The Mwango Capital Podcast

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