Explore every episode of the podcast The Mwango Capital Podcast
| Title | Pub. Date | Duration | |
|---|---|---|---|
| 2026 Macro Outlook | 26 Feb 2026 | 01:12:20 | |
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 Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| EABL H1 FY26 Results | 21 Feb 2026 | 00:56:19 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Managing KRA Audits | 30 Dec 2025 | 00:46:35 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 51: Rising Eurobond Yields | 06 May 2023 | 01:11:27 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 50: Stima Sacco | 04 Apr 2023 | 01:32:08 | |
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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 49: Excise Duties | 21 Mar 2023 | 01:14:30 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 48: Path to CFO | 17 Mar 2023 | 00:49:15 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 47: Renewable Energy in East Africa | 16 Mar 2023 | 00:48:18 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 46: SIB - Understanding MansaX | 15 Mar 2023 | 01:10:36 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 45: Car and General | 15 Feb 2023 | 01:23:02 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 44: Cytonn CEO on the Court's Ruling | 20 Jan 2023 | 00:32:07 | |
In this episode, we host Cytonn Investments’ CEO, Edwin Dande, to discuss the court’s recent liquidation and preservation orders on the CHYS and CPN funds. We also cover real estate project financing and the order of cashflows, what went wrong with their model, and the options available to investors going forward. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:00:23 Overview of Cytonn’s Current Status 00:01:50 Court’s Decision on CHYS and CPN Funds 00:05:21 Cytonn’s Response to the Decision 00:08:48 Liquidation vs Restructuring 00:11:51 Project Financiers and Order of Cashflows 00:17:29 What Went Wrong? 00:21:19 Inspiration for Cytonn’s Real Estate Projects 00:23:03 Message to Investors and Way Forward 00:29:23 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 43: Centum CEO on the Sidian Deal | 13 Jan 2023 | 00:16:23 | |
In this episode, we host Centum CEO James Mworia to discuss their decision to put aside their plan to sell their shares in Sidian Bank to Nigeria's Access Bank. He also provides an update on the Centum Share buyback program and an outlook for Centum going forward. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:00:23 What Went Wrong? 00:05:02 What next for Sidian? 00:10:02 Update on the Share Buyback Plan 00:14:41 What next for Centum? 00:16:11 Conclusion Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 42: Going Green with KenGen | 11 Jan 2023 | 01:21:09 | |
In this episode co-hosted by Alex Mwanzo, we host the KenGen team of Auma Nyambala - Business Process Improvement Manager, David Muthike - GM Strategy and Innovation, Paul Wambugu - Innovation Manager, and FrankDavidPR - Communications Manager to discuss the firm’s business. We also cover KenGen’s move to electric vehicles, renewable energy, green infrastructure, and the firm’s future outlook. Subscribe now to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:05:51 KenGen's business and relationship with Kenya Power 00:08:55 Clean, renewable energy 00:11:52 Move to EVs 00:21:09 Mass electrification and grid stability 00:41:05 Policy to accelerate EV adoption 00:47:31 KenGen’s 2023 guideline 00:54:09 Green financing 00:57:21 Charging infrastructure Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| The Revised Risk-Based Credit Pricing Model | 27 Dec 2025 | 01:02:58 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 41: Dow Chemical | 28 Dec 2022 | 01:15:31 | |
In this episode hosted by Joy Doreen Biira, we are joined by Leonard Kareko, MD Dow Chemicals EA, to discuss science, innovation, and collaboration for universal well-being. We also discuss promising technology advancements across Africa, merging the circular economy with sustainability, and Dow Chemicals’ future outlook. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:05:13 Dow Chemicals 00:08:08 Promising innovations across Africa 00:16:40 Plastic waste 00:26:46 Merging the circular economy with sustainability 00:35:25 Market peculiarities 00:37:08 The sustainability agenda 00:42:47 The future of technology 01:01:39 Future outlook Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 40: Seamless HR | 22 Dec 2022 | 00:57:32 | |
In this episode hosted by Mark Masai, we are joined by Deji Lana, CTO and Co-Founder at SeamlessHR, and Chelagat Muigei, Chief Growth Officer at YusudiAfrica, to discuss the intersection of the HR function and tech. We also discuss outsourced vs internal HR services, automating the HR process, and managing a remote workforce. Subscribe to get notified when we make a new post. Show Notes 00:00:00: Introduction 00:02:39: Seamless HR and Yusudi Africa 00:10:23: Africa’s tech market 00:14:21: Benefits of automating HR processes 00:25:55: Africa’s future 00:35:22: On whose side is HR? 00:38:27: Outsourced vs internal HR services 00:45:05: Managing a remote workforce 00:40:51: Lessons as a co-founder 00:54:00: Get the right team for a tech start-up Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 39: Subsidies | 04 Oct 2022 | 01:39:28 | |
In this episode hosted by Ramah Nyang, we are joined by Prof. XN Iraki - Economist at the University of Nairobi, Dr Lucy Muthoni - Mathematics and Actuarial Science Senior Lecturer at Strathmore University, Dickson Magecha - Executive Director, Africa FX Trading at Standard Chartered Bank DIFC, and Ken Opalo - Political Scientist at Georgetown University's Walsh School of Foreign Service to discuss subsidies and their effectiveness. Subscribe to get notified when we make a new post. Show Notes 00:01:40 What are subsidies? 00:04:01 Effectiveness of subsidies 00:09:14 Govt’s resistance to cutting taxes 00:13:11 Make agricultural subsidies effective 00:28:15 Tax burden created by subsidies 00:37:28 Making Kenyan farmers competitive 00:45:53 Expanding the tax base 00:53:09 Structures to ensure that subsidies work 01:00:19 Restructuring local debt 01:08:54 Tax policy 01:16:47 Warehouse receipt systems 01:21:53 Translate research ideas into viable market solutions 01:29:38 Closing remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 38: H1 2022 Bank Earnings | 21 Sep 2022 | 01:16:39 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 37: Women in Finance | 15 Sep 2022 | 01:46:21 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 36: IPPS | 14 Sep 2022 | 01:24:43 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 35: Kenyan Bonds and Eurobonds | 03 Aug 2022 | 01:19:08 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we are joined by Charlie Robertson - Global Chief Economist at Renaissance Capital, and Martin Mwirigi - Sovereign Debt Analyst at Standard Investment Bank to discuss Eurobonds. We also discuss how to invest in Eurobonds, the process of issuing a Eurobond by a country, and the crowding-out effect of the Governments’ local borrowing. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Defining Eurobonds and Kenya's participation 00:08:14 Eurobonds across Africa 00:16:37 Investing in bonds in Kenya 00:23:51 The bond issuance process 00:35:38 Demand for Eurobonds in the Kenyan market 00:49:08 Ghana’s situation 00:54:24 Policy implications and crowding out Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 34: Where Are The Dollars? | 06 Jul 2022 | 01:09:17 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode hosted by Ramah Nyang, we are joined by NCBA Bank CEO and Kenya Bankers Association Chairman, John Gachora, on a discussion on the dollar shortage the country is currently facing. Mucai Kunyiha, Chairman of the Kenya Association of Manufacturers, also joins us to share the perspective of manufacturers who have raised concerns about the unavailability of dollars. Subscribe to get notified when we make a new post. Show Notes 00:01:30 Is there a dollar shortage? 00:03:47 Price discovery 00:12:18 Speculative accumulation of dollars 00:17:44 Net foreign assets and capital flight 00:22:41 How do we fix the shortage? 00:30:38 Raising interest rates 00:40:21 Supply of dollars by CBK 00:50:55 Inflation 00:53:46 Impact on manufacturers 01:02:20 Balance of payment problem Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 33: Centum's Sidian Exit | 05 Jul 2022 | 01:05:36 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Centum CEO James Mworia to discuss the firm’s sale of its 83.4% stake in Sidian Bank to Access Bank. We discuss the performance of the investment, what informed the exit, Centum’s capital allocation strategy, the depressed share price, and GEM’s investment in Centum RE. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:02:13 Investment, performance, and exit from Sidian Bank 00:19:35 Capital allocation and bonuses 00:28:24 Future acquisitions and share buybacks 00:36:09 GEM’s investment in Centum RE 00:39:13 Dividend policy 00:41:54 Marketable securities and Centum’s NAV 00:45:19 Other businesses 00:48:34 The macro environment 00:56:32 Real estate and renewable energy Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 32: Revitalizing The NSE | 27 Jun 2022 | 01:36:36 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Geoffrey Odundo - CEO at the NSE, Tim Staermose - Founder African Lions Fund, Kevin Ngige - Equities trader at Genghis Capital, and Johnson Nderi - Corporate Finance & Advisory at ABC Capital on a discussion on how to revitalize the NSE. We also cover the performance of the Kenyan capital markets, the investors’ calendar, NSE’s training programs, and high trading fees at the bourse. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:07:30 Key players in the Kenyan capital markets 00:11:05 Role of NSE, CMA, and CDSC 00:17:11 The Tanzanian capital markets 00:19:38 East African vs Australian capital markets 00:22:54 Performance of the Kenyan capital market 00:39:42 Trading fees 00:44:43 Investors calendar, NSE training, and reporting of earnings 00:56:49 Retail bonds 01:08:14 Enforcement of regulations 01:24:15 Impact of policy Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| I&M Holdings Q3 2025 Results | 15 Dec 2025 | 00:38:03 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 31: Bonds 101 | 14 Jun 2022 | 01:25:41 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, in partnership with Market Map, we are joined by Sunil Sanger - MD Orion Advisory Services, Churchill Ogutu - Economist IC Group, and Kasiva Mutisya - Fixed Income Analyst as we deep dive into the East African bond markets. We discuss the details of investing in a government bond, trading in the secondary market, M-Akiba, and the impact of inflation on the bond market. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:04:37 Bonds 00:07:59 Infrastructure bonds 00:08:53 Investing 00:14:54 Bidding 00:16:35 Other markets 00:25:59: M-Akiba 00:29:33 Corporate bonds 00:37:03 Amortization 00:42:48: Definition of terms 00:46:34 Clean vs dirty price 00:57:58 The secondary market 01:01:54 Impact of inflation on the bond market 01:08:00 Encumbered outstanding amount Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 30: Tech Talent Wars | 02 Jun 2022 | 01:46:14 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, our host, Soud Hyder, is joined by Phares Kariuki - CEO Pure Infrastructure Limited, Eunice Kariuki - ICT Consultant, Wayne Gakuo - Google Developer Expert for Angular, and Conrad Akunga - Founder Innova, to discuss the scramble for tech talent in light of the arrival of Microsoft, Google, and Visa in Kenya. We also discuss the role of policy in talent retention, the place of self-taught developers in the tech ecosystem, stock compensation, and the need for collaboration among tech stakeholders. Subscribe to get notified when we make a new post. Show Notes 00:00:00: Introduction 00:02:23: Tech evolution in Kenya 00:22:29: Tech talent shortage 00:29:53: Role of policy 00:38:48: An SME’s perspective 00:44:00: A developer’s perspective 00:54:28: Self-taught developers 01:06:39: Tech talent in the gig economy 01:08:43: Collaboration among tech stakeholders 01:22:11: Demand for software skills and skills drain 01:24:22: Binding work contracts 01:30:01: Andela effect 01:33:13: Stock compensation and valuations 01:30:03: Expectations for the next administration Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 29: Safaricom FY22 Results | 25 May 2022 | ||
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we dive deep into Safaricom’s FY 2022 results. We are joined by Silha Rasugu - Associate VP at EFG Hermes, Lisa Kimathi - Senior Associate at Standard Investment Bank, Kalkidan Mulugeta - CoFounder & Commercial Lead at ClearSkies Technology, and Willis Owiti - an engineer and self-taught financial analyst. We also discuss Safaricom’s entry into Ethiopia, its peers operating in multiple geographies, its competitive advantage in the local market, and the possibility and implications of an M-Pesa spin-off. Subscribe to get notified when we make a new post. Show Notes 00:00:00: Introduction 00:04:20: Safaricom’s business model and segments 00:06:04: FY 2022 results 00:09:50: Entry into Ethiopia 00:17:14: Safaricom vs peers 00:23:18: Product stickiness and competitive advantage 00:26:34: M-Pesa spin-off, risks, and opportunities in Ethiopia 00:40:10: M-Pesa valuation and setting up a reliable network in Ethiopia 00:46:55: Opportunities in the East African community 00:55:17: M-Pesa regulation 01:00:05: 2G, 3G, 4G, and 5G network 01:08:57: Challenges posed by big tech Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 28: The Flutterwave Exposé | 04 May 2022 | 01:51:53 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we are joined by investigative journalist David Hundeyin to discuss his exposé; Flutterwave: The African Unicorn Built On Quicksand. We also discuss his career background, protection of sources, and holding companies accountable. Subscribe to get notified when we make a new post. Show Notes 00:00:00: Introduction 00:03:28: Career background 00:14:06: Genesis of the Flutterwave story 00:25:30: Key issues raised 00:51:47: Flutterwave’s PR strategy 01:05:21: Holding tech companies accountable 01:16:49: Motivation for the expose 01:25:21: Is Flutterwave business model sustainable? 01:30:41: Low expectations and poor governance 01:32:30: Main character syndrome 01:36:00: Protecting sources and giving credible information 01:39:32: Insider trading Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 27: Inflation | 27 Apr 2022 | ||
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode of Mwango Uncensored held in conjunction with Africa Uncensored, we host International Budget Partnership Country Manager Dr. Abraham Rugo and Economist and University Lecturer Tony Gitonga on a discussion on understanding inflation. We also cover taxation, economic policy coordination, and managing the current economic challenges. Subscribe to get notified when we make a new post. Show Notes 00:00:00: Introduction 00:01:35: What is inflation? 00:04:29: Consumer Price Index 00:08:25: Impact of inflation on the ordinary citizen 00:12:31: Contagion effect 00:22:53: Policies to tame inflation 00:28:00: Taxation and policy coordination 00:41:58: Economic policies in the Kibaki administration vs the current administration 00:49:48: Policies to manage the current economic challenges 01:02:18: Economic and political ideology Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 26: BK Group CFO And CDO | 25 Apr 2022 | ||
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we dive deep into the FY 2021 BK Group earnings with CFO Nathalie Mpaka. We also discuss the Bank's tech strategy and positioning in the digital space with Chief Digital Officer Obinna Ukwuani. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:05:50 Role of a CFO 00:07:29 Role of the Chief Digital Officer 00:09:11 Digital transformation 00:10:59 Time management 00:13:35 FY21 results 00:22:15 BK Group's digital strategy 00:23:15 Digital money in Rwanda 00:24:19 Disruption by fintech 00:27:47 Overview of a bank's balance sheet 00:36:05 Acquisition and collaboration in BK Group’s digital strategy 00:37:10 Cashless economy 00:38:02 Trends in digital banking and currencies 00:41:13 Fintech valuations 00:46:28 KCB’s acquisition of BPR 00:52:01 Cross-listing in Rwanda and the NSE 00:55:51 Digital team measure of success and working with SMEs 00:58:38 Dividend reinvestment plan 00:59:25 Career advice 01:01:11 Five-year outlook 01:05:35 Closing thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 25: Budget 2022/23 | 21 Apr 2022 | 01:41:40 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode hosted by Ramah Nyang, we are joined by IEA Kenya CEO Kwame Owino, KeBudgetTalk Co-Founder Jossie Nyamai, Phoebe Njoga - Manager at Andersen, and Nikhil Hira - Partner at Kody Africa LLP. We break down the 2022/23 budget and hold in-depth discussions on the unresolved supplier debt situation, the shilling depreciating against the dollar, the national tax policy and quality of policymaking in Kenya, and the performance of legislators with respect to government spending. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:02:41 Supplier debt 00:09:43: Tax cuts 00:11:12: Laffer curve 00:15:53: National tax policy 00:21:21: Tax disputes 00:27:46: Quality of policymaking 00:29:24: Petroleum development fund 00:33:41: Is there room for changes in tax policy? 00:42:13: County-level taxes 00:50:25: Cutting down on expenditure 00:52:56: ‘Kazi Mtaani’ program 00:56:49: Taxing diaspora remittances 00:59:44: Budget allocation to counties 01:02:43: Effects of a depreciating shilling 01:08:44: Is the media doing enough? 01:19:17: Rebranding KRA 01:24:12: Performance of legislators wrt government spending 01:32:00: Tax incentives on donations and the 60-day cycle in tax disputes 01:34:16: Closing remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 24: Car and General | 11 Apr 2022 | 00:51:39 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host the Car and General CEO Vijay Gidoomal on a discussion about the NSE-listed firm's beginnings, its current business ventures, and its outlook on the future. We also discuss the factors the company considers before entering a market, its recently launched helmet-manufacturing business, the move towards e-vehicles, and the protracted tax dispute with KRA. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:01:13 Role as CEO 00:02:33 C&G's evolution and business model 00:07:03 Maret entry and exit considerations 00:12:57 Business segments 00:15:44 Helmet manufacturing 00:28:13 Competition and franchising structures 00:33:00 E-vehicles, poultry, and real estate businesses 00:38:47 Tax dispute with KRA 00:39:56 Future outlook 00:44:22 Being a good CEO Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 23: CAK - Consumer Rights | 05 Apr 2022 | 00:56:57 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode hosted by Janet Machuka and Kwame Owino, we are joined by Boniface Kamiti and Mugambi M'Mutegi from the Competition Authority of Kenya and Alice Kemunto, the Executive Director at the Consumer Grassroots Association. We discuss the challenges faced in consumer rights protection, the role of the Competition Authority in the protection of consumer rights, how to access CAK services, and the role of digital finance in regard to consumer rights. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:07:00 Laws and legal instruments that provide for consumer rights 00:11:05 Challenges in consumer rights protection 00:17:13 Role of CAK in consumer rights protection 00:24:19 Access to CAK services 00:27:00 Role of digital finance in regard to consumer rights 00:46:59 Internet connectivity in Kenya Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 22: EFG Hermes | 29 Mar 2022 | 01:11:40 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we are joined by EFG Hermes’ Managing Director - Head of Frontier Research Kato Mukuru and Associate VP - Utilities, Telcom, Oil, and Gas Silha Rasugu. We discuss banks’ performance in Sub-Saharan Africa, trends in mobile money, and regulation of digital money in Africa. Subscribe to get notified when we make a new post. Show Notes 00:00:00: Introduction 00:00:58: What it takes to be an analyst 00:02:55: EFG Hermes’ business structure 00: 04:51: SSA banks’ performance 00:07:00: Trends in mobile money and digital money regulation 00:17:38: How banks make money 00:22:03: Banks’ huge profits and their loan provisions 00:29:13: Desegregation of mobile money and telcos 00:36:30: Fintechs 00:43:32: Outlook on banks and key analysis ratios 00:48:41: Bank regulations across Africa 00:54:07: Risk-based lending 00:56:13: Trends in fintech, mobile money, and neo-banks 00:59:38: Working at EFG Hermes 01:04:24: Resources and book recommendations Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Nairobi Securities Exchange (NSE) | 08 Dec 2025 | 01:26:33 | |
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. Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 21: FX Pesa | 18 Mar 2022 | 01:03:20 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Equiti Brokerage CEO Brian Myers for a deep dive on online trading and opportunities available in Kenya and global markets. We also discuss financial literacy, how to start out in investing, and the gender gap in investing. Subscribe to get notified when we make a new post. Show Notes [00:00:00] Introduction [00:02:06] FXPesa and EGM Securities [00:04:27] Role of a broker [00:08:09] FXPesa’s product offering [00:11:17] Onboarding process [00:12:11] Online trading in Kenya and globally [00:19:04] Opportunities in the global vs local markets [00:22:08] Financial literacy [00:27:27] Challenges traders face [00:38:12] Regaining trust in the markets [00:45:52] Derivative market [00:47:57] Bridging the gender gap in investment [00:52:10] Advice on starting out in investing [00:57:26] Hiring process at FXPesa Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 20: The Kenya We Want | 15 Mar 2022 | 01:46:39 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode of Mwango Uncensored, we host a rich panel of guests as we get a fresh perspective of the Kenya we want in conjunction with Africa Uncensored. We are joined by Nanjira and Nanjala Nyabola in a discussion that includes a look at Kenya since the promulgation of a new constitution a decade ago, devolution and its effects, the forthcoming Kenyan elections, and the role of media in all this. The session is co-hosted by John-Allan Namu and Soud Hyder. Show Notes [00:00:00] Introduction [00:06:00] Hope for Kenya in light of political consciousness [00:12:12] A decade of the new constitution [00:20:57] Was the Kenyan Constitution inclusive? [00:27:38] Identity formation and access to digital tools [00:32:59] Trends in the democratic space [00:42:24] Kenyan elections and effects of technology [00:47:20] State of the Kenyan opposition [00:58:25] Are we too divided and defeated to move forward? [01:05:51] Tools available for young Kenyans wanting to stand up and fight for the future they want [01:11:34] The role of the media [01:18:50] In whose hands is Kenya safe? [01:21:50] Developing ideologies and a functioning democracy [01:30:57] Countries can we borrow from in nation-building [01:34:09] Tech and business [01:37:40] If you had the powers to change Kenya, what would you do? Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 19: Jubilee Life Insurance | 08 Mar 2022 | ||
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Jubilee Insurance CEO Julius Kipngetich and his team to talk all about the company’s life insurance product offerings, the onboarding to claiming process, and the benefits of each product. We also discuss insurance penetration in Kenya, investment and capital allocation strategies, and the role of insurance agents. Show Notes [00:00:00] Introduction [00:02:38] Partnership with Allianz [00:05:19] General vs life insurance [00:07:40] Basics of life insurance [00:18:20] Annuities [00:26:48] Premiums [00:32:30] Claims process [00:39:12] Pension plans [00:43:19] Investment strategy [00:50:35] Capital allocation [00:51:40] Insurance penetration [01:01:28] Health insurance [01:10:48] Dead assets and optimal capital deployment [01:16:27] Education policies [01:30:19] Insurance agents Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 18: Cytonn Investments | 16 Feb 2022 | 01:36:54 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Cytonn Investments CEO Edwin H. Dande for a deep dive into the history, business model, and future of Cytonn. We discuss asset-liability mismatch, the state of the Kenyan capital market, and the funding and completion of the firm’s projects. Subscribe to get notified when we make a new post. Show Notes [00:01:17] - Edwin’s career and founding Cytonn [00:05:48] - Lessons from the global financial crisis [00:08:45] - Role as Cytonn’s CEO [00:10:30] - Business model, challenges, and asset-liability mismatch [00:21:01] - Product roadmap, regulated vs unregulated products [00:34:36] - State of funds under administration [00:48:10] - Will Cytonn survive? [00:51:15] - Unit Trust performance [00:56:22] - Reform strategies, liquidity, and disgruntled investors [01:14:06] - Skin in the game and funding completion of projects [01:32:33] - The future of Cytonn Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 17: Centum Real Estate | 02 Feb 2022 | 01:25:15 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Samuel Kariuki, Centum Real Estate’s Managing Director, and Fred Murimi, the Managing Partner at Centum Capital Partners, to discuss Centum Real Estate’s business model and objectives, its projects, and the KES 17B investment commitment from GEM. Subscribe to get notified when we make a new post. Show Notes [00:03:13] - Introduction [00:06:13] - Centum Capital Partners and Centum’s capital structure [00:08:27] - Cash generation, raising project capital, and value addition metrics [00:24:52] - GEM (Growth Enterprise Markets) [00:28:40] - NAV/Price Gap [00:40:40] - 2022 outlook [00:51:27] - Optimal financing structure [00:55:37] - Business model and objectives [01:02:30] - Real estate pertinent risks [01:10:43] - The Ugandan market [01:12:14] - Cash payments vs mortgage [01:15:13] - REITS [01:16:37] - Working at Centum Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 16: The Potato War | 12 Jan 2022 | 01:33:55 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. A shortage of potatoes at KFC Kenya due to delayed imports raised a furore amongst Kenyans online. In this episode, we discuss the issue at length, look at building local supply chains, and explore policy issues and implementation of market standards in agriculture. We are joined by Linda Achan, Kathambi Kaaria, Mohammed Hersi, Leonard Mudachi, Asif Khan, and cohost Ramah Nyang. Subscribe to get notified when we make a new post. Show Notes [00:07:52] - Exploring potato standards and building local supply chains [00:20:31] - Food sovereignty, carbon footprint, and traceability [00:26:11] - Policy issues [00:33:48] - Ando Foods [00:39:30] - Imports’ impact on employment levels [00:44:24] - Potato market in the UK [00:47:42] - Carbon taxes on exports [00:48:56] - Building regional supply chains [00:56:11] - Supply-demand mismatch [01:06:25] - Intellectual property [01:11:41] -Total market layout and market size opportunity in packaging [01:16:54] - Access to capital in the food industry Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 15: 2021 In Review | 03 Jan 2022 | 01:34:23 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Kwame Owino (IEA Kenya), June Odongo (Senga), Kevin Ngige (Genghis Capital), and Reuben Wambui (UNEP FI) in a review of 2021. We cover the major trends during the year from a small business, financial markets, and macro-economic perspective. The guests share their reflections and greatest lessons from the past year and offer an outlook into 2022. Subscribe to get notified when we make a new post. Show Notes [00:03:03] - Kenyan financial markets [00: 11:36] - Share buybacks [00:16:10] - Trends in small businesses [00:23:59] - Mistakes, reflections, and best practices in small businesses [00:35:56] - Macroeconomic environment [00:46:54] - Financial markets outlook [00:54:27] - Vaccination, currency adjustment, and economic growth [00:57:48] - Small businesses 2022 outlook [01:06:28] - ESGs [01:11:41] - Personal lessons and book recommendations Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 14: Competition Authority of Kenya | 29 Dec 2021 | 01:11:31 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host the Competition Authority of Kenya’s Director-General Wang’ombe KariukI, MBS on a discussion on the role of the authority, implications of market dominance, regulations in the digital lending space, and the conditions necessary for mergers and acquisitions. Subscribe to get notified when we make a new post. Show Notes [00:00:51] - CAK’s role [00:03:14] - The Director-General’s professional background and role [00:07:32] - CAK’s recent interventions [00:14:54] - Cost of living [00:19:49] - Concurrent jurisdiction and regulatory competition [00:24:59] - Interventions in the retail and insurance sectors [00:30:27] - Market dominance and competition law challenges [00:36:56] - Digital borrowing [00:40:28] - Regulation of parastatals [00:44:29] - Regulatory obstacles in professional services [00:48:46] - Mergers and acquisitions [00:52:21] - Violation, fines, and lodging complaints [00:57:30] - Free Trade Areas and collaboration with competition agencies in the region Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 13: Centum HY 2021/2022 | 22 Dec 2021 | 00:49:23 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host Centum PLC’s CEO Dr. James Mworia on a discussion about the company’s HY 2021/2022 results. We also cover the company’s business model, the performance of its subsidiaries, capital allocation, and its current Centum 4.0 strategy. Subscribe to get notified when we make a new post. Show Notes [00:01:45] - Half-year results highlights [00:03:08] - Business model [00:05:45] - Income statement [00:07:15] - Portfolio [00:08:31] - Valuation [00:12:39] - Sidian Bank and Longhorn Publishers [00:17:25] - Dividend policy and share buybacks [00:21:54] - Shareholding and share price movement [00:26:15] - Impact of Dr. Chris Kirubi’s loss on the firm [00:27:16] - The Two Rivers project [00:31:42] - Tech advancement and effects of Covid-19 [00:33:53] - Debt reduction, restructuring, and sustainability [00:41:22] - Conflict of interest in projects [00:44:03] - Nurturing talent [00:45:37] - Akiira Geothermal Ltd [00:46:10] - 2022 outlook Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 12: Media Disruption in Africa | 20 Dec 2021 | 01:38:53 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we are joined by Ramah Nyang', John-Allan Namu, Klaire Muriithi, Rosebell Kagumire, and Wanjala Were on a discussion on the disruption happening in the media space in Africa. The panel tackles in-depth trends in the media industry, advertising vs subscription revenue models, micro-influencing, and how to build engagement and retain an audience. Subscribe to get notified when we make a new post. Show Notes [00:05:07] - Key trends disrupting the media industry [00:19:09] - Funding, value proposition, and pricing of products [00:35:22] - Dealing with failure [00:39:51] - Building engagement and retaining an audience [00:46:30] - Advertising revenue vs subscription revenue [00:53:29] - Dealing with violent extremism and terrorism in Africa [00:57:32] - Micro-influencers [01:07:56] - Disinformation [01:18:26] - Podcasts in the Kenyan media space [01:21:11] - Preparing for elections [01:29:58] - Packaging content Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Safaricom's KES 15B MTN | 03 Dec 2025 | 00:39:07 | |
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 Subscribe to get notified when we make a new post. 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 11: I&M Bank | 15 Dec 2021 | 01:02:54 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host I&M Bank Limited Kenya’s CEO Kihara Maina on discussions ranging from his educational and career background, the bank’s approach to mergers and acquisitions, and his thoughts on fintech and the adoption of blockchain technology. Subscribe to get notified when we make a new post. Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 10: Julians Amboko | 07 Dec 2021 | 00:44:56 | |
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host NTV Kenya’s Business Editor Julians Amboko on a discussion about hosting the instructive Business Redefined and CFO Chat shows, his transition from financial advisory to business journalism, and his most memorable interviewing moments and learnings from his career. Subscribe to get notified when we make a new post. Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||
| Episode 9: BK Group CFO | 03 Dec 2021 | ||
Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets. In this episode, we host BK Group’s CFO Nathalie Mpaka on a discussion about the Group’s Q3 2021 results. She also offers a great primer on understanding a bank’s financials, tips from her career as a seasoned CFO, and experiences around cross-listing on the NSE and the shelved share buyback programme. Subscribe to get notified when we make a new post. Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe | |||