savings space that helps me to be disciplined in my saving journey.

Having money locked at competitive rates helps me plan and hedge against major fixed costs such as school fees. The flexibility of quotes on interest rates at our bank also ensures my earnings are above inflationary pressures. Other investment vehicles such as custodial services, fixed deposit services and insurance packages also support me in my investment journey.

Additionally, I find that Money Market Funds allow me to enjoy a better return on my humble investments through pooled funds. The ability to invest in small lots whenever I have an excess in my budget, ease of transaction and knowing that these fund managers are regulated also gives me peace of mind. Knowing that a withdrawal request can take between 24-72 hours reinforces my financial discipline and question the urgency of breaking my investment.

What’s your parting shot? In life, do not be afraid to start again and enjoy your journey. Walk it as authentically as you can however different you may be from the majority! On money, as Warren Buffet said, ‘’Only when the tide goes out do you discover who’s been walking naked!’’.

This quote for me, serves as a reminder of the importance of prudent financial management, risk assessment, and long-term thinking. It underscores the need to maintain financial resilience and avoid relying on short-term gains or unsustainable practices.