Mary Wamae on why your retirement strategy should start on day one of your career

When I encounter Mary Wangari Wamae — a vivacious brand-new retiree whose zest for life is palpable — she’s immersed in her diary. “Tomorrow, I’m heading to the Women in Boards Network Annual Conference,” she announces with enthusiasm, “where I’ll be the keynote speaker, leading training and mentorship sessions. It’s an exhilarating new chapter, and I’m ready to dive into all the adventures it promises!”

Mary, the celebrated author of The Village Girl and former Group Executive Director at Equity Holdings, laughs as she recalls her retirement send-off.

“When I retired on July 1, 2024, my friends were so worried I’d accidentally end up back at Equity that they threw me a farewell dinner. They even joked, ‘Mary, we’ll station someone at your gate on Monday morning to make sure you don’t drive off to Equity!’”

That Monday morning, Mary awoke naturally at 5am, eager to embrace the day.

“Realising I wasn’t heading to Equity, I decided to stroll over to the shopping centre to pick up a newspaper. During my walk, I recorded a TikTok video announcing my retirement. It felt like a brand-new chapter was unfolding,” she chuckles warmly.

Retirement has been a thrilling voyage — more flexible yet brimming with fresh demands.

“I’m exploring new hobbies and building my personal brand across TikTok, YouTube, and Facebook.”

Mary quips that, ironically, she might be busier now than she was at Equity!

“My career was incredible, and now many seek my guidance for mentorship and training. Just last week, I conducted four such sessions!”

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She’s savouring more moments with her three daughters, two of whom live nearby, one is abroad.

“I cherish the chance to share meals together. Plus, I’m using this time to deepen my spiritual growth — listening to teachings, reading the Bible, and reflecting on life’s lessons,” Mary says.

She’s also embarked on writing her second book, which is on the horizon.

For over two decades, she has been an exceptional business and corporate leader at Equity Bank, holding various senior positions. She attributes her success to mentorship, continuous learning, and a focus on making an impact.

“Mentorship is vital in empowering women to step into leadership roles,” she asserts. “Leadership among women isn’t just about technical skills; it’s about nurturing the confidence to take charge.”

Mary also highlights the importance of networking.

“The connections we make and the relationships we build can catapult us to new heights, offering chances to learn and grow.”

This belief inspired her to launch the Ladies Inspire Program at Equity, in 2020, for International Women’s Day. It aims to boost women’s confidence, expose them to valuable networks, and inspire them to lead with confidence.

“We also provide opportunities for women to meet those who have excelled in their fields, so they can follow their journeys and aspire to similar success. Leadership isn’t rocket science — it’s something women can absolutely achieve,” Mary emphasises.

With support from Equity board, she also started a book club that explored influential reads. The first, The Leader with No Title, encourages leadership regardless of position, emphasising the importance of passion in one’s work. Lean In by Sheryl Sandberg offers practical advice for women to assert themselves at the table and embrace challenges. The Psychology of Money underscores the importance of financial planning, a crucial yet often overlooked aspect of professional life. By the time of her departure, they were delving into Atomic Habits, which focuses on small, daily improvements leading to significant personal growth.

Mary reflects on the impact of these initiatives. “These efforts haven’t only benefited others but have also propelled my own growth. I often receive messages from colleagues thanking me for the program, saying it gave them the courage to apply for roles they’d never have considered before. Even if they didn’t get the job, they now know what to improve for next time.”

Her journey has been profoundly shaped by mentors and role models. Her first mentor was her mother, a peasant farmer with limited formal education but a profound belief in knowledge.

“She taught me three crucial lessons; work hard in school, maintain integrity, and always have faith in God. These values have guided me throughout my career.”

At Equity, she found another mentor in Group Managing Director Dr James Mwangi.

“He inspired us to dream big, transforming Equity from a small institution with a Sh3 billion balance sheet into one of Kenya’s largest banks. He encouraged us to commit to a purpose larger than ourselves, which taught me about dedication, hard work, and making a meaningful impact.”

Mary also draws inspiration from the late Prof Wangari Maathai, a globally renowned environmentalist from Tetu, Nyeri County where she at one time served as area Member of Parliament.

Numerous milestones

“Though I didn’t know her personally, I admired her bravery and dedication to environmental conservation, even in the face of powerful opposition. She taught me the importance of standing firm on your principles, no matter the obstacles.”

Her experiences with corporate governance at Equity further shaped her outlook. Serving on various boards, she saw first-hand the significance of strong governance in building resilient businesses. “Institutions with robust governance tend to thrive, while those that neglect it often struggle,” she observes.

Throughout her career, Mary has achieved numerous milestones that have shaped her professional growth.

She led flagship projects like the listing of Equity on multiple stock exchanges in East Africa and a landmark investment by Helios, which was the largest foreign direct investment in Sub-Saharan Africa at the time – a private equity fund of about USD2.8 million (about Ksh11 billion) in 2007. These experiences honed her ability to manage complex projects and sharpened her leadership skills.

Mary’s leadership style has evolved significantly.

“Initially, I was more directive — telling people what to do. But with experience, I’ve shifted to a more collaborative and coaching approach. It’s about guiding your team to see the bigger picture and empowering them to contribute meaningfully.”

She believes women bring unique qualities to leadership. “Studies show that organisations with more women in leadership perform better financially and excel in risk management. Women ask critical questions that ensure all perspectives are considered before decisions are made.”

Mary advocates for a mind-set shift among women, starting from a young age.

“We need to step out of our comfort zones, aim higher, and continually enhance our skills. Mentorship and coaching, whether formal or informal, are crucial in this journey.”

Reading remains an essential tool for her. “I read extensively — on strategy, innovation, disruption, and more. Books offer a wealth of knowledge, and I’m currently reading Atomic Habits, which I believe will help me identify areas for personal improvement.”

Women face unique challenges in achieving work-life balance due to gendered roles, she says. She advises creating harmony between career, health, relationships, and spiritual well-being.

Childcare facilities

“Balance looks different for everyone. It’s important to allocate time effectively to each area and delegate tasks when possible. For example, I delegate shopping unless it’s something unique or personal.”

Organisations also play a role in fostering inclusive environments. Mary underscores the importance of creating work cultures that support both men and women in their leadership aspirations, through mentorship programs and initiatives addressing women’s specific needs.

“Some institutions are setting up childcare facilities to support young mothers, improving their performance by alleviating worries about their babies.”

Anti-sexual harassment policies are crucial in ensuring a safe work environment for everyone.

“Training and capacity-building collaborations with global bodies ensure women are well-grounded in their careers, integrating them into leadership with global perspectives.”

Read also: Empowering women financially is key to spurring economic growth

Reflecting on her career, Mary is proud of her mentorship initiatives. “I’ve accumulated a wealth of knowledge and experience, and I’m dedicated to sharing it with others. Whether through speaking engagements or scholarships, I’m committed to giving back to society.”

Recently, she has engaged in various speaking opportunities, often tailored to specific industries.

“I visit companies to share my leadership journey with both men and women, helping them reflect on their own paths and draw inspiration from mine. This is part of my way of giving back to society.”

Mary is also involved in providing scholarships for young people — both boys and girls — which she finds deeply rewarding.

Young professionals

“I believe that the scholarship you offer could be a lifeline for someone and their family.”

Her advice to young professionals is to embrace non-traditional career paths and seek opportunities to stand out.

“In today’s competitive environment, it’s essential to build a unique edge. Pursuing niche courses that enhance core skills can make you more competitive in job interviews. While a Master’s degree is beneficial, additional expertise in areas like forensics, AI, or risk management can set you apart. Considering vocational training for self-employment is wise, given the evolving job landscape.”

She concludes: “It’s important for all of us, regardless of our position, to help others as we advance. We just need to figure out how we can contribute given our individual circumstances.”

The 4:45am success recipe: Inside  former banking executive's daily routine

"I could have never imagined that one day, I would rise to become the Group Director of a powerhouse managing a Sh1.8 trillion balance sheet, spanning across six countries in East Africa. A listed, well-regulated company at that. Even as a young lawyer, this seemed beyond my wildest dreams—but I made it.

You can become whatever you desire, but don’t expect it to come on a silver platter. It demands sleepless nights, sacrifices, and sometimes, even your comfort. But above all, you must be fuelled by passion. When you align with your purpose and do what’s necessary to fulfil it, success will inevitably follow."

These are the inspiring words of Mary Wangari Wamae, former Group Executive Director at Equity Holdings Limited, a leading banking and financial services group in Kenya and the East African region.

What were your early career experiences before joining Equity, and how did they shape your professional journey?

"After earning my Bachelor of Laws from the University of Nairobi, I was admitted to the bar as an advocate of the High Court of Kenya and began my journey in private legal practice. About 14 years later, the then Equity Building Society approached me with an opportunity.

In 2004, my first task was to transform Equity Building Society into a fully-licensed commercial bank. And that’s how my banking career began.

What motivated you to join Equity, and what was your initial role in the company?

"After 14 years in law, I started to reflect deeply on my purpose. Although I enjoyed legal practice, I longed for something that would allow me to make a greater impact. When Equity approached me, and I learned about their mission to transform lives—serving the financially excluded at the bottom of the pyramid and empowering micro-businesses—I knew this was the place for me.

I joined as the Legal Services Manager, with the pivotal role of setting up a new legal department. I also served as the Secretary to the Board, overseeing the monumental task of converting Equity into a commercial bank. This involved securing statutory approval from the Central Bank of Kenya (CBK), communicating with staff, shareholders, and customers, and managing the branding and business continuity aspects. It was a massive project, and I led it to success. On December 31, 2004, Equity became a fully-fledged commercial bank.

Describe your journey to becoming a top leader at Equity?

"The transition from law to banking wasn’t easy. I was an excellent lawyer, but I lacked experience in finance and banking. So, I immersed myself in learning—I asked countless questions, read books, and pored over audited accounts to understand crucial banking ratios and their significance. Time was of the essence, especially since I was also the Board Secretary, responsible for advising on compliance matters. As my responsibilities grew, I had to become proficient in every aspect of the business.

What were some of the key moments in your career?

"Joining Equity was a major turning point. Had I not taken that leap, I might still be practicing law or working in another legal capacity. But by stepping out of my comfort zone and diving into finance, banking innovation, human resources, and technology, I shaped my path to becoming the Group Executive Director, overseeing subsidiaries in Kenya and the region.

Another key moment was leading the transition from a building society to a commercial bank. It was a complex and demanding process, but it defined my career trajectory.

What unique challenges, biases, or stereotypes have you faced as a woman in a leadership role?

"Being a woman in leadership is never straightforward, and it’s certainly not easy. We’re up against historical and societal biases that have long confined women to traditional roles. But it’s been proven time and again that women can perform as well as, if not better than, our male counterparts. We coexist and excel together.

One of my strategies to overcome these biases—dating back to my time as a lawyer—was to excel in my work. I ensured that my clients, colleagues, and later, the Board at Equity, saw me as a diligent professional. Whenever I offered my opinion on any matter, it was thoroughly researched, well-grounded in law, and aligned with Equity’s strategy.

Understanding the business’s strategy, its goals, and its customer needs was crucial. As the legal advisor, I also had to master the legal landscape, prudential guidelines, and, as we expanded into East Africa, regulations in Uganda, South Sudan, Rwanda, Tanzania, and the DRC.

As a woman, I had to specialize deeply in these areas, and it didn’t come easily. I had to work twice as hard. But once I demonstrated my capability, it became easier to lead, as people began to seek my advice and guidance freely.

How did you overcome these barriers, and what lessons did you learn?

"I’ve learned that what often holds women back isn’t a lack of technical or professional knowledge, but a hesitation to take risks. One key lesson from my leadership journey is that women must be bold enough to take calculated risks. Sometimes, we leap without knowing exactly where we’ll land. For instance, I never imagined I would rise to the position of Group Executive Director at Equity. But by taking the risk of joining the Equity Building Society, converting it into a bank, and equipping myself with the right knowledge, I ascended to leadership at a very high level.

What are your future goals, both for yourself and for promoting gender equality in the workplace?

“I aim to focus more on mentoring and training young people and women, encouraging them to pursue leadership roles. Even though I’m retired, I’m still very active and want to stay engaged. My friends were surprised by my retirement, questioning if I’d stay idle. For me, retirement means a change of scenery, not inactivity.

How do you see the role of women in leadership evolving over the next decade?

I hope to see more women in top leadership roles in businesses, boards, and policy-making positions. I'm thrilled by recent milestones, like the first female military commander and the female president of Mexico. The challenge is to ensure gender inclusivity in all sectors. I want to empower women to become leaders in their own start-ups, as many are already succeeding.

What message would you share with young girls and women who aspire to make it to the top?

Take initiative and step forward. Your progress depends on your own actions. With courage and focus, you can achieve what seems impossible.

Your daily schedule?

When I was working at Equity I used to wake up at 4:45am. I would do my daily reflection, meditation and physical activity, then take the shower. I will be out of the house by 6:15am and get to the office by 6:45am. Most of my meetings would start at 7am.               

How can young people plan for retirement?

The day you get into the job market is when you start planning for retirement. I had to ensure that because I was a critical part of the management team, the roles that I used to do were well taken care of. Over the last six years or so, a new company secretary took over the role and I have walked with her over the years. Right now I am confident that the boards are running efficiently. We’ve just had the AGM in June and I did not play any significant part because she has already taken the position.

You have to ensure that in the roles that you have been doing, a successor has stepped into the shoes competently. Forge and mentor your successor early enough.

In the Strategy and Investor Relations role there is a director handling it. Recently we also got an additional executive director who I’m very sure has stepped into the shoes on regional oversight. I will support them if I will require to going forward but I don’t want to be going on a day-to-day basis. I want them to be confident in making decisions and doing what is supposed to be done.

I had also to prepare for what I would do for my retirement. It would have been painful if I retired without knowing what I would do. In 2022 I wrote the book, The Village Girl. The book has given me a platform for my mentorship. The demands for mentorship are very high. So, figure early enough what you would do that satisfies you and occupies your time.

Third, financial planning for retirement is very important. It can be a pension fund or savings for retirement. The payday for Equity is every 24^th and I will no longer be on that payroll as I was used to. You have to figure out how you are going to pay for your expenses when there is no salary coming through. People are asking me this question and they need to know.

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