The Mwango Capital Podcast

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 Notes00:00:00 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:20 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 Introduction 00:03:41 Economy and the Banking Landscape 00:05:28 Stanbic Uganda’s Structure00:09:11 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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 TreasuryHost: Ramah NyangSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:04:45 What Is FLLoCA00:08:41 Climate Mitigation and Adaptation00:11:51 Locally Led Solutions, Cost of Inaction, and Access to Climate Finance00:21:50 Polluters Pay Vs Domestic Financing00:31:43 Incentives and E-Mobility00:34:12 County Funds Oversight, Audits, and Carbon Credits00:47:31 Climate Justice Funding Gap00:51:38 Tracking Climate Finance and the National Climate Fund00:56:57 Focus on Mitigation01:01:53 Dealing with Misuse of Climate Funds Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:04:42 Starting Financial Literacy Early00:16:06 Debunking Kenyan Money Myths00:23:40 Teaching Financial Literacy in a Cashless World00:30:33 Building Habits and Work Ethic00:39:35 Longterm Impact of Financial Literacy in Children00:45:16 Staying Safe in the Digital Space00:48:02  Role of Giving in a Child’s Financial Education00:50:24 Product Roadmap and How to Sign up onto Busara App Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 2026Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:30 FY 2025 Highlights and Restatement of 2024 Financials00:08:13 Interest Income, Customer Deposits, and Loan Growth00:16:22 Wealth Management, Asset Quality, and NPLs00:20:15 OpEx, CapEx, and Regional Performance00:27:55 Capital Allocation, Digital Banking, and AI00:33:30 Impacting Communities00:35:20 Banking App, AI in Lending, Loans to Related Parties, and Governance00:39:30 Increased Investment in G-Secs, Rates Outlook, and Strategy00:42:49 Life Advice and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 SecuritiesSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:33 The Debt Transparency Problem and Why Fiscal Consolidation Fails00:09:17 Securitization, Supplier Debt, And Pending Bills00:23:19 IMF’s Pushback against Securitization and Lessons from Ghana00:26:44 Ringfencing and Revenues/Proceeds Disclosure00:32:02 Securitization Lessons from 2008 Financial Crisis00:40:20 Auditing Kenya’s Debt00:46:22 Tanzania’s Debt Transparency Model00:51:56 Why Governments Avoid Transparency?00:56:42 Tanzania’s Single Treasury Account00:58:24 The Transparency Risk Premium01:01:24 Policy Changes to Enhance Debt Transparency Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:00:47 Group Structure and Strategic Pillars00:10:48 Top Line and New Loan Pricing00:16:42 Interest and Non-interest Revenue00:21:54 Why Invest in Stanbic00:24:36 Costs, NPLs, and Risk Management00:29:13 Loan Growth, Profitability, and Dividend Policy00:35:24 S. Sudan, SBG Securities, and Bancassurance00:40:06 Capital Buffers and Mergers & Acquisitions Strategy00:47:11 AI in Banking Operations00:51:20 Outlook and Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:00:53 What Makes a Good CFO?00:01:54 Overview of the FY2025 Results00:03:54 Loan Demand, NPLs, Risk Outlook, and Rate Stability00:08:38 FX and Non Funded Income Growth00:10:18 Cost Efficiency, Tech, and Investment in Gov’t Securities00:13:23 CIB Competition and Consolidation00:15:18 Group CEO Ambitions, M&A Strategy, and Value Proposition00:20:31  Profitability and Dividend Strategy00:24:29 Branch Strategy, Insurance, and Asset Management00:29:33 Regulation, Benchmark Rates, SME Sentiment, and 2026 Outlook00:34:34 Key Takeaways and Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:27 Methodology in Ratings00:06:59 Kenya’s Upgrade Explained00:10:18 FX Reserves, KES Stability, Market Access, and Buybacks00:16:51 Securitization, Domestic Borrowing, and Revenue Risks00:25:16 Outlook and Key Risks00:29:04 How does Kenya compare to Peers on Debt Distress?00:32:09 Public Private Partnerships and the Macro-Micro Divide00:37:31 ESG Scores and Ratings Withdrawal00:41:24 Key Takeaways and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 HoldingsSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:07:40 Ziidi Trader and its Key Differentiators00:11:51 Omnibus Structure and Share Ownership00:17:59 Onboarding, Fees, and Trading Costs00:23:03 Backend Execution, Liquidity, and Market Hours00:33:34 Order Matching, Cancellations, and Dividend Payout00:37:21 Order Book, Reversals, and Nominee Voting00:41:48 The Future of Ziidi Trader00:44:31 How To Buy Shares00:51:46 Access for Investors in the Diaspora00:55:31 Customer Support, Trading Limits, Market Risk, and Investor Education01:02:17 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 LimitedSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:25 2025 Macro Highlights00:10:15 IMF Programs, China Debt, and Liability Management00:14:57 Corporate Borrowing and MSME Access to Finance00:18:19 Debt, Securitization, Equity Markets, and the NSE Rally00:32:53 Domestic Debt, External Borrowing, and Crowding Out00:38:49 The Budget Cycle00:45:57 FX and Interest Rates00:50:02 Kenya Pipeline IPO and Gov’t’s Sale of Safaricom Stake01:02:05 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 Introduction00:03:10 Sales Growth, Consumer Trends, and Regional Performance00:11:27 Volume-Price Mix, Margins, and Cost00:16:30 Taxation Challenges00:20:04 Cash, Working Capital, and Dividends00:26:14 CapEx, OpEx, and FX00:29:21 Debt Management and the MTN Issuance00:38:08 Increasing Receivables, the Asahi Deal, and Looking Ahead00:44:01 Illicit Brews, Premiumization, and Regional Growth00:47:50 Leadership Reflections Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:05:04 KPC Overview00:11:31 KPC’s Business Model & Financials00:17:34 The Role of Transaction Advisors in an IPO Process00:23:33 Offer Details and Valuation00:44:11 Dividend Policy and Board Structure00:47:06 Risks and Strategic Plans00:59:27 Key Dates and Invitation to Participate in the IPO01:07:04 CapEx Plans and Future Growth01:11:52 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:06:03 Industrial REITs and their Benefits00:12:23 The ALP Industrial REIT Offering00:16:40 Regulation and Consumer Protection00:20:26 REIT Features, Importance, and Future Vision00:25:32 Key Dates and Concerns on Minimum Subscription00:28:26 Value Proposition, Currency Risks, and Key Players00:38:06 Approval Process, Regulatory Support, Risks, and Mitigation00:44:04 Lease Duration, Leverage, Ownership, and Decision Making00:48:57 Future Outlook00:54:55 Investor Pitch and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:04:42 Reverse Invoicing and Buyer-Initiated Invoicing00:09:21 Challenges Addressed by Buyer-Initiated and Reverse Invoicing00:14:49 Implementation Challenges and Solutions00:19:40 Regional Perspectives on e-invoicing00:23:49 Practical Steps for Reverse and Buyer-Initiated Invoicing00:26:09 Impact of eTIMS Invoicing on MSMEs00:31:19 Protecting Taxpayers from Abuse of eTIMS Invoices00:37:32 Future of Electronic Invoicing Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 KenyaSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:48 Legal Framework and Background00:09:31 Impact on Taxpayers00:13:06 KRA’s Rollout and Compliance00:19:59 Simplifying Compliance for SMEs00:28:49 Handling Non-Compliant Suppliers & Missing Invoices 00:37:14 Verifying e-TIMS Invoices00:41:51 Exemptions from e-TIMS Compliance00:45:44 Addressing Technical Challenges00:52:52 Future of Tax Digitization00:57:49 Waivers and Penalties due to failure of the Electronic Invoicing System01:00:46 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:47 Understanding Affluent Clients00:05:43 Starting Now and Financial Planning Frameworks00:17:38 Building a Resilient Portfolio00:25:43 Personalized Financial Planning and Intergenerational Wealth Transfer00:30:53 Wealth Preservation vs Wealth Creation00:34:26 Investment Risks and Optimizing Investment Decisions00:38:59 Building Trust with Financial Advisors00:45:21  Standardized Investment Process and Innovations in Wealth Management00:52:43 Getting Started with Your Wealth Journey00:53:46 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:00 Macroeconomic Developments and Outlook00:05:40 Competition and Structural Reforms00:09:32 Challenges in Tax Revenue and Fiscal Policy00:16:19 SOEs and Market Competitiveness00:24:50 Impact of Electricity Prices on Competitiveness00:28:05 State Support, Governance, and Efficiency in SOEs00:35:14 Telecommunication Sector Analysis00:45:22 Macroeconomic Stability, Trade-offs, Challenges, and Solutions00:52:33 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:00:42 The Sanlam-Allianz Merger00:03:23 Understanding the Protection Gap00:04:41 Targeting New Market Segments00:08:17 Challenges and Opportunities in Agriculture Insurance00:10:12 Insurance for Large Infrastructure Projects00:14:24 Governace Structure00:15:05 Regulatory and Capital Considerations00:17:37 Expanding Insurance Penetration00:20:53 Leveraging Technology for Better Service00:24:22 Customer Assurance and Future Outlook Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 InternationalSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:19 Business Resilience00:08:34 Top Priorities SMEs00:10:32 Common Risks and Blind Spots for Individuals00:15:23 Vulnerabilities and Protecting Businesses Financially00:26:05 Balancing Growth and Stability for SMEs00:29:03 Rapid Urbanization, the Gig Economy, and Shifting Customer Needs00:34:37 Choosing the Right Insurance Coverage00:37:15 Leveraging Networks and Planning for Household Preparedness00:42:19 Final Thoughts and Actionable Steps Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 Introduction00:01:11 Understanding KRA Audits00:03:20 Frequency and Scrutiny of Sole Proprietorships00:07:05 Triggers for KRA Audits00:14:54 Document Retention and Statutory Periods00:18:09 Notification and Initial Steps in KRA Audits00:21:50 Common Mistakes and Best Practices00:26:01 Audit Modalities 00:28:02 Conclusion of the Audit Process00:33:31 Valid Notice of Assessment00:36:35 Notice of Objection Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 Introduction00:04:52 Risk-Based Pricing and Transition to a Unified Base Rate00:23:28 Impact, Market Governance, Risk-Scoring, and Safeguards00:34:31 Interest Rates and Fiscal Dominance00:39:35 KESONIA Minus00:42:05 Net Interest Margins and Risk Assessment for the Unbanked00:46:26 Transition Timelines and Bank Preparations00:52:56 Fixed vs Variable Rate Loans00:57:52 Global Examples and Regional Leadership00:59:45 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 Introduction00:02:28 Overview of Q3 25 Financial Results00:03:51 Regional Subsidiaries’ Performance00:08:30 Kenyan Market Performance00:13:16 I&M’s Value Proposition00:19:28 Net Interest Income and Non-Funded Income00:22:07 CBK’s New Pricing Framework00:26:17 OpEx and CapEx Plans00:30:54 Capital Allocation and Shareholder Returns00:34:15 Reflections, Future Outlook, and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 Notes00:00:00 Introduction00:06:21 Overview of the Nairobi Securities Exchange (NSE)00:14:48 Key Stakeholders in Kenya’s Capital Market00:20:10 Investing in the NSE: Process and Strategy00:29:22 NSE’s Performance00:38:58 Addressing Data Accessibility and Investor Relations00:45:27 Fractional Trading and Market Inclusivity00:48:17 Lower Commissions and New Listings01:12:40 Handling Distressed companies00:17:45 CEO’s Vision and Future Strategy Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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 MTNWe are joined by:* Silha Rasugu — Emerging & Frontier Capital LLP* Gregory Waweru — SBG Securities* Birju Sanghrajka — Standard CharteredSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:02:06 Understanding the Green Bond0:06:51 Pricing and Market Conditions00:09:14 Liquidity in the Bond Market00:13:44 Creating an Efficient Capital Structure00:19:05 Advantage of the MTN over Vendor Financing00:24:46 Impact of the Debt on Dividend Policy00:28:14 Future of Corporate Bonds in Kenya00:34:27 Conclusion and Final Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:01 High-Level View of H1 Bank Earnings00:03:03 FX Stability and Impact00:06:27 Interest Margins and Impact of Central Bank Policies00:13:16 Credit Growth Trends00:21:12 Profitability and Dividend00:25:27 Spotlight on Specific Banks00:38:35 Core Capital Requirements00:44:04 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:00:54 Working Capital Management00:02:13 Debt vs Equity in Financing a Business00:05:11 Financial Performance00:07:18 Redeeming and Issuing Debt, Investor Participation, and Key Dates00:21:36 Corporate Bond Market in Kenya00:25:56 MTN Structure, Secondary Trading, Investor Sentiment, and Market Liquidity00:29:06 Debt Levels and Balance Sheet Management00:32:31 Corporate vs. Government Bonds00:34:31 CapEx and Working Capital00:38:19 Interest Rates, Tax Implications, Cash Flow and Debt Repayment00:41:09 Closing Remarks and Final Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on September 09, 2025, we are joined by Lunie Libes, Founder & CEO of Africa Eats, to discuss how the company is building “Africa’s Berkshire Hathaway” by investing in agribusiness SMEs and tackling the missing middle of capital.We cover Africa Eats’ business model, supporting founders, its focus on Africa, and challenges.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:02:30 Starting and Scaling a Business00:05:34 Why Africa?00:11:58 Africa Eats’ Structure and Impact00:16:34 Portfolio Companies, Growth, Challenges and Solutions00:24:49 Supporting Founders, Exits, and Company Growth00:28:22 Public Listings, Capital Markets, and Market Liquidity00:38:35 Africa Eats’ Business Model00:41:07 Traits of Successful Entrepreneurs00:44:03 Future Vision Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on July 31, 2025, we are joined by Kishan Popat as we trace his path from computer systems to leading research at Kestrel Capital, and his journey through MIT.We cover lessons from the 2008 financial crisis, the value of cold emails, the impact of AI on financial analysis, and improving African marketsSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:05:19 Understanding the Financial Crisis & The Role of Structured Finance00:08:06 Lessons from the Financial Crisis, Investment Strategies and Mistakes00:13:28 Building a Research Desk at Genghis Capital00:17:26 The Value of Cold Emails00:20:15 Day-to-Day Life of an Analyst00:23:43 The Impact of AI on Financial Analysis00:27:05 Advanced Education and Business Strategy00:37:11 Humility and Learning from Top Investors00:49:40 Critical Minerals and Africa’s Future00:51:04 Advice for Young Analysts and Improving African Markets00:57:50 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on July 23, 2025, and hosted by Julians Amboko, we are joined by Tony Olendo, chair of the Virtual Assets Chamber of Commerce, to unpack Kenya’s new Virtual Asset Service Providers (VASP) Bill.We cover the licensing requirements for virtual asset service providers, legislation, FATF recommendations, regulatory challenges, and initial coin offerings.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:05:04 Understanding Blockchain and Virtual Assets00:08:13 Regulatory Challenges, FATF Recommendations, and Legislation00:29:37 Stablecoins and their Role in the Ecosystem00:35:44 Licensing Requirements for Virtual Asset Service Providers00:40:36 Capitalization Requirements Debate00:44:48 Joint Virtual Asset Regulatory Authority00:49:35 Need for a Kenyan Stablecoin00:55:03 Raising Awareness on Initial Coin Offerings01:00:00 Sanctions and Penalties01:06:35 Data Protection and Repealing Digital Assets Tax01:09:36 Final Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on July 16, 2025, we are joined by David Rogovic, VP & Senior Credit Officer at Moody’s Ratings, for a deep dive into Kenya’s credit outlook.We also cover factors that influence credit ratings, debt sustainability, political risk, and the impact of policy.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:41 Understanding Sovereign Credit Ratings00:02:39 Factors Influencing Credit Ratings00:07:21 Kenya’s Credit Rating Overview00:12:39 Fiscal Analysis and Insights from the Recent Visit to Kenya00:24:25 Political Risk and Policy Impact00:28:37 Debt Sustainability and Global Markets Access00:35:47 African Sovereigns’ Perspective on Rating Agencies00:38:34 Kenya’s Credit Outlook and Final Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on July 21, 2025, and hosted by Ramah Nyang, we are joined by KenGen’s MD and CEO, Eng. Peter Njenga, for a discussion on the company’s background, growth plans, and strategic outlook.We cover future energy prospects, opportunities in renewable energy, diversification of revenue streams, and balancing risks.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:42 KenGen’s History and Background00:04:21 Strategic Plan and Market Performance00:09:09 Future Energy Projects and Financing00:15:37 Challenges and Opportunities in Renewable Energy00:30:24 Diversification and Revenue Streams00:35:02 Balancing Risk and Dividends00:36:20 Five-Year Outlook00:40:30 Common Misconceptions00:44:05 Final Thoughts and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode, recorded on July 17, 2025, we host King’ori Gathinji, Head of Investments and Financial Fitness at Stanbic Bank Kenya, for a conversation on building financial resilience.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:01 Understanding Financial Fitness00:09:19 Create and Build00:18:09 Live and Enjoy00:29:15 Save and Invest00:39:17 Shared Legacy00:44:13 Plan and Protect00:52:03 How to Get Started00:54:55 Solutions for Groups (Chamas)00:56:24 Final Thoughts and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 10.07.2025 and hosted by Ramah Nyang, we examine the state of Kenya’s economy and where it’s headed.Guests:* Stephanie Kimani - Economist,* Kwame Owino - CEO, Institute of Economic AffairsSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:51 Slowdown in Private Sector Growth00:15:45 Tax Revenue and Public Spending00:25:56 Public Sector Spending and Reforms00:36:08 Fiscal Deficit and Debt Management00:39:25 Tax Policy00:56:06 Rebuilding Trust between the Gov’t and Taxpayers Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 02.07.2025 and hosted by Julians Amboko, we break down the Finance Act 2025 and what it means for you.Guests:* Agnes Gitau - Tax Manager, Andersen Tax Kenya* Jilna Shah - Tax Director, RSM Eastern Africa* Fredrick Kimotho - Associate Director, Tax & Legal, Deloitte East AfricaSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:19 VAT Changes00:09:30 Unstable VAT Regime and Fraudulent Claims00:14:12 KRA’s Clawback Powers00:18:26  Medium Term Revenue Strategy00:21:35  Tax Procedures Act00:31:31 Refund Processing and Filing of Objections00:37:48  Withholding Tax on Freight Income and Tax Amnesty00:42:05  Advanced Pricing Agreements and Significant Economic Presence Tax00:49:36 Repeal of Digital Asset Tax00:52:53  Investment Allowances and Carrying Forward of Losses01:00:10 Betting and Gaming Withholding Tax01:04:34 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 11.06.2025 and hosted by Ramah Nyang, we break down the FY25/26 Kenyan Budget. We also cover the pending bill situation, debt management strategies, stagnation in private sector growth, and fiscal consolidation.Guests:* Rafael Agung' - Group Director of Global Markets, NCBA Bank,* Ann M Magondu - Senior Tax Manager, Deloitte & Touche LLP,* Churchill Ogutu - Economist, IC Group. Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:05:12 Fiscal Deficit00:09:00 Tax Measures and Implications00:14:24 What Tax Cuts Could Jumpstart Growth?00:25:00 Debt Management Strategies00:36:10 Pending Bills00:46:22 Private Data Access Debate00:50:57 Kenya's Fiscal Credibility00:54:12 Private Sector Growth Stagnation00:57:02 Debt Service and Fiscal Consolidation01:06:34 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 27.06.2025 and hosted by Joe Mwaniki, we engage on key issues and questions around filing of 2024 tax returns ahead of the deadline on 30.06.2025.Guests:* Patience Njau - KRA* Dr. Gideon Muhwa - KRA* Miriam Wairimu - KRA* Ruth Mwiti - Tax Consultant* Wycliff Ombasa - Tax ConsultantSubscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:02:11 Filing Income Tax Returns00:09:33  Support for Taxpayers00:13:42 How to Amend a Tax Return00:17:05 Step-by-Step Filing Process00:22:15 Filing Tax Returns for Companies and Non-individuals00:27:41 Resetting KRA Password or Email address00:31:34 Tax Returns for Freelancers00:35:30 Filing Returns where there are Multiple Employers00:37:35 Tax Education and Awareness Campaigns00:39:23 Resident vs Non-Resident Tax Status00:46:01 Penalties for Late or Non-Filing00:49:56 Clarifying KRA Text Messages on Principal Taxes00:52:35 2024 Tax Laws Changes and their Impact on Tax Returns00:55:55 Tax Deduction vs Tax Relief00:57:43 Amnesty01:02:27 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 20.05.2025, we are joined by Katarina Mpofu – Lead AI Engineer, Stupid Human – as we dive into why AI assistants often prioritize U.S. content and what that bias means for the rest of the world.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:34 Background in Mathematics and Chess00:08:11 Modeling Cancer Tumor Growth00:09:40 Credit Risk Management00:13:42 Leveraging AI in Day-to-Day Life00:16:51 AI Bias00:23:33 AI Optimization00:31:06 AI as a Copilot00:38:28 Prompt Engineering00:42:45 Final Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 29.05.2025, we are joined by Samora Kariuki - Founder, Frontier Fintech, and Stone Atwine - Co-Founder & CEO, Eversend, for a conversation on the state of fintechs in Africa and the opportunities and challenges they face.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:00:36 Funding Landscape00:12:10 Innovations, Product Development, and Growth Opportunities00:21:14 Stablecoins00:37:28 Remittances in Sub-Saharan Africa00:42:05  AI in African FinTech00:47:46 AI Financial Fraud and Threats00:52:21 Regulation and CBDCs Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 27.05.2025 and hosted by Terryanne Chebet, we are joined by AAR Insurance’s Group Head of Distribution, James Kamau, and Wylde International’s Director of Strategy, Kiriinya Kithinji, as we explore how insurance providers can better meet the needs of Kenyan SMEs.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:03:53 SME Insurance in Kenya00:10:05 The Need for Deeper Education and Awareness00:13:16 Mindset of Today's Entrepreneur in Preparing for Risk00:18:31 Delivering Sustainable Insurance Solutions to MSMEs00:22:58 Financial Literacy and Capacity Building to Strengthen SME Resilience00:25:49 Reframing Insurance as a Growth Enabler00:34:18 Leveraging Digital Innovation00:37:19 Global Best Practices in Building Trust and SME Insurance Uptake00:39:49 Future of SME Insurance Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 08.04.2025 and hosted by Joe Mwaniki, we are joined by Senior Tax Manager at Deloitte & Touche, Anne Magondu, and Audit Partner at Ernst and Associates, Ernest Muriu, as we unpack key proposals in the Finance Bill 2025 and their impact on businesses and individuals.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:05:05 Income Tax Changes 00:29:42 Tax Procedures Act 00:43:43 VAT Changes00:49:54 Excise Duties and the  Miscellaneous Levies Act00:58:39 Alignment of the  Finance Bill with the Medium Term Revenue Strategy and the National Tax Policy Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 22.04.2025 and hosted by Joe Mwaniki, we are joined by DigiTax CEO, Caine Wanjau, as we explore how the firm is helping simplify tax compliance for SMEs and large businesses in Kenya.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:12 Caine’s Background00:03:25 Legal Framework on eTims00:08:14 Digitax’s Role and Approval by KRA00:13:26 Determining the Best Solution for a Customer00:17:22 Integration, Confidentiality, and Pricing00:29:05 Kenya vs Other Markets0032:23 Other Offerings00:34:23 Lessons and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 15.04.2025, we are joined by Arvocap Asset Managers’ CEO & Co-founder, Monicah Mwaniki, and CIO & Co-founder, Wilson Wariari, as we discuss investing, building wealth, and navigating today’s markets.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction and Journey to Asset Management00:04:41 Chief Investment Officer’s Role00:07:40 Highlights of Arvocap's Founding Story00:14:03 Arvocap Products00:30:54 Tariffs, AI, and Global Markets Strategies00:40:49 Getting Started With Arvocap00:43:09 Hedging and Risk Mitigation Strategies00:50:52 Fees, Investor Pitch, and Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 27.02.2025, we are joined by analyst and investor, David Kigunda, to explore his journey from Kenya to Wall Street and back.We cover his path to business school, transitioning to Wall Street, networking, a comparison between US vs Kenyan markets, key lessons on global markets, and investment strategies.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:02:12 Path to Business School and Wall Street00:04:38 Navigating Business School Applications00:10:02 Learnings from Business School00:15:01 Networking and Overcoming Challenges00:25:39 Financing Business School00:28:13 Transition to Wall Street00:36:25 US vs Kenyan Markets00:40:04 Returning to Kenya00:47:21 A Guide to Analyzing Banks00:50:58 The Future of Financial Analysis and AI00:56:36 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 10.04.2025, we are joined by the Kenya Mortgage Refinance Company CEO & MD, Johnstone Oltetia, to unpack the mortgage process and clear up common misconceptions about homeownership.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:00 Affordable Housing Challenges00:07:07 Home-Ownership Market In Kenya00:11:47 Facilitating Mortgages00:20:12 Fixed Single-Digit Interest Rates00:25:19 Myths, Misunderstandings, and Misconceptions about Mortgages00:33:46  Kenya Mortgage Guarantee Trust00:45:10 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 26.03.2025 and hosted by Ramah Nyang, we are joined by the I&M Bank Kenya CEO, Kihara Maina, and CFO, David Ngata, to break down the bank's 2024 performance.We cover demand for credit, regional performance and diversification, non-performing loans, M&A opportunities, strategic challenges, and growth opportunities.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:17 FY 2024 Performance Highlights00:03:08 Loan Book Trends and Credit Demand00:07:24 Digital Lending and Customer Engagement00:12:00 NPLs, Regional Performance, and Growth Opportunities00:17:01 Future Growth, Interest Rates, and Monetary Policy00:25:07 Regional Diversification, Sector Growth, and M&A Opportunities00:33:51 Wealth Management Trends00:35:31 Challenges and Strategic Concerns00:41:59 Balancing Cash Reserves and Dividend Payouts00:43:46 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 20.03.2025, we host the Absa Bank Kenya CFO, Yusuf Omari, to break down Absa Bank's 2024 performance.We cover revenue growth, cost management, investments in digital transformation, capital requirements, acquisition strategy, and the company’s future outlook.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction00:01:03 Yusuf’s Career Journey00:03:56 Short-Term vs Long-Term Loans00:06:47 FY24 Financial Performance00:09:48 Revenue Growth, Cost Management, and Efficiency00:16:26 Asset Quality and Loan Losses00:21:16 Economic Environment, Profitability, and Balance Sheet Insights00:29:01 Dividends, Capital Requirements, and Acquisition Strategy00:34:14 Investments in Digital Transformation00:37:12 Medium and Long-Term Goals00:43:29 Personal Reflections, Professional Growth, and Future Outlook Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

In this episode recorded on 21.03.2025 and hosted by Ramah Nyang, we are joined by Boniface Kamiti, Manager - Consumer Protection at the Competition Authority of Kenya, to discuss consumer protection in Kenya.Subscribe to get notified when we make a new post.Show Notes00:00:00 Introduction and Overview of CAK’s Role00:07:11 Key Consumer Rights00:09:21 Common Issues and Recourse00:13:08 Digital Lending and Non-Disclosure00:25:45 Procedures and Advice to Consumers00:37:07 Final Thoughts and Contact Information Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe