The Mwango Weekly

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 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