Francis Masaga, ACPA-PP
Francis Masaga is a highly experienced finance, risk, and compliance professional with a strong background in auditing, internal control systems, and corporate governance across multiple industries and regions.
As the Founder and Chief Executive Officer of Wavestone Innovations, he leads the firm’s strategic direction, ensuring delivery of world-class financial, audit, and consulting solutions tailored to modern business challenges.
With over 8 years of professional experience spanning Tanzania, Zanzibar, Comoros, Seychelles, and West Africa, Francis has developed a deep understanding of corporate finance, ICT systems auditing, regulatory compliance, and strategic business management.
He combines technical expertise, leadership excellence, and a results-driven mindset to help organizations enhance governance, efficiency, and accountability.
Professional Experience
Head of Risk, Compliance & Internal Control – Dexintec (FinTech)
2023 – Present
Responsible for leading the design and implementation of enterprise-wide risk management, compliance, and internal control frameworks.
Key duties include regulatory compliance oversight, group risk monitoring, internal audits, and coordination of group compliance risk across international branches.
He also leads training, performance management, and compliance awareness programs across the organization.
Key Contributions:
- Developed a comprehensive internal control framework and compliance testing model.
- Oversaw compliance risk assessment programs aligned with Best Banking Practices.
- Coordinated group-level risk reporting and governance communication.
- Conducted awareness and training programs to strengthen compliance culture.
Consultant Group CFO – Michelle Reginata Holdings (Remote)
2023 – Present
Provided strategic financial leadership and oversight for a multinational holding group with operations in Tanzania, Seychelles, Senegal, Ivory Coast, Mali, Burkina Faso, Madagascar, Botswana, and Dubai.
Responsibilities included group financial reporting, risk analysis, and multi-jurisdictional compliance management.
Senior Auditor & System Local Administrator – Mazars Tanzania
Feb 2021 – July 2023
Led financial, operational, and system audits across diverse sectors under the Mazars global audit methodology.
Managed end-to-end audit engagements, risk identification, internal control testing, and client advisory.
Notable Projects:
- European Commission System Audits for international programs including PACE, Agri Connect Boresha Chai, and Inclusive Horticulture in the Southern Highlands.
- Audit assignments for high-profile clients such as Power Construction Corporation of China, IoDT, AGS World Movers, Freedom House, and Kiluwa Steel Ltd.
Financial Controller – Vigor International (Comoros Islands)
June 2018 – Jan 2021
Oversaw financial reporting, tax compliance, and consolidation for multiple subsidiaries under the Vigor Group, including Golden Tulip Hotel and Vigor Electro Power Systems.
Successfully closed key financial statements for Moroni Airport projects, improving investor and government relations.
Assistant Group Internal Auditor – Vigor Turkey Group of Companies
Jan 2018 – June 2018
Part of a multinational audit team covering more than 15 subsidiaries across Zanzibar, Mainland Tanzania, and the Comoros Islands.
Later promoted to Financial Controller due to exceptional performance.
Education & Professional Qualifications
- Post Graduate Diploma in Banking Management (PGDBM) – Bank of Tanzania Academy
- Master of Business Administration (MBA) – Institute of Accountancy Arusha (IAA), Dar es Salaam Campus
- Bachelor’s Degree in Accountancy – Tanzania Institute of Accountancy (TIA)
- Certified Public Accountant (CPA-T) – National Board of Accountants and Auditors (NBAA)
- Associated Certified Public Accountant – Public Practice (ACPA-PP) – NBAA
- Certified Information Systems Auditor (CISA) – Training & Membership 2017–2020
- Ongoing Financial Modelling & Valuation Analyst (FMVA) – ALX Program
Core Competencies
- Financial Management & Reporting
- Risk & Compliance Management
- Internal Audit & Control Systems
- Forensic & System Auditing (IT Audit)
- Strategic Business Planning
- Transfer Pricing & AML Compliance
- IFRS Implementation & Tax Advisory
- Team Leadership & Capacity Building
IT & System Skills
- Accounting Software: SAP, Tally, Sage Pastel, WinHMS, ERP Systems
- Audit Tools: Mazars ATLAS (Local Administrator)
- Productivity Tools: Microsoft Excel, Word, PowerPoint
- Data & System Audit Tools: COBIT, ITIL frameworks (applied in practice)
Professional Memberships
- National Board of Accountants and Auditors (NBAA) – Member
- Certified Information Systems Auditor (CISA) – ISACA (Training Member)
- Financial Modelling & Valuation Analyst (FMVA) – ALX Program
