Explore every episode of the podcast The Mwango Capital Podcast

In this episode recorded on October 21, 2026, we sit down with Karimi Warui and Divine Olumese from Renaissance Capital to dissect how East African investors can access the Dangote Petroleum Refinery listing. We explore the structural architecture of inward GDRs, the pricing mechanics bridging the NGN 525 offer price and the KES 53.50 GDR price, dividend pass-through and voting rights for local investors, the refinery's transition from net debt to net cash in nine months, and how this GDR structure bypasses regulatory friction to create a template for future Pan-African cross-listings.

Show Notes

00:00:00 Introduction

00:04:19 Why the GDR Route

00:08:33 What’s a GDR

00:10:07 Pricing

00:13:13 How To Invest

00:16:42 Understanding the Refinery Business

00:18:48 Financials, Valuation and Risks

00:25:44 Ownership Rights and Investor Protection

00:31:42 Secondary Trading, Liquidity and FX

00:37:02 Future Of Cross-border Investing in Africa

In this episode recorded on October 15, 2026, we sit down with Martha Osier (Partner, Adenia Partners), Simon Macharia (CFO, QuickMart), and Jacques Dôme (Managing Director, QuickMart Kenya) to dissect QuickMart's KES 15 billion public offering. We explore the rationale behind the secondary offer for sale, how the business sustains negative working capital alongside an 80% dividend payout ratio, store rollout economics, supply chain resilience against shrinkage, and Adenia's strategic alignment with new investors post-listing.

Show Notes

00:00:00 Introduction

00:05:40 Why List Now

00:11:04 Working Capital Management

00:20:06 Concerns on Shareholder Sell-down

00:24:56 Store Expansion Strategy

00:27:57 Dividend Policy

00:35:27 Adenia’s Stake Plans Post Lock-up Period

00:39:06 Debt Paydown and Disciplined Growth

00:46:53 Margins and Future Growth Forecasts

00:48:18 Key Takeaways for Investors

In this episode recorded on September 15, 2026, we sit down with Dr. James Mworia (founding CEO, National Infrastructure Fund) to examine the architecture, governance, and mandate of Kenya’s newly established DFI. We explore NIF's SPV project finance structure, its private capital crowding-in target, the redeployment of privatisation proceeds into productive infrastructure, the bankability and risk allocation of priority projects like the JKIA expansion, and the potential for listed development infrastructure trusts (D-REITs) to recycle domestic capital.

Show Notes

00:00:00 Introduction

00:10:32 Succession and Transition to NIF

00:14:04 NIF’s Mandate

00:16:00 Debt Concerns and Economic Rationale

00:21:49 Project Selection and Priority Pipeline

00:31:23 Guarding Against Political Interference

00:38:21 NSE Listing and Possibility of a D-REIT

00:41:33 Reporting Mechanisms and Recycling Capital

00:44:38 JKIA Deal Structure and Risks

00:55:25 Recap and Closing Remarks

In this episode recorded on August 25, 2026, we sit down with Anthony Brian Otieno (General Manager, TekEasy Kenya) to examine the financial, social, and psychological pressures facing young men in Kenya. We explore how social media compresses perceived success timelines, the trap of benchmarking wealth against visible scorecards like cars and premium devices rather than cash flow and equity, the economic rationale of smart versus cheap spending, and how young professionals can focus on foundational wealth, character, and productivity over external validation.

Show Notes

00:00:00 Introduction

00:01:22 Social Media Pressure

00:04:30 Men and Visible Scorecards

00:07:21 Dating Expectations

00:12:57 Does Social Media Compress Success Timelines

00:17:32 Success at 25 or 30 Years

00:24:20 Smart Spending

00:29:24 Phones as Tools or Status

00:35:16 Performance over Prestige

00:37:21 Advice for Young People

In this episode, recorded on September 23, 2026, we sit down with Gregory Waweru (CEO, SBG Securities) to dissect QuickMart's planned listing on the NSE. We explore the role of an Intention to Float (ITF) ahead of a formal prospectus, the mechanics of Sokoni Retail's 50% secondary equity sell-down, QuickMart's financial track record scaling revenue to KES 50.4 billion, lease-heavy balance sheet structures, and key governance considerations for retail investors evaluating formal supermarket chains.

Show Notes

00:00:00 Introduction

00:03:15 Intention to Float

00:05:46 Why List on the NSE

00:08:14 Shareholding and Sell Down

00:14:02 Cash Conversion and Working Capital Management

00:16:43 Growth Headroom and Dividends

00:23:01 Forecast Drivers and Assumptions

00:24:26 Pricing and Valuation Methods

00:26:19 How to Participate and Allocation

00:27:27 Investor Checklist

In this episode recorded on September 17, 2026, we sit down with Samuel Sule (CEO, Renaissance Capital Africa) and Divine Ulamasi (Analyst, Renaissance Capital Africa) to dissect the investment thesis behind the Dangote Refinery IPO. We explore Nigeria's broader macroeconomic shift following fuel subsidy removals and naira liberalisation, the refinery's high Nelson Complexity Index rating and $2.40 per barrel cash operating cost target, Phase Two expansion plans, the structural gross refining margin advantage, and the cross-border access channels being built for retail and institutional investors across East Africa.

Show Notes

00:00:00 Introduction

00:02:36 Overview of the Nigeria Market

00:09:27 Nigeria Oil History and Building of the Dangote Refinery

00:15:35 Investment Thesis and Business Model

00:25:19 Valuation

00:28:05 Risks

00:32:40 IPO Terms and Demand

00:39:16 Dividend Outlook

00:47:06 How to Participate in the IPO

00:48:11 Key Takeaways

In this episode, recorded on September 8, 2026, we sit down with Leah Wakarima (Operations Lead, Hisa) and Gertrude Njeri (Head of Research, Hisa) to examine the structural dynamics of the Nairobi Securities Exchange relative to global financial centers like Wall Street. We explore how Hisa is dismantling retail access barriers through fractional shares and dual-currency wallets, the factors powering the domestic-led 2026 NSE rally, the revival of the IPO market following listings by Kenya Pipeline and Family Bank, and how technology and research are working to close the coverage gap on local mid-cap counters.

Show Notes

00:00:00 Introduction

00:02:19 Overview of the HISA Platform

00:03:09 Listings Revival at the NSE

00:05:22 NSE Vs NYSE

00:10:07 Retail Access via HISA

00:14:37 Bull Run at the NSE

00:19:03 Fractional Investing

00:24:40 Foreign Flows and NSE Rally

00:35:26 ETFs, Gold and REITs

00:40:19 Audience Q&A & Closing Remarks

In this episode, recorded on August 27, 2026, we sit down with David Ngata (Group Chief Financial Officer, I&M Group) to dissect the group's H1 2026 financial results. We dive into the key drivers behind the Group’s performance, the Group's "phygital" branch network rollout, front-loaded loan loss provisioning, and how regional operations in Rwanda, Uganda, Tanzania, and Mauritius are expanding their earnings footprint.

Show Notes

00:00:00 Introduction

00:01:00 Highlights of the Half-Year Results

00:04:12 Subsidiaries Profit Mix

00:05:45 Growth in Customer Deposits

00:07:48 Phygital Branch Strategy

00:16:53 Loan Loss Provisions and NPL Management

00:23:09 Net Interest Income

00:24:57 Funding

00:29:35 Dividend Policy

00:30:50 Priorities for H2/26

In this episode, recorded on September 2, 2026, we sit down with Justin Mollel (Group CFO, East African Breweries PLC) to dissect the group's FY26 financial performance. We explore how broad-based, volume-led growth across Tanzania, Uganda, and Kenya drove net sales to KES 146 billion ($1.12B), the strategic shift to a 50-50 fixed-and-floating debt mix, how cost-productivity initiatives offset raw material inflation, and the operational focus ahead of the upcoming Diageo-Asahi ownership transition.

Show Notes

00:00:00 Introduction

00:08:08 Overview of the FY26 Results

00:12:52 Top Line Drivers

00:14:18 Consumer Trends and Mix

00:16:07 Cost Control and Productivity

00:19:47 Debt Mix and Finance Costs

00:26:04 Capital Allocation

00:31:22 Cash Flow and Capex Priorities

00:33:34 Diageo-Asahi Deal Update

00:35:38 Priorities for FY27

In this episode, recorded on August 11, 2026, we sit down with Charles Kibaara (Chief Manager Operations & Branches, Credit Bank) to break down the bank's core focus on small and medium-sized enterprises across Kenya. We explore how Credit Bank is leveraging its T24 core banking upgrade for instant digital bid bonds, the impact of DFI-aligned governance standards from ShoreCap's investment, liquidity allocation shifts back into private-sector credit, and the strategic roadmap toward an eventual listing on the Nairobi Securities Exchange.

Show Notes

00:00:00 Introduction

00:03:13 An Introduction to Credit Bank

00:06:37 Digital Loans and Bid Bonds

00:09:52 Customer Deposits Performance and SME Lending Capacity

00:15:08 Turnaround Time for SME Loan Application

00:17:54 Core Banking Platform Upgrade

00:20:24 Trade Finance

00:22:59 Nyumbani Diaspora Account and Remittance Solutions

00:33:26 Listing Operational Readiness

00:41:31 Closing Remarks

In this episode recorded on August 18, 2026, we sit down with Diana Mwaniki (Acting CFO, Absa Bank Kenya) in her debut Spaces appearance to dissect the lender's H1 2026 results. We explore how strong credit disbursement momentum and lower funding costs helped counter rate-cycle margin compression, the factors enabling a 150% boost to the interim dividend, and how non-funded revenue from newer capital-light business lines is diversifying the franchise.

Show Notes

00:00:00 Introduction

00:01:04 Overview of H1/26 Results

00:02:42 Revenue Drivers and Balance Sheet Growth

00:08:10 Cost and Efficiency

00:10:26 Asset Quality and NPL Trends

00:13:15 Dividends

00:15:02 H2 Strategy and Growth Areas

00:17:01 Update on Absa Group Stake Increase

00:20:50 ROE

00:24:24 Key Takeaways and Closing Remarks

In this episode, recorded on July 31, 2026, we are joined by Centum Investment Company Group CEO, James Mworia, as we unpack Centum's FY26 financial results, the complete retirement of holding company debt, and key portfolio milestones under the Centum 5.0 strategy.

Show Notes

00:00:00 Broad Overview of the FY26 Earnings

00:04:52 Debt Strategy

00:13:53 Portfolio Companies

00:18:17 Trific SEZ Growth Plan

00:21:55 Arise-Vipingo Partnership

00:26:18 Exit Strategy

00:29:08 Dividend Policy

00:32:02 Share Buybacks

00:40:07 Centum 5.0

00:43:27 Advice to Young People

In this episode recorded on July 7, 2026, we sit down with Ann Magondu (Senior Tax Manager, Deloitte), Joyce Oriedi (Senior Manager, Tax and Legal Services, PwC Kenya), and Akinyi Gikonyo (Tax Consultant, KAM) to unpack the Finance Act 2026, its role in funding Kenya's KSh 1.11 trillion fiscal deficit, merchant service fee withholding taxes, VAT & excise shifts, and EAC cross-border tax implications.

Show Notes

00:00:00 Introduction

00:01:35 Impact of Finance Act 2026 on Households and Businesses

00:06:27 Withholding Tax on Merchant Service Fees and Interchange Fees

00:12:57 Indirect Transfers and Foreign Investors

00:16:11 Dividends to EAC Citizens and Trade Tensions

00:21:55 Changes to the VAT Act

00:28:44 Changes to the Excise Duty Act

00:32:21 Import Protection for Manufacturers

00:38:40 Public Participation

00:46:59 E-bikes and Solar Power Systems

In this episode recorded on June 30, 2026, we are joined by Wilson Wariari (Co-Founder & CIO, Arvocap Asset Managers) and Jesse Ochieng’ (Analyst) to break down the mechanics of goal-based asset management in Kenya. We dive into how Arvocap scaled its AUM to KES 14.26B, their active fixed-income trading philosophy, hurdle-rate performance fees, and how funds like Eurofix and Almasi are broadening market access for retail investors.

Show Notes

00:00:00 Introduction

00:04:31 Gaps Arvocap is Addressing

00:10:17 Assets Under Management Growth Breakdown

00:13:53 Alpha Drivers and Sustainability of Returns

00:26:55 Fees

00:28:19 Almasi Fund

00:33:17 Lock-in and Liquidity

00:38:26 Global Equity Fund

00:47:35 Eurofix Fixed Income Fund

00:57:06 Goal-Based Investing and Closing Remarks

In this episode recorded on June 18, 2026, we sit down with Justine Kosgei (CEO & Principal Officer, AAR Insurance) and James Kamau (Group Head of Distribution, AAR Insurance) to break down the mechanics of the newly structured FAARMILY Suite. We dive into how automated AI claims adjudication is capping premium inflation, the extension of senior health cover entry up to age 80, and how the insurer is flexing its products to accommodate non-traditional family structures and diaspora clients.

Show Notes

00:00:00 Introduction

00:04:03 Key Gaps that FAARmily Suite Addresses

00:08:04 Dependants and Documentation

00:10:45 Accessibility and Sustainability

00:13:53 Wellness Programs

00:15:51 Maternity and Seniors Eligibility

00:18:39 Transition of Junior Covers to Adult Covers

00:20:35 Future-proofing the Business through Tech

00:23:38 Non-traditional Families and Diaspora Customers

00:36:16 Future of Family Medical Covers

In this episode, recorded on June 16, 2026, we sit down with the tax and legal consulting team from Ushuru: Beatrice Njeri, Eddah Nyamweya, Derrick Muchoki, and Valentine Gaya, to break down essential best practices for individual and corporate tax submissions. We dive into the realities of real-time E-TIMS validation under Section 23A of the Tax Procedures Act, expose common bank statement exposure points, and outline the exact steps taxpayers must take when responding to a KRA audit notice or default assessment.

Show Notes

00:00:00 Introduction

00:04:13 Common Filing Challenges

00:06:04 eTIMS

00:11:57 Penalties & Interest

00:16:55 Freelancers and Consultants

00:19:20 KRA Audit Triggers

00:25:48 Turnover Tax

00:28:55 Handling Audit Notices/Assessments

00:44:23 Return Amendments

00:46:48 Closing Remarks

In this episode, recorded on June 4, 2026, we are joined by Centum Investment Company Group CEO, James Mworia, to unpack the three strategic evolutionary phases of Centum since 2009, the interplay between its real estate and private equity portfolios, and how the company successfully retired its holding company debt to enter a harvesting phase dedicated to driving sustainable shareholder value.

Show Notes

00:00:00 Introduction

00:01:18 Centum Investment Model

00:05:57 Debt Strategy

00:13:54 Real Estate Holdings

00:17:20 Two Rivers

00:24:20 Private Equity Portfolio

00:31:00 Capital Allocation

00:34:59 Share Buyback Program

00:38:29 NAV Gap

00:51:42 Strategy and Pitch

In this episode recorded on May 19, 2026, we are joined by Brenda Mbathi, CEO of TRIFIC SEZ, and Pius Muchiri, MD of Nabo Capital, as we unpack the structure, strategy, and investment opportunity behind the green-focused I-REIT.

Show Notes

00:00:00 Introduction

00:01:30 Broad Overview of TRIFIC

00:04:02 Why a Dollar-Denominated I-REIT

00:08:39 Use of Funds, REIT Structure, and Offer Size

00:18:25 USD Yield Return vs T-Bills

00:21:17 Tenant Mix and Debt Strategy

00:25:12 Green Certification, Demand, and Leasing Pipeline

00:31:21 Investor Interest and Liquidity

00:39:11 Cost Control, Vision, and Scale

00:45:16 Key Details on the I-REIT and Closing Remarks

In this episode recorded on May 12, 2026, we are joined by Car & General (C&G) Chief Executive Officer, Vijay Gidoomal, to unpack the group's FY25 financial performance, the rebound of the boda-boda sector across Kenya and Tanzania, and how the business is navigating EV disruptions and leveraging artificial intelligence to build a competitive moat.

Show Notes

00:00:00 Introduction

00:01:17 Business Streams

00:03:54 Regional Business Footprint

00:08:07 Recovery of the Two-wheeler Business

00:10:41 Margins and Cost Efficiency

00:13:56 Investment in AI

00:23:00 Profitability and Cash Flow

00:24:49 Dividend Policy

00:27:40 EV Market

00:38:13 Closing Remarks

In this episode recorded on May 5, 2026, we are joined by DelMonte Kenya Managing Director, Wayne Cook, as we unpack the company’s 60-year history in Kenya, its KES 100B economic footprint, vertically integrated export model, and its ongoing community relations and sustainability interventions.

Show Notes

00:00:00 Introduction

00:04:04 History of Del Monte Kenya

00:08:14 Del Monte’s Business Model

00:12:48 Local Distribution and Exports

00:14:48 Scale and Economic Impact

00:17:53 Relationship with Fresh Del Monte Group

00:20:36 CapEx and Growth Plans

00:24:39 Community Relations and Human Rights

00:28:06 Sustainability Metrics

00:34:19 Outlook, Innovation, and New Product Lines

In this episode recorded on April 30, 2026, we are joined by SanlamAllianz Life Kenya CEO, Jacqueline Karasha, as we unpack the group’s recent corporate restructuring, FY2025 financial performance, and the strategic opportunities within Kenya’s life insurance and digital pension markets.

Show Notes

00:00:00 Introduction

00:05:15 New Group Structure

00:07:53 Uptake of Life Insurance

00:12:24 Embedded Insurance Products

00:15:41 Akiba Plus Retirement Product

00:18:42 Dividends and Strategy

00:24:12 Digital Distribution

00:28:48 Reaching the Informal Market

00:42:48 Investment of Policyholder Funds

00:47:03 Industry Outlook

In this episode recorded on April 29, 2026, we are joined by economist Stephanie Kimani and the Institute for Public Finance (IPF) team of Dr. Peter Nguhiu, Veronica Ndegwa, and Martin Kabaya, to unpack the credibility of Kenya's budget, the structural constraints of debt service, and the sustainability of health and social protection financing.

Show Notes

00:00:00 Introduction

00:03:16 Budget Credibility Problem

00:05:53 Debt Service Wiggle Room

00:08:04 Healthcare Funding Gap

00:15:05 Tax Proposals to Fund Healthcare

00:27:08 Fiscal Sustainability of SHIF

00:33:02 School Feeding Gaps

00:42:51 Budget Priority Recommendations

00:45:56 Limited Trust in the Domestic Debt Market

00:50:10 Policy Change Recommendations

In this episode recorded on May 6, 2026, we are joined by I&M Bank Group CFO, David Ngata, and SIB Director, Laban Githuki, as we unpack the bank’s KES 20B Medium-Term Note (MTN) programme, its pricing rationale, and capital optimization strategy.

Show Notes

00:00:00 Introduction

00:01:33 I&M Bank’s Balance Sheet

00:03:32 Basics of an MTN

00:10:16 Offer Terms and Dates

00:12:41 Minimum Investment

00:13:55 How the MTN fits into the Bank’s Strategy

00:19:20 Use of Proceeds and Lending Growth

00:24:14 Application, Settlement, and Trading

00:29:01 Asset Quality

00:31:18 Key Details and Final Pitch

In this episode recorded on March 25, 2026, we are joined by the OECD’s Competition Expert, Said Kechida, and the Competition Authority of Kenya’s Director of Policy and Research, Dr. Adano Wario, to unpack competition law enforcement in Kenya and the key lessons from the OECD peer review.

Show Notes

00:00:20 What CAK Does

00:08:04 OECD Peer Review Overview

00:10:39 CAK Policy and Research

00:13:02 Key Takeaways from the Peer Review Report

00:14:34 Strengths and Weaknesses in Competition Law Enforcement

00:19:22 Merger and Acquisition Scrutiny

00:29:56 Fines and Proportionality Debate

00:34:32 Limited Uptake of Leniency Programs

00:38:07 Market Studies and Inquiries

00:49:59 Report Recommendations and Closing Remarks

In this episode recorded on April 15, 2026, we are joined by Stanbic Uganda’s CEO, Mumba Kalifungwa, to unpack the bank's strategic market positioning, financial health, and its role within Uganda's broader economic landscape.

Show Notes

00:00:00 Introduction

00:03:41 Economy and the Banking Landscape

00:05:28 Stanbic Uganda’s Structure

00:09:11 Strategy and Growth Priorities

00:16:20 What Makes Uganda Unique

00:20:45 FY2025 Results

00:25:03 NPLs and Credit Risk Lessons

00:31:22 Cost Efficiency Strategy

00:39:19 Positive Impact Framework

00:48:17 Career Advice and Closing Remarks

In this episode recorded on April 8, 2026, and in partnership with FLLoCA, we discuss climate finance in Kenya.

Our guests:

— Senator Moses Kajwang’ - Homa Bay County

— Peter Odhengo, National Treasury

Host: Ramah Nyang

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Show Notes

00:00:00 Introduction

00:04:45 What Is FLLoCA

00:08:41 Climate Mitigation and Adaptation

00:11:51 Locally Led Solutions, Cost of Inaction, and Access to Climate Finance

00:21:50 Polluters Pay Vs Domestic Financing

00:31:43 Incentives and E-Mobility

00:34:12 County Funds Oversight, Audits, and Carbon Credits

00:47:31 Climate Justice Funding Gap

00:51:38 Tracking Climate Finance and the National Climate Fund

00:56:57 Focus on Mitigation

01:01:53 Dealing with Misuse of Climate Funds

In this episode recorded on March 31, 2026, and hosted by Terryanne Chebet, we are joined by SBM Bank’s Magdalene Mwende and Duncan Kiberu to unpack financial literacy for Kenya’s next generation.

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Show Notes

00:00:00 Introduction

00:04:42 Starting Financial Literacy Early

00:16:06 Debunking Kenyan Money Myths

00:23:40 Teaching Financial Literacy in a Cashless World

00:30:33 Building Habits and Work Ethic

00:39:35 Longterm Impact of Financial Literacy in Children

00:45:16 Staying Safe in the Digital Space

00:48:02  Role of Giving in a Child’s Financial Education

00:50:24 Product Roadmap and How to Sign up onto Busara App

In this episode recorded on March 26, 2026, we break down I&M Holdings FY2025 results with the CFO, David Ngata.

We unpack earnings drivers, balance sheet shifts, subsidiary performance, and outlook heading into 2026

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Show Notes

00:00:00 Introduction

00:03:30 FY 2025 Highlights and Restatement of 2024 Financials

00:08:13 Interest Income, Customer Deposits, and Loan Growth

00:16:22 Wealth Management, Asset Quality, and NPLs

00:20:15 OpEx, CapEx, and Regional Performance

00:27:55 Capital Allocation, Digital Banking, and AI

00:33:30 Impacting Communities

00:35:20 Banking App, AI in Lending, Loans to Related Parties, and Governance

00:39:30 Increased Investment in G-Secs, Rates Outlook, and Strategy

00:42:49 Life Advice and Closing Remarks

In this episode recorded on March 19, 2026, and hosted by Ramah Nyang, we unpack Kenya’s debt situation.

Our panelists:

* Churchill Ogutu - Economist, IC Group

* Benard Njiri - Senior Research Analyst, IPF

* Stellar Swakei - Senior Research Analyst, Kingdom Securities

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Show Notes

00:00:00 Introduction

00:01:33 The Debt Transparency Problem and Why Fiscal Consolidation Fails

00:09:17 Securitization, Supplier Debt, And Pending Bills

00:23:19 IMF’s Pushback against Securitization and Lessons from Ghana

00:26:44 Ringfencing and Revenues/Proceeds Disclosure

00:32:02 Securitization Lessons from 2008 Financial Crisis

00:40:20 Auditing Kenya’s Debt

00:46:22 Tanzania’s Debt Transparency Model

00:51:56 Why Governments Avoid Transparency?

00:56:42 Tanzania’s Single Treasury Account

00:58:24 The Transparency Risk Premium

01:01:24 Policy Changes to Enhance Debt Transparency

In this episode, recorded on March 11, 2026, we dissect the FY 2025 results for Stanbic Holdings with the Chief Financial and Value Officer, Dennis Musau.

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Show Notes

00:00:00 Introduction

00:00:47 Group Structure and Strategic Pillars

00:10:48 Top Line and New Loan Pricing

00:16:42 Interest and Non-interest Revenue

00:21:54 Why Invest in Stanbic

00:24:36 Costs, NPLs, and Risk Management

00:29:13 Loan Growth, Profitability, and Dividend Policy

00:35:24 S. Sudan, SBG Securities, and Bancassurance

00:40:06 Capital Buffers and Mergers & Acquisitions Strategy

00:47:11 AI in Banking Operations

00:51:20 Outlook and Closing Thoughts

In this episode, recorded on March 4, 2026, we are joined by the Absa Bank Kenya CFO, Yusuf Omari, as we take a deep dive into the bank’s FY 2025 results.

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Show Notes

00:00:00 Introduction

00:00:53 What Makes a Good CFO?

00:01:54 Overview of the FY2025 Results

00:03:54 Loan Demand, NPLs, Risk Outlook, and Rate Stability

00:08:38 FX and Non Funded Income Growth

00:10:18 Cost Efficiency, Tech, and Investment in Gov’t Securities

00:13:23 CIB Competition and Consolidation

00:15:18 Group CEO Ambitions, M&A Strategy, and Value Proposition

00:20:31  Profitability and Dividend Strategy

00:24:29 Branch Strategy, Insurance, and Asset Management

00:29:33 Regulation, Benchmark Rates, SME Sentiment, and 2026 Outlook

00:34:34 Key Takeaways and Closing Thoughts

In this episode, recorded on February 4, 2026, we deep dive into Kenya’s recent Moody’s rating upgrade with David Rogovic, VP & Senior Credit Officer at Moody's Ratings.

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Show Notes

00:00:00 Introduction

00:03:27 Methodology in Ratings

00:06:59 Kenya’s Upgrade Explained

00:10:18 FX Reserves, KES Stability, Market Access, and Buybacks

00:16:51 Securitization, Domestic Borrowing, and Revenue Risks

00:25:16 Outlook and Key Risks

00:29:04 How does Kenya compare to Peers on Debt Distress?

00:32:09 Public Private Partnerships and the Macro-Micro Divide

00:37:31 ESG Scores and Ratings Withdrawal

00:41:24 Key Takeaways and Closing Remarks

In this episode, recorded on February 24, 2026, we dive deep into Ziidi Trader. We break down what it is, how it works, and what it means for investors.

Our guests:

* Aliya Khanbhai - Head of Wealth and Insurance, Safaricom

* Gitau Macharia - Product Owner Wealth Management, Safaricom

* Eric Ruenji - Founder and Chairman, Theo Capital Holdings

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Show Notes

00:00:00 Introduction

00:07:40 Ziidi Trader and its Key Differentiators

00:11:51 Omnibus Structure and Share Ownership

00:17:59 Onboarding, Fees, and Trading Costs

00:23:03 Backend Execution, Liquidity, and Market Hours

00:33:34 Order Matching, Cancellations, and Dividend Payout

00:37:21 Order Book, Reversals, and Nominee Voting

00:41:48 The Future of Ziidi Trader

00:44:31 How To Buy Shares

00:51:46 Access for Investors in the Diaspora

00:55:31 Customer Support, Trading Limits, Market Risk, and Investor Education

01:02:17 Closing Remarks

In this episode recorded on January 26, 2026, we break down what lies ahead for markets and the economy in 2026.

Guests:— Churchill Ogutu - Economist, IC Group— Stephanie Kimani - Economist— Stellar Swakei - Senior Research Analyst, Kingdom Securities Limited

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Show Notes

00:00:00 Introduction

00:01:25 2025 Macro Highlights

00:10:15 IMF Programs, China Debt, and Liability Management

00:14:57 Corporate Borrowing and MSME Access to Finance

00:18:19 Debt, Securitization, Equity Markets, and the NSE Rally

00:32:53 Domestic Debt, External Borrowing, and Crowding Out

00:38:49 The Budget Cycle

00:45:57 FX and Interest Rates

00:50:02 Kenya Pipeline IPO and Gov’t’s Sale of Safaricom Stake

01:02:05 Closing Remarks

In this episode recorded on February 3, 2026, we host Risper Genga, Group CFO at EABL, for a discussion on the company’s H1 FY26 results and the key drivers behind its sales and profitability.

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Show Notes

00:00:00 Introduction

00:03:10 Sales Growth, Consumer Trends, and Regional Performance

00:11:27 Volume-Price Mix, Margins, and Cost

00:16:30 Taxation Challenges

00:20:04 Cash, Working Capital, and Dividends

00:26:14 CapEx, OpEx, and FX

00:29:21 Debt Management and the MTN Issuance

00:38:08 Increasing Receivables, the Asahi Deal, and Looking Ahead

00:44:01 Illicit Brews, Premiumization, and Regional Growth

00:47:50 Leadership Reflections

In this episode recorded on February 9, 2026, we host the Kenya Pipeline Company (KPC) Managing Director, Joe Sang, and Faida Investment Bank’s, Dr. Belgrad Kenne, to break down the KPC IPO and discuss its implications to investors.

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Show Notes

00:00:00 Introduction

00:05:04 KPC Overview

00:11:31 KPC’s Business Model & Financials

00:17:34 The Role of Transaction Advisors in an IPO Process

00:23:33 Offer Details and Valuation

00:44:11 Dividend Policy and Board Structure

00:47:06 Risks and Strategic Plans

00:59:27 Key Dates and Invitation to Participate in the IPO

01:07:04 CapEx Plans and Future Growth

01:11:52 Closing Remarks

In this episode recorded on January 29, 2026, we are joined by Africa Logistics Properties’ CEO, Raghav Gandhi, as we explore industrial REITs and what the ALP Industrial REIT restricted offer means for investors.

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Show Notes

00:00:00 Introduction

00:06:03 Industrial REITs and their Benefits

00:12:23 The ALP Industrial REIT Offering

00:16:40 Regulation and Consumer Protection

00:20:26 REIT Features, Importance, and Future Vision

00:25:32 Key Dates and Concerns on Minimum Subscription

00:28:26 Value Proposition, Currency Risks, and Key Players

00:38:06 Approval Process, Regulatory Support, Risks, and Mitigation

00:44:04 Lease Duration, Leverage, Ownership, and Decision Making

00:48:57 Future Outlook

00:54:55 Investor Pitch and Closing Remarks

In this episode recorded on January 22, 2026, and hosted by Joseph Mwaniki, we are joined by Caine Wanjau, CEO of DigiTax, for a conversation on reverse invoicing through eTIMS and its implications for businesses and taxpayers.

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Show Notes

00:00:00 Introduction

00:04:42 Reverse Invoicing and Buyer-Initiated Invoicing

00:09:21 Challenges Addressed by Buyer-Initiated and Reverse Invoicing

00:14:49 Implementation Challenges and Solutions

00:19:40 Regional Perspectives on e-invoicing

00:23:49 Practical Steps for Reverse and Buyer-Initiated Invoicing

00:26:09 Impact of eTIMS Invoicing on MSMEs

00:31:19 Protecting Taxpayers from Abuse of eTIMS Invoices

00:37:32 Future of Electronic Invoicing

In this episode recorded on November 13, 2025, and hosted by Joseph Mwaniki, we discuss KRA’s new tax validation rules starting Jan 1, 2026.

Guests:—Josephine Mugure, Chief Manager, Policy & Tax Advisory—Hakamba Wangwe, Chief Manager, eTIMS—Agnes Gitau, Manager, Tax, Andersen Kenya

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Show Notes

00:00:00 Introduction

00:03:48 Legal Framework and Background

00:09:31 Impact on Taxpayers

00:13:06 KRA’s Rollout and Compliance

00:19:59 Simplifying Compliance for SMEs

00:28:49 Handling Non-Compliant Suppliers & Missing Invoices

00:37:14 Verifying e-TIMS Invoices

00:41:51 Exemptions from e-TIMS Compliance

00:45:44 Addressing Technical Challenges

00:52:52 Future of Tax Digitization

00:57:49 Waivers and Penalties due to failure of the Electronic Invoicing System

01:00:46 Closing Remarks

In this episode recorded on December 15, 2025, we host Standard Chartered’s Head of Wealth Management Products, Ouma Orero, and Head of Advisory and Managed Investments, Khushboo Dhutia, for a conversation on growing your wealth today, tomorrow, and forever.

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Show Notes

00:00:00 Introduction

00:01:47 Understanding Affluent Clients

00:05:43 Starting Now and Financial Planning Frameworks

00:17:38 Building a Resilient Portfolio

00:25:43 Personalized Financial Planning and Intergenerational Wealth Transfer

00:30:53 Wealth Preservation vs Wealth Creation

00:34:26 Investment Risks and Optimizing Investment Decisions

00:38:59 Building Trust with Financial Advisors

00:45:21  Standardized Investment Process and Innovations in Wealth Management

00:52:43 Getting Started with Your Wealth Journey

00:53:46 Closing Remarks

In this episode recorded on December 2, 2025, and hosted by Ramah Nyang, we host economists from the World Bank to unpack the latest Kenya Economic Update.Guests:—Ryan Kuo - Economist, World Bank—Jorge Tudela Pye - Country Economist, World Bank.

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Show Notes

00:00:00 Introduction

00:03:00 Macroeconomic Developments and Outlook

00:05:40 Competition and Structural Reforms

00:09:32 Challenges in Tax Revenue and Fiscal Policy

00:16:19 SOEs and Market Competitiveness

00:24:50 Impact of Electricity Prices on Competitiveness

00:28:05 State Support, Governance, and Efficiency in SOEs

00:35:14 Telecommunication Sector Analysis

00:45:22 Macroeconomic Stability, Trade-offs, Challenges, and Solutions

00:52:33 Closing Thoughts

In this episode recorded on December 10, 2025, and hosted by Ramah Nyang, we are joined by George Kuria, CEO of SanlamAllianz Kenya. We explore the transition to the new brand and what customers should expect going forward.

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Show Notes

00:00:00 Introduction

00:00:42 The Sanlam-Allianz Merger

00:03:23 Understanding the Protection Gap

00:04:41 Targeting New Market Segments

00:08:17 Challenges and Opportunities in Agriculture Insurance

00:10:12 Insurance for Large Infrastructure Projects

00:14:24 Governace Structure

00:15:05 Regulatory and Capital Considerations

00:17:37 Expanding Insurance Penetration

00:20:53 Leveraging Technology for Better Service

00:24:22 Customer Assurance and Future Outlook

In this episode recorded on December 09, 2025, and hosted by Terryanne Chebet, we discuss building financial and business resilience in 2026 and the role of general insurance.

Guests:— James Kamau - Group Head of Distribution, AAR Insurance

— Kiriinya Kithinji - Head of Strategy, WYLDE International

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Show Notes

00:00:00 Introduction

00:03:19 Business Resilience

00:08:34 Top Priorities SMEs

00:10:32 Common Risks and Blind Spots for Individuals

00:15:23 Vulnerabilities and Protecting Businesses Financially

00:26:05 Balancing Growth and Stability for SMEs

00:29:03 Rapid Urbanization, the Gig Economy, and Shifting Customer Needs

00:34:37 Choosing the Right Insurance Coverage

00:37:15 Leveraging Networks and Planning for Household Preparedness

00:42:19 Final Thoughts and Actionable Steps

In this episode recorded on October 30, 2025, and hosted by Joe Mwaniki, we are joined by Terry Muli, Senior Tax Manager at Deloitte, and Ann Magondu, an international tax expert, as we discuss managing KRA audits, what triggers them, taxpayers’ rights, handling assessments, and transfer pricing.

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Show Notes

00:00:00 Introduction

00:01:11 Understanding KRA Audits

00:03:20 Frequency and Scrutiny of Sole Proprietorships

00:07:05 Triggers for KRA Audits

00:14:54 Document Retention and Statutory Periods

00:18:09 Notification and Initial Steps in KRA Audits

00:21:50 Common Mistakes and Best Practices

00:26:01 Audit Modalities

00:28:02 Conclusion of the Audit Process

00:33:31 Valid Notice of Assessment

00:36:35 Notice of Objection

In this episode recorded on October 23, 2025, and hosted by Julians Amboko, we are joined by Dr. Samuel Tiriongo, Director of Research & Policy - Kenya Bankers Association, as we unpack the revised risk-based credit pricing model anchored on KESONIA and what it means for banks, borrowers, and the economy.

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Show Notes

00:00:00 Introduction

00:04:52 Risk-Based Pricing and Transition to a Unified Base Rate

00:23:28 Impact, Market Governance, Risk-Scoring, and Safeguards

00:34:31 Interest Rates and Fiscal Dominance

00:39:35 KESONIA Minus

00:42:05 Net Interest Margins and Risk Assessment for the Unbanked

00:46:26 Transition Timelines and Bank Preparations

00:52:56 Fixed vs Variable Rate Loans

00:57:52 Global Examples and Regional Leadership

00:59:45 Closing Thoughts

In this episode recorded on November 20, 2025, we are joined by the I&M Holdings’ CFO, David Ngata, as we break down the comapny’s Q3 2025 results. We cover performance in the regions, CBK’s new pricing framework, capital allocation, shareholder returns, and future outlook.

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Show Notes

00:00:00 Introduction

00:02:28 Overview of Q3 25 Financial Results

00:03:51 Regional Subsidiaries’ Performance

00:08:30 Kenyan Market Performance

00:13:16 I&M’s Value Proposition

00:19:28 Net Interest Income and Non-Funded Income

00:22:07 CBK’s New Pricing Framework

00:26:17 OpEx and CapEx Plans

00:30:54 Capital Allocation and Shareholder Returns

00:34:15 Reflections, Future Outlook, and Closing Remarks

In this episode recorded on September 4, 2025, we are joined by the Nairobi Securities Exchange CEO, Frank Mwiti, to discuss the state of the NSE. We cover key stakeholders in Kenya’s capital market, NSE’s performance, data accessibility, market Inclusivity, and future strategy.

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Show Notes

00:00:00 Introduction

00:06:21 Overview of the Nairobi Securities Exchange (NSE)

00:14:48 Key Stakeholders in Kenya’s Capital Market

00:20:10 Investing in the NSE: Process and Strategy

00:29:22 NSE’s Performance

00:38:58 Addressing Data Accessibility and Investor Relations

00:45:27 Fractional Trading and Market Inclusivity

00:48:17 Lower Commissions and New Listings

01:12:40 Handling Distressed companies

00:17:45 CEO’s Vision and Future Strategy

In this episode recorded on December 1, 2025, and hosted by Ramah Nyang, we unpack Safaricom’s KES 15B Medium Term Note. We cover green bonds, pricing, liquidity in the market, and use of proceeds rom the MTN

We are joined by:

* Silha Rasugu — Emerging & Frontier Capital LLP

* Gregory Waweru — SBG Securities

* Birju Sanghrajka — Standard Chartered

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Show Notes

00:00:00 Introduction

00:02:06 Understanding the Green Bond

0:06:51 Pricing and Market Conditions

00:09:14 Liquidity in the Bond Market

00:13:44 Creating an Efficient Capital Structure

00:19:05 Advantage of the MTN over Vendor Financing

00:24:46 Impact of the Debt on Dividend Policy

00:28:14 Future of Corporate Bonds in Kenya

00:34:27 Conclusion and Final Thoughts

In this episode recorded on September 11, 2025, we are joined by Capital A Investment Bank’s Senior Research Analyst, Ronny Chokaa, as we unpack and break down the H1 2025 results of Kenyan banks.

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Show Notes

00:00:00 Introduction

00:01:01 High-Level View of H1 Bank Earnings

00:03:03 FX Stability and Impact

00:06:27 Interest Margins and Impact of Central Bank Policies

00:13:16 Credit Growth Trends

00:21:12 Profitability and Dividend

00:25:27 Spotlight on Specific Banks

00:38:35 Core Capital Requirements

00:44:04 Closing Thoughts

In this episode recorded on November 04, 2025, we are joined by EABL’s CFO, Risper Ohaga, and Absa Bank’s Director of Capital Markets, Robert Murai, as we unpack EABL’s KES 20B Medium-Term Note, why the brewer is back in the debt market, and what it means for its funding plans and investors.

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Show Notes

00:00:00 Introduction

00:00:54 Working Capital Management

00:02:13 Debt vs Equity in Financing a Business

00:05:11 Financial Performance

00:07:18 Redeeming and Issuing Debt, Investor Participation, and Key Dates

00:21:36 Corporate Bond Market in Kenya

00:25:56 MTN Structure, Secondary Trading, Investor Sentiment, and Market Liquidity

00:29:06 Debt Levels and Balance Sheet Management

00:32:31 Corporate vs. Government Bonds

00:34:31 CapEx and Working Capital

00:38:19 Interest Rates, Tax Implications, Cash Flow and Debt Repayment

00:41:09 Closing Remarks and Final Thoughts