The Mwango Capital Podcast – Details, episodes & analysis

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 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 27.04.2023, we host Mark Bohlund, Senior Credit Research Analyst at REDD Intelligence, to discuss Kenya's rising Eurobond yields and the impact on Kenya's bid to raise a Eurobond next year.

We also cover the sell-off in the market, the likelihood of defaulting on the upcoming Eurobond payment, and strategies for managing maturing Eurobonds.

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Show Notes

00:00:00 Introduction

00:02:54 Eurobonds

00:05:09 Taping into The Eurobond Market

00:06:21 Rising Yields on the Kenya Eurobond

00:09:55 Drivers for Market Sell-Off

00:11:28 Managing Maturing Eurobonds

00:18:47 Likelihood Of Default

00:24:16 Challenges in Borrowing in the Domestic Market

00:30:39 Tanzania Getting into the Bond Market

00:38:53 Uganda's Domestic Market

00:43:41 Closing Thoughts

In this episode recorded on 29.03.2023, we are joined by the Stima Sacco CEO Dr. Hassan Gamaliel and Customer Service Manager Gloria Chaponda to discuss the Sacco’s business model. We also cover joining the Sacco, its scale and solvency, system changes, and handling the resulting challenges.

Show Notes

00:00:00 Introduction

00:01:13 History

00:04:41 Size and Scale

00:13:06 System Changes and Communication Issues

00:32:28 Solvency

00:40:50 Becoming A Member

00:46:18 Islamic Finance Products

00:52:29 Business Model

01:07:56 Transferability of Shares

01:15:07 CEO’s Career Journey

01:23:50 Closing Thoughts

In this episode recorded on 23.02.2023, we are joined by Wambui Mbarire - RETRAK Kenya CEO, Job Wanjohi - KAM Head of Policy Research and Advocacy, Robert Waruiru - ICHIBAN Tax Advisory Founder, and Frida Mbugua - EABL Head of Public Policy. we discuss the impact of rising excise duties.

We cover the origin of excise duty, why KRA is falling short on excise stamp sales, the importance of tax regime predictability, and public participation in tax proposals.

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Show Notes

00:00:00 Introduction

00:06:07 Excise Duty, Origin, and Importance

00:15:55 Why Is KRA Falling Short On Excise Stamp Sales?

00:22:02 Impact of Increasing Stamp Prices on Retailers

00:28:22 Handling Public Tax Proposals

00:33:25 Tax Regime Predictability

00:36:28 Impact On Farmers, Health, and Citizens’ Wellbeing

00:51:15 Inflation Adjustment and Public Participation

00:58:42 Closing Thoughts

In this episode recorded on 06.03.2023, we host the East African Breweries PLC Group Chief Financial Officer Risper Ohaga to discuss the journey to becoming a CFO. We cover what makes a successful CFO, mentors, getting the right team, and handling uncertainties.

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Show Notes

00:00:00 Risper’s Career Journey

00:20:21 CFO vs CEO Role

00:22:56 What Makes a Successful CFO?

00:24:18 Getting the Right Team

00:29:48 Corporate culture in Various Countries

00:32:05 Book Recommendations and Personal Interests

00:36:21 The Kenyan Economy

00:37:49 Handling Uncertainties

00:42:12 Mentors, Staying Knowledgeable, and Closing Thoughts

In this episode hosted by Joy Doreen Biira, we are joined by Ade Yesufu and Maisam Rattansi from Middle East Energy to discuss East Africa's energy transition. We talk about the uptake of renewable energy solutions in the region, sustainability, and the Middle East Energy 2023 conference in Dubai that brought together energy leaders and experts to debate and shape the future of energy.

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Show Notes

00:00:00 Introduction

00:04:50 Uptake of Renewable Energy in East Africa

00:08:57 Middle East's Investments and Lessons for Africa

00:11:06 Harnessing the potential of renewable energy solutions

00:14:26 Middle East Energy Conference - Solutions, Exhibitors, and Benefits

00:31:28 Future Energy Outlook in the Middle East and Africa

00:34:41 Intersolar Conference and CEOs Forum

00:41:10 Sustainability

00:43:59 Closing Thoughts

In this episode, we host Standard Investment Bank’s Executive Director Nahashon Mungai to discuss the company’s flagship product, MansaX. We also cover risk, portfolio rebalancing, managing losses, and the global economic outlook.

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Show Notes

00:00:00 Introduction

00:02:00 SIB’s History

00:04:36 Nahashon’s Career Journey

00:09:00 MansaX

00:16:20 Investing, Returns, Fees, and Risk

00:24:15 The Team

00:27:40 Typical Day Managing a Portfolio

00:30:41 Managing Losses and Taxation

00:48:14 5-Year Plan and Global Macroeconomic Outlook

01:01:59 Withdrawal Process

01:05:15 Closing Thoughts

In this episode, we host the Car and General CEO Vijay Gidoomal to discuss the firm’s FY ‘22 results, the impact of demurrage charges on its profitability, and expectations for FY ‘23. We also cover the forex challenges and availability of dollars, capital allocation and dividend payout, and EV infrastructure in Kenya.

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Show Notes

00:00:00 Introduction

00:04:32 FY ‘22 Results

00:14:55 Access to Dollars and Impact of Demurrage

00:19:24 Watu Holding

00:23:29 Property Investment

00:29:12 Capital Allocation

00:36:50 Cargen TechUp Program

00:38:44 EV Infrastructure in Kenya

00:44:43 FY ‘23 Expectations

00:51:53 Debt Composition and Taxation Challenges

01:15:24 Working with Start-ups

01:17:36 Closing Thoughts