The Mwango Capital Podcast: Recent Episodes
Mwango Capital
In this episode recorded on July 7, 2026, we sit down with Ann Magondu (Senior Tax Manager, Deloitte), Joyce Oriedi (Senior Manager, Tax and Legal Services, PwC Kenya), and Akinyi Gikonyo (Tax Consultant, KAM) to unpack the Finance Act 2026, its role in funding Kenya's KSh 1.11 trillion fiscal deficit, merchant service fee withholding taxes, VAT & excise shifts, and EAC cross-border tax implications.
Show Notes
00:00:00 Introduction
00:01:35 Impact of Finance Act 2026 on Households and Businesses
00:06:27 Withholding Tax on Merchant Service Fees and Interchange Fees
00:12:57 Indirect Transfers and Foreign Investors
00:16:11 Dividends to EAC Citizens and Trade Tensions
00:21:55 Changes to the VAT Act
00:28:44 Changes to the Excise Duty Act
00:32:21 Import Protection for Manufacturers
00:38:40 Public Participation
00:46:59 E-bikes and Solar Power Systems
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In this episode recorded on June 30, 2026, we are joined by Wilson Wariari (Co-Founder & CIO, Arvocap Asset Managers) and Jesse Ochieng’ (Analyst) to break down the mechanics of goal-based asset management in Kenya. We dive into how Arvocap scaled its AUM to KES 14.26B, their active fixed-income trading philosophy, hurdle-rate performance fees, and how funds like Eurofix and Almasi are broadening market access for retail investors.
Show Notes
00:00:00 Introduction
00:04:31 Gaps Arvocap is Addressing
00:10:17 Assets Under Management Growth Breakdown
00:13:53 Alpha Drivers and Sustainability of Returns
00:26:55 Fees
00:28:19 Almasi Fund
00:33:17 Lock-in and Liquidity
00:38:26 Global Equity Fund
00:47:35 Eurofix Fixed Income Fund
00:57:06 Goal-Based Investing and Closing Remarks
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In this episode recorded on June 18, 2026, we sit down with Justine Kosgei (CEO & Principal Officer, AAR Insurance) and James Kamau (Group Head of Distribution, AAR Insurance) to break down the mechanics of the newly structured FAARMILY Suite. We dive into how automated AI claims adjudication is capping premium inflation, the extension of senior health cover entry up to age 80, and how the insurer is flexing its products to accommodate non-traditional family structures and diaspora clients.
Show Notes
00:00:00 Introduction
00:04:03 Key Gaps that FAARmily Suite Addresses
00:08:04 Dependants and Documentation
00:10:45 Accessibility and Sustainability
00:13:53 Wellness Programs
00:15:51 Maternity and Seniors Eligibility
00:18:39 Transition of Junior Covers to Adult Covers
00:20:35 Future-proofing the Business through Tech
00:23:38 Non-traditional Families and Diaspora Customers
00:36:16 Future of Family Medical Covers
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In this episode, recorded on June 16, 2026, we sit down with the tax and legal consulting team from Ushuru: Beatrice Njeri, Eddah Nyamweya, Derrick Muchoki, and Valentine Gaya, to break down essential best practices for individual and corporate tax submissions. We dive into the realities of real-time E-TIMS validation under Section 23A of the Tax Procedures Act, expose common bank statement exposure points, and outline the exact steps taxpayers must take when responding to a KRA audit notice or default assessment.
Show Notes
00:00:00 Introduction
00:04:13 Common Filing Challenges
00:06:04 eTIMS
00:11:57 Penalties & Interest
00:16:55 Freelancers and Consultants
00:19:20 KRA Audit Triggers
00:25:48 Turnover Tax
00:28:55 Handling Audit Notices/Assessments
00:44:23 Return Amendments
00:46:48 Closing Remarks
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In this episode, recorded on June 4, 2026, we are joined by Centum Investment Company Group CEO, James Mworia, to unpack the three strategic evolutionary phases of Centum since 2009, the interplay between its real estate and private equity portfolios, and how the company successfully retired its holding company debt to enter a harvesting phase dedicated to driving sustainable shareholder value.
Show Notes
00:00:00 Introduction
00:01:18 Centum Investment Model
00:05:57 Debt Strategy
00:13:54 Real Estate Holdings
00:17:20 Two Rivers
00:24:20 Private Equity Portfolio
00:31:00 Capital Allocation
00:34:59 Share Buyback Program
00:38:29 NAV Gap
00:51:42 Strategy and Pitch
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In this episode recorded on May 19, 2026, we are joined by Brenda Mbathi, CEO of TRIFIC SEZ, and Pius Muchiri, MD of Nabo Capital, as we unpack the structure, strategy, and investment opportunity behind the green-focused I-REIT.
Show Notes
00:00:00 Introduction
00:01:30 Broad Overview of TRIFIC
00:04:02 Why a Dollar-Denominated I-REIT
00:08:39 Use of Funds, REIT Structure, and Offer Size
00:18:25 USD Yield Return vs T-Bills
00:21:17 Tenant Mix and Debt Strategy
00:25:12 Green Certification, Demand, and Leasing Pipeline
00:31:21 Investor Interest and Liquidity
00:39:11 Cost Control, Vision, and Scale
00:45:16 Key Details on the I-REIT and Closing Remarks
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In this episode recorded on May 12, 2026, we are joined by Car & General (C&G) Chief Executive Officer, Vijay Gidoomal, to unpack the group's FY25 financial performance, the rebound of the boda-boda sector across Kenya and Tanzania, and how the business is navigating EV disruptions and leveraging artificial intelligence to build a competitive moat.
Show Notes
00:00:00 Introduction
00:01:17 Business Streams
00:03:54 Regional Business Footprint
00:08:07 Recovery of the Two-wheeler Business
00:10:41 Margins and Cost Efficiency
00:13:56 Investment in AI
00:23:00 Profitability and Cash Flow
00:24:49 Dividend Policy
00:27:40 EV Market
00:38:13 Closing Remarks
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In this episode recorded on May 5, 2026, we are joined by DelMonte Kenya Managing Director, Wayne Cook, as we unpack the company’s 60-year history in Kenya, its KES 100B economic footprint, vertically integrated export model, and its ongoing community relations and sustainability interventions.
Show Notes
00:00:00 Introduction
00:04:04 History of Del Monte Kenya
00:08:14 Del Monte’s Business Model
00:12:48 Local Distribution and Exports
00:14:48 Scale and Economic Impact
00:17:53 Relationship with Fresh Del Monte Group
00:20:36 CapEx and Growth Plans
00:24:39 Community Relations and Human Rights
00:28:06 Sustainability Metrics
00:34:19 Outlook, Innovation, and New Product Lines
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In this episode recorded on April 30, 2026, we are joined by SanlamAllianz Life Kenya CEO, Jacqueline Karasha, as we unpack the group’s recent corporate restructuring, FY2025 financial performance, and the strategic opportunities within Kenya’s life insurance and digital pension markets.
Show Notes
00:00:00 Introduction
00:05:15 New Group Structure
00:07:53 Uptake of Life Insurance
00:12:24 Embedded Insurance Products
00:15:41 Akiba Plus Retirement Product
00:18:42 Dividends and Strategy
00:24:12 Digital Distribution
00:28:48 Reaching the Informal Market
00:42:48 Investment of Policyholder Funds
00:47:03 Industry Outlook
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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 Notes
00:00:00 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
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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 Notes
00:00:00 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
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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 Notes
00:00:20 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
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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 Notes
00:00:00 Introduction
00:03:41 Economy and the Banking Landscape
00:05:28 Stanbic Uganda’s Structure
00:09:11 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
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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 Treasury
Host: Ramah Nyang
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Show Notes
00:00:00 Introduction
00:04:45 What Is FLLoCA
00:08:41 Climate Mitigation and Adaptation
00:11:51 Locally Led Solutions, Cost of Inaction, and Access to Climate Finance
00:21:50 Polluters Pay Vs Domestic Financing
00:31:43 Incentives and E-Mobility
00:34:12 County Funds Oversight, Audits, and Carbon Credits
00:47:31 Climate Justice Funding Gap
00:51:38 Tracking Climate Finance and the National Climate Fund
00:56:57 Focus on Mitigation
01:01:53 Dealing with Misuse of Climate Funds
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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.
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Show Notes
00:00:00 Introduction
00:04:42 Starting Financial Literacy Early
00:16:06 Debunking Kenyan Money Myths
00:23:40 Teaching Financial Literacy in a Cashless World
00:30:33 Building Habits and Work Ethic
00:39:35 Longterm Impact of Financial Literacy in Children
00:45:16 Staying Safe in the Digital Space
00:48:02 Role of Giving in a Child’s Financial Education
00:50:24 Product Roadmap and How to Sign up onto Busara App
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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 2026
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Show Notes
00:00:00 Introduction
00:03:30 FY 2025 Highlights and Restatement of 2024 Financials
00:08:13 Interest Income, Customer Deposits, and Loan Growth
00:16:22 Wealth Management, Asset Quality, and NPLs
00:20:15 OpEx, CapEx, and Regional Performance
00:27:55 Capital Allocation, Digital Banking, and AI
00:33:30 Impacting Communities
00:35:20 Banking App, AI in Lending, Loans to Related Parties, and Governance
00:39:30 Increased Investment in G-Secs, Rates Outlook, and Strategy
00:42:49 Life Advice and Closing Remarks
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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 Securities
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Show Notes
00:00:00 Introduction
00:01:33 The Debt Transparency Problem and Why Fiscal Consolidation Fails
00:09:17 Securitization, Supplier Debt, And Pending Bills
00:23:19 IMF’s Pushback against Securitization and Lessons from Ghana
00:26:44 Ringfencing and Revenues/Proceeds Disclosure
00:32:02 Securitization Lessons from 2008 Financial Crisis
00:40:20 Auditing Kenya’s Debt
00:46:22 Tanzania’s Debt Transparency Model
00:51:56 Why Governments Avoid Transparency?
00:56:42 Tanzania’s Single Treasury Account
00:58:24 The Transparency Risk Premium
01:01:24 Policy Changes to Enhance Debt Transparency
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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.
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Show Notes
00:00:00 Introduction
00:00:47 Group Structure and Strategic Pillars
00:10:48 Top Line and New Loan Pricing
00:16:42 Interest and Non-interest Revenue
00:21:54 Why Invest in Stanbic
00:24:36 Costs, NPLs, and Risk Management
00:29:13 Loan Growth, Profitability, and Dividend Policy
00:35:24 S. Sudan, SBG Securities, and Bancassurance
00:40:06 Capital Buffers and Mergers & Acquisitions Strategy
00:47:11 AI in Banking Operations
00:51:20 Outlook and Closing Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:00:53 What Makes a Good CFO?
00:01:54 Overview of the FY2025 Results
00:03:54 Loan Demand, NPLs, Risk Outlook, and Rate Stability
00:08:38 FX and Non Funded Income Growth
00:10:18 Cost Efficiency, Tech, and Investment in Gov’t Securities
00:13:23 CIB Competition and Consolidation
00:15:18 Group CEO Ambitions, M&A Strategy, and Value Proposition
00:20:31 Profitability and Dividend Strategy
00:24:29 Branch Strategy, Insurance, and Asset Management
00:29:33 Regulation, Benchmark Rates, SME Sentiment, and 2026 Outlook
00:34:34 Key Takeaways and Closing Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:03:27 Methodology in Ratings
00:06:59 Kenya’s Upgrade Explained
00:10:18 FX Reserves, KES Stability, Market Access, and Buybacks
00:16:51 Securitization, Domestic Borrowing, and Revenue Risks
00:25:16 Outlook and Key Risks
00:29:04 How does Kenya compare to Peers on Debt Distress?
00:32:09 Public Private Partnerships and the Macro-Micro Divide
00:37:31 ESG Scores and Ratings Withdrawal
00:41:24 Key Takeaways and Closing Remarks
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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 Holdings
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Show Notes
00:00:00 Introduction
00:07:40 Ziidi Trader and its Key Differentiators
00:11:51 Omnibus Structure and Share Ownership
00:17:59 Onboarding, Fees, and Trading Costs
00:23:03 Backend Execution, Liquidity, and Market Hours
00:33:34 Order Matching, Cancellations, and Dividend Payout
00:37:21 Order Book, Reversals, and Nominee Voting
00:41:48 The Future of Ziidi Trader
00:44:31 How To Buy Shares
00:51:46 Access for Investors in the Diaspora
00:55:31 Customer Support, Trading Limits, Market Risk, and Investor Education
01:02:17 Closing Remarks
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In this episode recorded on January 26, 2026, we break down what lies ahead for markets and the economy in 2026.
Guests:— Churchill Ogutu - Economist, IC Group— Stephanie Kimani - Economist— Stellar Swakei - Senior Research Analyst, Kingdom Securities Limited
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Show Notes
00:00:00 Introduction
00:01:25 2025 Macro Highlights
00:10:15 IMF Programs, China Debt, and Liability Management
00:14:57 Corporate Borrowing and MSME Access to Finance
00:18:19 Debt, Securitization, Equity Markets, and the NSE Rally
00:32:53 Domestic Debt, External Borrowing, and Crowding Out
00:38:49 The Budget Cycle
00:45:57 FX and Interest Rates
00:50:02 Kenya Pipeline IPO and Gov’t’s Sale of Safaricom Stake
01:02:05 Closing Remarks
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In this episode recorded on February 3, 2026, we host Risper Genga, Group CFO at EABL, for a discussion on the company’s H1 FY26 results and the key drivers behind its sales and profitability.
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Show Notes
00:00:00 Introduction
00:03:10 Sales Growth, Consumer Trends, and Regional Performance
00:11:27 Volume-Price Mix, Margins, and Cost
00:16:30 Taxation Challenges
00:20:04 Cash, Working Capital, and Dividends
00:26:14 CapEx, OpEx, and FX
00:29:21 Debt Management and the MTN Issuance
00:38:08 Increasing Receivables, the Asahi Deal, and Looking Ahead
00:44:01 Illicit Brews, Premiumization, and Regional Growth
00:47:50 Leadership Reflections
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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.
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Show Notes
00:00:00 Introduction
00:05:04 KPC Overview
00:11:31 KPC’s Business Model & Financials
00:17:34 The Role of Transaction Advisors in an IPO Process
00:23:33 Offer Details and Valuation
00:44:11 Dividend Policy and Board Structure
00:47:06 Risks and Strategic Plans
00:59:27 Key Dates and Invitation to Participate in the IPO
01:07:04 CapEx Plans and Future Growth
01:11:52 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:06:03 Industrial REITs and their Benefits
00:12:23 The ALP Industrial REIT Offering
00:16:40 Regulation and Consumer Protection
00:20:26 REIT Features, Importance, and Future Vision
00:25:32 Key Dates and Concerns on Minimum Subscription
00:28:26 Value Proposition, Currency Risks, and Key Players
00:38:06 Approval Process, Regulatory Support, Risks, and Mitigation
00:44:04 Lease Duration, Leverage, Ownership, and Decision Making
00:48:57 Future Outlook
00:54:55 Investor Pitch and Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:04:42 Reverse Invoicing and Buyer-Initiated Invoicing
00:09:21 Challenges Addressed by Buyer-Initiated and Reverse Invoicing
00:14:49 Implementation Challenges and Solutions
00:19:40 Regional Perspectives on e-invoicing
00:23:49 Practical Steps for Reverse and Buyer-Initiated Invoicing
00:26:09 Impact of eTIMS Invoicing on MSMEs
00:31:19 Protecting Taxpayers from Abuse of eTIMS Invoices
00:37:32 Future of Electronic Invoicing
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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 Kenya
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Show Notes
00:00:00 Introduction
00:03:48 Legal Framework and Background
00:09:31 Impact on Taxpayers
00:13:06 KRA’s Rollout and Compliance
00:19:59 Simplifying Compliance for SMEs
00:28:49 Handling Non-Compliant Suppliers & Missing Invoices
00:37:14 Verifying e-TIMS Invoices
00:41:51 Exemptions from e-TIMS Compliance
00:45:44 Addressing Technical Challenges
00:52:52 Future of Tax Digitization
00:57:49 Waivers and Penalties due to failure of the Electronic Invoicing System
01:00:46 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:01:47 Understanding Affluent Clients
00:05:43 Starting Now and Financial Planning Frameworks
00:17:38 Building a Resilient Portfolio
00:25:43 Personalized Financial Planning and Intergenerational Wealth Transfer
00:30:53 Wealth Preservation vs Wealth Creation
00:34:26 Investment Risks and Optimizing Investment Decisions
00:38:59 Building Trust with Financial Advisors
00:45:21 Standardized Investment Process and Innovations in Wealth Management
00:52:43 Getting Started with Your Wealth Journey
00:53:46 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:03:00 Macroeconomic Developments and Outlook
00:05:40 Competition and Structural Reforms
00:09:32 Challenges in Tax Revenue and Fiscal Policy
00:16:19 SOEs and Market Competitiveness
00:24:50 Impact of Electricity Prices on Competitiveness
00:28:05 State Support, Governance, and Efficiency in SOEs
00:35:14 Telecommunication Sector Analysis
00:45:22 Macroeconomic Stability, Trade-offs, Challenges, and Solutions
00:52:33 Closing Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:00:42 The Sanlam-Allianz Merger
00:03:23 Understanding the Protection Gap
00:04:41 Targeting New Market Segments
00:08:17 Challenges and Opportunities in Agriculture Insurance
00:10:12 Insurance for Large Infrastructure Projects
00:14:24 Governace Structure
00:15:05 Regulatory and Capital Considerations
00:17:37 Expanding Insurance Penetration
00:20:53 Leveraging Technology for Better Service
00:24:22 Customer Assurance and Future Outlook
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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 International
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Show Notes
00:00:00 Introduction
00:03:19 Business Resilience
00:08:34 Top Priorities SMEs
00:10:32 Common Risks and Blind Spots for Individuals
00:15:23 Vulnerabilities and Protecting Businesses Financially
00:26:05 Balancing Growth and Stability for SMEs
00:29:03 Rapid Urbanization, the Gig Economy, and Shifting Customer Needs
00:34:37 Choosing the Right Insurance Coverage
00:37:15 Leveraging Networks and Planning for Household Preparedness
00:42:19 Final Thoughts and Actionable Steps
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In this episode recorded on October 30, 2025, and hosted by Joe Mwaniki, we are joined by Terry Muli, Senior Tax Manager at Deloitte, and Ann Magondu, an international tax expert, as we discuss managing KRA audits, what triggers them, taxpayers’ rights, handling assessments, and transfer pricing.
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Show Notes
00:00:00 Introduction
00:01:11 Understanding KRA Audits
00:03:20 Frequency and Scrutiny of Sole Proprietorships
00:07:05 Triggers for KRA Audits
00:14:54 Document Retention and Statutory Periods
00:18:09 Notification and Initial Steps in KRA Audits
00:21:50 Common Mistakes and Best Practices
00:26:01 Audit Modalities
00:28:02 Conclusion of the Audit Process
00:33:31 Valid Notice of Assessment
00:36:35 Notice of Objection
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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.
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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
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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.
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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
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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.
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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
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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
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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
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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.
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Show Notes
00:00:00 Introduction
00:01:01 High-Level View of H1 Bank Earnings
00:03:03 FX Stability and Impact
00:06:27 Interest Margins and Impact of Central Bank Policies
00:13:16 Credit Growth Trends
00:21:12 Profitability and Dividend
00:25:27 Spotlight on Specific Banks
00:38:35 Core Capital Requirements
00:44:04 Closing Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:00:54 Working Capital Management
00:02:13 Debt vs Equity in Financing a Business
00:05:11 Financial Performance
00:07:18 Redeeming and Issuing Debt, Investor Participation, and Key Dates
00:21:36 Corporate Bond Market in Kenya
00:25:56 MTN Structure, Secondary Trading, Investor Sentiment, and Market Liquidity
00:29:06 Debt Levels and Balance Sheet Management
00:32:31 Corporate vs. Government Bonds
00:34:31 CapEx and Working Capital
00:38:19 Interest Rates, Tax Implications, Cash Flow and Debt Repayment
00:41:09 Closing Remarks and Final Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:02:30 Starting and Scaling a Business
00:05:34 Why Africa?
00:11:58 Africa Eats’ Structure and Impact
00:16:34 Portfolio Companies, Growth, Challenges and Solutions
00:24:49 Supporting Founders, Exits, and Company Growth
00:28:22 Public Listings, Capital Markets, and Market Liquidity
00:38:35 Africa Eats’ Business Model
00:41:07 Traits of Successful Entrepreneurs
00:44:03 Future Vision
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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 markets
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Show Notes
00:00:00 Introduction
00:05:19 Understanding the Financial Crisis & The Role of Structured Finance
00:08:06 Lessons from the Financial Crisis, Investment Strategies and Mistakes
00:13:28 Building a Research Desk at Genghis Capital
00:17:26 The Value of Cold Emails
00:20:15 Day-to-Day Life of an Analyst
00:23:43 The Impact of AI on Financial Analysis
00:27:05 Advanced Education and Business Strategy
00:37:11 Humility and Learning from Top Investors
00:49:40 Critical Minerals and Africa’s Future
00:51:04 Advice for Young Analysts and Improving African Markets
00:57:50 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:05:04 Understanding Blockchain and Virtual Assets
00:08:13 Regulatory Challenges, FATF Recommendations, and Legislation
00:29:37 Stablecoins and their Role in the Ecosystem
00:35:44 Licensing Requirements for Virtual Asset Service Providers
00:40:36 Capitalization Requirements Debate
00:44:48 Joint Virtual Asset Regulatory Authority
00:49:35 Need for a Kenyan Stablecoin
00:55:03 Raising Awareness on Initial Coin Offerings
01:00:00 Sanctions and Penalties
01:06:35 Data Protection and Repealing Digital Assets Tax
01:09:36 Final Remarks
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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.
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Show Notes
00:00:00 Introduction
00:01:41 Understanding Sovereign Credit Ratings
00:02:39 Factors Influencing Credit Ratings
00:07:21 Kenya’s Credit Rating Overview
00:12:39 Fiscal Analysis and Insights from the Recent Visit to Kenya
00:24:25 Political Risk and Policy Impact
00:28:37 Debt Sustainability and Global Markets Access
00:35:47 African Sovereigns’ Perspective on Rating Agencies
00:38:34 Kenya’s Credit Outlook and Final Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:01:42 KenGen’s History and Background
00:04:21 Strategic Plan and Market Performance
00:09:09 Future Energy Projects and Financing
00:15:37 Challenges and Opportunities in Renewable Energy
00:30:24 Diversification and Revenue Streams
00:35:02 Balancing Risk and Dividends
00:36:20 Five-Year Outlook
00:40:30 Common Misconceptions
00:44:05 Final Thoughts and Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:03:01 Understanding Financial Fitness
00:09:19 Create and Build
00:18:09 Live and Enjoy
00:29:15 Save and Invest
00:39:17 Shared Legacy
00:44:13 Plan and Protect
00:52:03 How to Get Started
00:54:55 Solutions for Groups (Chamas)
00:56:24 Final Thoughts and Closing Remarks
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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:
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Stephanie Kimani - Economist,
-
Kwame Owino - CEO, Institute of Economic Affairs
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Show Notes
00:00:00 Introduction
00:01:51 Slowdown in Private Sector Growth
00:15:45 Tax Revenue and Public Spending
00:25:56 Public Sector Spending and Reforms
00:36:08 Fiscal Deficit and Debt Management
00:39:25 Tax Policy
00:56:06 Rebuilding Trust between the Gov’t and Taxpayers
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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:
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Agnes Gitau - Tax Manager, Andersen Tax Kenya
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Jilna Shah - Tax Director, RSM Eastern Africa
-
Fredrick Kimotho - Associate Director, Tax & Legal, Deloitte East Africa
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Show Notes
00:00:00 Introduction
00:03:19 VAT Changes
00:09:30 Unstable VAT Regime and Fraudulent Claims
00:14:12 KRA’s Clawback Powers
00:18:26 Medium Term Revenue Strategy
00:21:35 Tax Procedures Act
00:31:31 Refund Processing and Filing of Objections
00:37:48 Withholding Tax on Freight Income and Tax Amnesty
00:42:05 Advanced Pricing Agreements and Significant Economic Presence Tax
00:49:36 Repeal of Digital Asset Tax
00:52:53 Investment Allowances and Carrying Forward of Losses
01:00:10 Betting and Gaming Withholding Tax
01:04:34 Closing Remarks
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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:
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Rafael Agung' - Group Director of Global Markets, NCBA Bank,
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Ann M Magondu - Senior Tax Manager, Deloitte & Touche LLP,
-
Churchill Ogutu - Economist, IC Group.
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Show Notes
00:00:00 Introduction
00:05:12 Fiscal Deficit
00:09:00 Tax Measures and Implications
00:14:24 What Tax Cuts Could Jumpstart Growth?
00:25:00 Debt Management Strategies
00:36:10 Pending Bills
00:46:22 Private Data Access Debate
00:50:57 Kenya's Fiscal Credibility
00:54:12 Private Sector Growth Stagnation
00:57:02 Debt Service and Fiscal Consolidation
01:06:34 Closing Thoughts
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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:
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Patience Njau - KRA
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Dr. Gideon Muhwa - KRA
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Miriam Wairimu - KRA
-
Ruth Mwiti - Tax Consultant
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Wycliff Ombasa - Tax Consultant
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Show Notes
00:00:00 Introduction
00:02:11 Filing Income Tax Returns
00:09:33 Support for Taxpayers
00:13:42 How to Amend a Tax Return
00:17:05 Step-by-Step Filing Process
00:22:15 Filing Tax Returns for Companies and Non-individuals
00:27:41 Resetting KRA Password or Email address
00:31:34 Tax Returns for Freelancers
00:35:30 Filing Returns where there are Multiple Employers
00:37:35 Tax Education and Awareness Campaigns
00:39:23 Resident vs Non-Resident Tax Status
00:46:01 Penalties for Late or Non-Filing
00:49:56 Clarifying KRA Text Messages on Principal Taxes
00:52:35 2024 Tax Laws Changes and their Impact on Tax Returns
00:55:55 Tax Deduction vs Tax Relief
00:57:43 Amnesty
01:02:27 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:01:34 Background in Mathematics and Chess
00:08:11 Modeling Cancer Tumor Growth
00:09:40 Credit Risk Management
00:13:42 Leveraging AI in Day-to-Day Life
00:16:51 AI Bias
00:23:33 AI Optimization
00:31:06 AI as a Copilot
00:38:28 Prompt Engineering
00:42:45 Final Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:00:36 Funding Landscape
00:12:10 Innovations, Product Development, and Growth Opportunities
00:21:14 Stablecoins
00:37:28 Remittances in Sub-Saharan Africa
00:42:05 AI in African FinTech
00:47:46 AI Financial Fraud and Threats
00:52:21 Regulation and CBDCs
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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.
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Show Notes
00:00:00 Introduction
00:03:53 SME Insurance in Kenya
00:10:05 The Need for Deeper Education and Awareness
00:13:16 Mindset of Today's Entrepreneur in Preparing for Risk
00:18:31 Delivering Sustainable Insurance Solutions to MSMEs
00:22:58 Financial Literacy and Capacity Building to Strengthen SME Resilience
00:25:49 Reframing Insurance as a Growth Enabler
00:34:18 Leveraging Digital Innovation
00:37:19 Global Best Practices in Building Trust and SME Insurance Uptake
00:39:49 Future of SME Insurance
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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.
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Show Notes
00:00:00 Introduction
00:05:05 Income Tax Changes
00:29:42 Tax Procedures Act
00:43:43 VAT Changes
00:49:54 Excise Duties and the Miscellaneous Levies Act
00:58:39 Alignment of the Finance Bill with the Medium Term Revenue Strategy and the National Tax Policy
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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.
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Show Notes
00:00:00 Introduction
00:01:12 Caine’s Background
00:03:25 Legal Framework on eTims
00:08:14 Digitax’s Role and Approval by KRA
00:13:26 Determining the Best Solution for a Customer
00:17:22 Integration, Confidentiality, and Pricing
00:29:05 Kenya vs Other Markets
0032:23 Other Offerings
00:34:23 Lessons and Closing Remarks
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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.
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Show Notes
00:00:00 Introduction and Journey to Asset Management
00:04:41 Chief Investment Officer’s Role
00:07:40 Highlights of Arvocap's Founding Story
00:14:03 Arvocap Products
00:30:54 Tariffs, AI, and Global Markets Strategies
00:40:49 Getting Started With Arvocap
00:43:09 Hedging and Risk Mitigation Strategies
00:50:52 Fees, Investor Pitch, and Closing Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:02:12 Path to Business School and Wall Street
00:04:38 Navigating Business School Applications
00:10:02 Learnings from Business School
00:15:01 Networking and Overcoming Challenges
00:25:39 Financing Business School
00:28:13 Transition to Wall Street
00:36:25 US vs Kenyan Markets
00:40:04 Returning to Kenya
00:47:21 A Guide to Analyzing Banks
00:50:58 The Future of Financial Analysis and AI
00:56:36 Closing Thoughts
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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.
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Show Notes
00:00:00 Introduction
00:01:00 Affordable Housing Challenges
00:07:07 Home-Ownership Market In Kenya
00:11:47 Facilitating Mortgages
00:20:12 Fixed Single-Digit Interest Rates
00:25:19 Myths, Misunderstandings, and Misconceptions about Mortgages
00:33:46 Kenya Mortgage Guarantee Trust
00:45:10 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:01:17 FY 2024 Performance Highlights
00:03:08 Loan Book Trends and Credit Demand
00:07:24 Digital Lending and Customer Engagement
00:12:00 NPLs, Regional Performance, and Growth Opportunities
00:17:01 Future Growth, Interest Rates, and Monetary Policy
00:25:07 Regional Diversification, Sector Growth, and M&A Opportunities
00:33:51 Wealth Management Trends
00:35:31 Challenges and Strategic Concerns
00:41:59 Balancing Cash Reserves and Dividend Payouts
00:43:46 Closing Remarks
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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.
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Show Notes
00:00:00 Introduction
00:01:03 Yusuf’s Career Journey
00:03:56 Short-Term vs Long-Term Loans
00:06:47 FY24 Financial Performance
00:09:48 Revenue Growth, Cost Management, and Efficiency
00:16:26 Asset Quality and Loan Losses
00:21:16 Economic Environment, Profitability, and Balance Sheet Insights
00:29:01 Dividends, Capital Requirements, and Acquisition Strategy
00:34:14 Investments in Digital Transformation
00:37:12 Medium and Long-Term Goals
00:43:29 Personal Reflections, Professional Growth, and Future Outlook
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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.
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Show Notes
00:00:00 Introduction and Overview of CAK’s Role
00:07:11 Key Consumer Rights
00:09:21 Common Issues and Recourse
00:13:08 Digital Lending and Non-Disclosure
00:25:45 Procedures and Advice to Consumers
00:37:07 Final Thoughts and Contact Information
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In this episode recorded on 25.02.2025, we are joined by Absa Life Assurance Kenya Managing Director and Principal Officer, Githanji Waiguru, to break down life insurance and its role in securing your financial future.
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Show Notes
00:00:00 Introduction
00:02:15 Cultural Influences in Insurance
00:04:49 Journey of Absa Life in Kenya
00:11:59 Relationship with Absa Group
00:13:32 Low Insurance Penetration in Kenya
00:21:44 Assurance vs Insurance and Basic Concepts in Life Assurance
00:27:39 Products for Freelancers and Support During Difficult Times
00:34:19 Investment Component in Assurance
00:35:50 Solutions for Chamas
00:37:30 Premiums and Affordability
00:41:16 Getting Started with Absa Life
00:42:43 Future Outlook and Closing Remarks
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In this episode recorded on 06.03.2025 and hosted by Ramah Nyang, we are joined by Stanbic Holdings' Chief Financial & Value Officer, Dennis Musau, to break down the banks’ FY 2024 performance.
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Show Notes
00:00:00 Introduction
00:00:38 Cost of Funds
00:02:41 Net Interest Margins and Private Sector Credit Growth
00:09:31 Impact of Tax Policy
00:12:48 NPLs and Recovery
00:20:26 Rate Transmission and Risk-Based Pricing
00:26:46 Risk Exposure on the G2G Oil Import Arrangement
00:31:57 Agriculture Sector Outlook
00:35:39 FX Risks and Commodity Exports
00:37:32 South Sudan Oil Exports
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In this episode recorded on 07.02.2025 and hosted by Ramah Nyang, we are joined by Churchill Ogutu - Economist at IC Group, and David Rogovic - VP and Senior Credit Officer at Moody’s, to discuss credit ratings and their impact on African economies.
We also cover their significance, perceived bias, impact on debt restructuring, and the feasibility of an African credit rating agency.
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Show Notes
00:00:00 Introduction
00:01:53 Credit Rating Basics
00:06:33 Significance of Ratings in Investing
00:10:36 Perceived Bias in Credit Ratings
00:12:22 Changing the Outlook
00:15:26 Data Quality Challenges
00:27:35 Impact of Debt Restructure on Credit Rating
00:30:49 Feasibility of an African Credit Ratings Agency
00:37:46 Final Remarks
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In this episode recorded on 30.01.2025 and hosted by Nicole Njuguna, we are joined by Co-operative Bank’s Diaspora Banking Manager, Edison Mochiemo, to discuss the top investment opportunities available for diasporans.
We cover the various products tailored for them, common challenges encountered, emerging investment trends, and exiting investments.
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Show Notes
00:00:00 Introduction
00:01:10 Investment Opportunities Available in Kenya for Diasporans
00:06:38 Common Challenges and Mitigation Strategies
00:15:06 Best Return on Investment Options
00:18:27 Preferential Rates and Incentives
00:20:28 Emerging Investment Trends
00:22:39 Products Tailored for Diasporans
00:25:53 Partnerships
00:27:54 Exiting Investments and Succession Plans
00:34:04 Loans For Investment
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In this episode recorded on 05.02.2025, we host EABL’s CFO, Risper Ohaga, as we unpack the firm’s half-year 2024/25 results in detail. We cover the impact of macroeconomic factors on the company’s operations, supply chain management, capital expenditure, and the focus in 2025.
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Show Notes
00:00:00 Introduction
00:01:20 Impact of Macroeconomic Factors
00:04:31 Top-Line Growth
00:08:47 Impact of Tax Changes
00:14:12 CAPEX
00:16:28 Dividends
00:18:40 Payables and Receivables
00:20:09 Supply Chain Management, Ethanol Sourcing, and Global Tariffs
00:25:38 Premium Brands and Consumer Spending
00:29:00 2025 Focus Areas
00:32:59 Reflections and Final Thoughts
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In this episode recorded on 23.01.2025, we host Asman Mugambi, CEO of Jubilee Life Insurance, to explore strategies for smarter financial planning in 2025 and beyond. We also cover Jubilee Life Insurance and its products, risk management, misconceptions about life insurance, and regulation in cryptocurrency.
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Show Notes
00:00:00 Introduction
00:03:25 Jubilee Life Insurance and its Products
00:10:40 Retirement Planning Advice
00:14:49 Flexibility in Contributions
00:16:31 Investment and Risk Management
00:20:28 Financial Planning for 2025 and Beyond
00:22:51 Life Insurance Misconceptions
00:27:28 Freelancers and Gig Workers
00:29:21 Regulation and Investment in Cryptocurrency
00:33:53 Impact of NSSF Act of 2013 on Retirement Savings
00:38:46 Closing Remarks
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In this episode recorded on 06.02.2025, we host the Stima Sacco CEO, Gamaliel Hassan, to learn how SACCOs operate, their benefits, and how to leverage them for financial growth.
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Key Quotes
“More than 40% - 45 % of the money that we earn as a profit, is paid back to our membership.”
“Even as you look at what is being given to you as a return, the first question you should always ask yourself is ’The place I've put my money, is the money safe?’ Return is secondary. You have given a principal amount to somebody, can that principal sum be guaranteed that if you need it, you're going to have it? So number one, ‘Is the money safe?’ Number two, ‘If I want my money back, am I going to get it?‘ Number three, ‘Is the money accessible?’ And then lastly, let's talk about the aspect of return, and this goes without saying, if the return is too good, normally think twice. If somebody is offering you a return of 30%, ask them, what are you trading in to give you such a return.”
“Guarantee is not an obligation. You're not obligated to guarantee anyone. Only guarantee the people that you know very well, you know where to find them, probably their families, something about them, their character. Because guarantorship is about character.”
“When you join the SACCO, there are two very important disclosures. Disclosure number one, your shares are not refundable but they are transferable. So if you have shares in a SACCO, correctly as stated, those shares, you cannot come and say, refund me the shares. Those shares will always be part and parcel of the share capital of that SACCO, and that is by law and by regulation. However, those shares can be transferred…The second disclosure is on the deposits that I've talked about, the monthly deposits. Those monthly deposits are indeed withdrawable. You can be able to withdraw them. However, there's a catch around it. By law, you can withdraw them by giving a 60-day notice. So you give 60 days’ notice and say, I'm withdrawing, and within 60 days you must get your money back.”
“The best thing you can give somebody is the ability to make income. You don't want to be giving handouts to people. You want to show somebody how to make money. The best thing is to showcase to people how money can work for you, and the share capital is a classic example of that.“
Show Notes
00:00:00 Introduction
00:02:11 Understanding Saccos and their Operations
00:11:50 Joining a Sacco
00:16:18 Stima Sacco Products and Benefits
00:27:49 Interest Rebates, Dividends, and Loans
00:44:55 Guarantees and Loan Repayment
00:51:47 Exiting a Sacco
00:58:22 Stima Sacco Financials
01:04:52 Diaspora Members
01:06:00 NPLs and Financial Discipline
01:17:27 Closing Remarks
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In this episode recorded on 14.01.2025, we are joined by Hawi Abwonji - Research Analyst at ArvoCap Asset Managers, Stephanie Kimani - Economist, and Sunil Sanger - MD, Orion Advisory Services as we explore 2024 economic trends and the outlook for 2025.
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Show Notes
00:00:00 Introduction
00:02:42 Macroeconomic Environment in 2024
00:06:57 Equity Market’s Performance
00:10:34 Bonds Market
00:16:06 Investor Perspective on Emerging Markets
00:18:57 Government’s Creditworthiness
00:28:49 Investors’ Concerns in 2025
00:32:26 2025 Outlook
00:54:00 Closing Thoughts
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In this episode recorded on 10.12.2024, we are joined by Stella Mutai - HFC Kenya’s Head of Mortgage, Florah Muthaura - KMRC’s Head of Risk & Compliance, and Shadrack Etale - a Branch Manager at Stima Sacco, as we explore affordable homeownership for the Kenyan diaspora.
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Key Quotes
“ The company's primary mission is mainly to provide affordable, long-term funding to financial institutions…It is also a financial institution itself, and it's non-deposit-taking. We operate by refinancing the mortgage portfolios that the primary mortgage lenders advance to borrowers, and all our lending is collateralized. And that's why we really take a low margin to be able to pass that benefit to the ultimate borrower. This approach has really enhanced liquidity in the housing finance market, making homeownership more affordable to Kenyans.”
Flora Muthaura
”The interest rate is single digit, and that's our value proposition, and it's fixed for the entire duration of the mortgage… The best part about the KMRC loan is fixed for the entire duration. And that is really important because you have predictability of your repayment and you don't have to worry about your repayment going up.
We even tend to support our financial institutions by encouraging them to increase the loan-to-value ratio, which we accept up to 105%. This is mainly to cover the costs associated with processing a mortgage, such as the legal fees, valuation fees, and stamp duty.”
Flora Muthaura
”One of the things we also discovered from our business of lending is that most of the members will want to get a facility for constructions as opposed to purchase simply because they are able to tailor make to their tastes and preferences and that is very critical. Now what happens if that's what you want?
Number one, you have to construct a house on land. So ensure you have a piece of land that has ownership documents. That is very critical. If you come to the Sacco, and you have a land that has a title deed or certificate of lease, then the Sacco is able to give you 100% in terms of construction.
You have to know the cost of that house. If it's a bungalow, we need to have a QS give us the bill of quantities. And if it is a mansion, then ensure you have structural drawings from a qualified engineer, and, of course, the process begins with an architect giving you the plans and all those things have to be approved.”
Shadrack
Show Notes
00:00:00 Introduction
00:04:07 KMRC and Affordable Housing Solutions
00:09:19 HF Group’s Relationship with KMRC
00:11:27 KMRC’s Loan Requirements
00:12:43 Home Ownership Challenges Faced by Diaspora Customers
00:25:49 Saccos' Relationship with KMRC
00:27:45 KMRC’s Loan Process
00:32:31 Loan Repayments by Diaspora Clients
00:39:19 Saccos Supporting Diaspora Clients
00:42:35 Tax Implications, Legal Requirements, and Financial Risks
00:57:44 Closing Remarks
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In this episode recorded on 13.12.2024 and hosted by Ramah Nyang, we are joined by the Competition Authority of Kenya’s Director of Policy and Research, Dr. Adano Wario, as we unpack how competition can tackle inequality and promote fairer markets.
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Show Notes
00:00:00 Introduction
00:01:26 CAK’s Role and Mandate
00:08:06 Overlapping Mandates with Other Regulators
00:13:00 Enforcement Challenges
00:17:36 Mergers and Acquisitions
00:25:28 Inequality in the Marketplace
00:33:13 Digital Economy and Big Tech Concerns
00:39:13 Market Inquiry and Regulatory Impact Assessments
00:47:39 Data Access, Data Privacy, and Compliance in Digital Markets
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In this episode recorded on 03.12.2024, we are joined by Jubilee Insurance’s GM Corporate & Retail Pensions Catherine Kangata and Chief Distribution Officer Kanyingi Kagucia to learn more about life insurance.
We cover the state of life insurance in Kenya, insurance penetration, choosing the right insurance plan, claim settlement, and accessibility of insurance products.
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Key Quotes
“We need to do more public awareness and people need to appreciate that insurance is not only for the wealthy. There are solutions that are there for all of us depending on your needs.”
Catherine Kangata
“You want to look at life as three phases. You have an income accumulation, a wealth accumulation phase when you have the energy. When you're working, when you're setting up your businesses, you're bringing in the cash, so to speak, and you're building up your wealth. Then you have a phase that comes somewhere from the 40s into the 50s, you're looking at wealth consolidation. That's what we call the consolidation phase. So the accumulation phase, 20s into your 30s, consolidation phase, 40s into your 50s. And then once you get to retirement after 60, you go into what is called deaccumulation… What you do in your accumulation phase and your consolidation phase is critical in deciding what is going to happen in the deaccumulation phase.”
Kanyingi Kagucia
“ When we talk about endowment life policies, we are looking at the type of life insurance that combines savings and investment components. It looks at, should this event occur, then my loved ones would be compensated at a particular level. If the event does not take place, then there's a payment that comes back to me. So it combines those two, maturity or death. It's going to pay out one of the two.
When you talk about term, the term life is a pure risk policy. And this is what it means, it covers only for the event of death. So if I take out a plan for 10 years, 20 years or 30 years of a term life policy, should that time elapse and death has not occurred, I don't get paid because what I was buying was protection against that event happening within that period. Whereas I could be paid back under endowment should I not pass on, in the term life then if the event does not occur, I don't get paid. The policy comes to an end.
When we come to whole life, and this is an interesting one, this covers you for the duration of your life so long as premiums are paid. We have whole life policies in the industry and around the world where you can pay for a given period of time, 10 years, 15 years or so, and after that your cover still remains open and you're covered for it. Now the interesting thing with whole life is that the event must occur. So death must occur, and therefore the people who benefit from a whole life are those that we leave behind again.”
Kanyingi Kagucia
Show Notes
00:00:00 Introduction
00:02:15 Life Insurance in Kenya
00:06:34 Insurance Penetration and the Need for Life Insurance
00:23:04 Types Of Life Insurance Policies
00:34:30 Unique Kenyan Saving Habits
00:41:13 Claims Settlements
00:47:02 Affordability and Accessibility of Insurance Products
00:51:33 Insurance for Different Life Stages
00:56:01 Sum Assured and Investment Returns
00:59:40 Getting Started with Life Insurance
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In this episode recorded on 21.11.2024 and hosted by Tim Kipchumba - Co-founder at Questworks, we are joined by Spin Mobile Limited’s CEO, Dr. Victor Kiplagat, and CTO, Eng. Sammy Kariuki, to discuss how alternative data is revolutionizing credit scoring.
We cover the use of alternative data in credit scoring, security and privacy of user data, the application of AI in credit scoring, and adapting alternative data for SMEs.
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Key Quotes
“ One of the biggest benefits of this alternative data is triangulation. Data should be able to verify itself. I'll give you an example. If this customer at the point of loan application or providing their KYC indicated that they operate in Thika Road, maybe Kahawa Sukari or Kahawa Wendani. Maybe wrote they run a small shop around that. Now, when you get data, let's say from mobile money statements, which actually provided by the customer, and you notice that this customer is literally doing their shopping every day in the evening in Langata, they take their lunch along Langata Road, probably shop at Naivas Supermarket next to Langata Road, literally itself correct. So it's actually able to tell you there is something here that is not adding up. So that's really the beauty of having many sources of data. Remember, in conventional lending what we call traditional data, it was mainly referencing. It is historical and submitted by financial institutions. But now if you have this many sources of data and confirmations coming in from these verification APIs, you can be able to verify most of these aspects.”
Dr. Victor Kiplagat
“Another challenge is ensuring that the lender has the credit scores within three minutes or five minutes, and whether it's a tiny statement, 20 pages, or something with 2000 pages, they're able to make a decision within five minutes. This overall ensures that at some point, we will not even need to have human beings looking at this data. We can be able to automate this data because you can guarantee that the system would have already generated the expected output within one minute and can move on to the next decision.”
Eng. Sammy Kariuki
“ Anybody who is venturing into technology space, be ready to change. Remember our story of how we started by being a lending company, and it's a customer who requested us to do this credit scoring. We were not to get into it. So it was client-led. So I think be more agile. Be willing to try new technologies.”
Dr. Victor Kiplagat
“Listen to who you're targeting, your customers, what they need. And I think that's one of the things that have helped us to innovate and to keep improving on the product. It's not an easy thing to do perfectly, but it really ensures that you are solving real problems and that people find your product to be very useful and adaptable. That's something I would tell any startup or any company that's trying to find its footing and make a difference.”
Eng. Sammy Kariuki
Show Notes
00:00:00 Introduction
00:06:44 Alternative Data in Credit Scoring
00:15:20 Misconceptions About Alternative Data
00:22:24 Financial Inclusion and Success in Credit Decisions
00:25:51 Challenges in Collecting, Processing, and Analyzing Alternative Data
00:28:10 Classification, Security, and Privacy of User Data
00:33:20 AI in Credit Scoring
00:37:00 Open Banking and Data Integration
00:39:36 Adapting Alternative Data for SMEs
00:45:53 The Future of Credit Scoring in Emerging Markets
00:49:11 Expanding Reach and Advice for Fintech Startups
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In this episode recorded on 02.12.2024 and hosted by Ramah Nyang, we are joined by Robert Kibaara - CEO of HF Group as we dive into HF Group's Q3 2024 results and their rights issue.
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Key Quotes
“We have heavily digitized our business… We have 54 journeys and we embarked on enabling customers to be able to consume services of the bank through the digital channels, pretty much as if they would come to the bank. And now I can say 80% of our transactions, as I said earlier, are through digital channels and our banking app has been voted the best banking app in Kenya. Now I can tell you this digitization work has really pulled down our costs by removing manual processes, both in the back office and in the customer-impacting channels. So this will remain a key pillar to our transformation.”
“Branches have an optical value. And I think people feel the confidence of knowing that if I have an issue, my branch is not far away. So that's the first reason. The second reason is branches have become conversation centers. So people use branches less for transactions and more for conversations, especially business customers who like to come, and have a conversation with the relationship managers or relationship managers go to them. And thirdly, branches are also advisory centers where you can be able to advise clients. And then also finally scale. Sometimes people want to see that the company they are banking with also has many branches.”
“Keeping an eye on the cost, focusing on the target sectors that are fast-growing, less risky, and less susceptible to macroeconomic forces, we believe that we can be able to sustain this growth.”
“You should be asking me because I'm one of the smaller investors of the group as a person. Why have I taken up my rights and why have I invested in the company? In fact, I've applied for more shares than my rights. And why is that? I'll say a few things. Number one, HF group the group itself and all its subsidiaries are profitable. And if you just think about the new capital, the new incremental money that is coming, it is coming to power the growth of the business. Now, today, the costs of the business, the establishment costs of the business, what we call overheads are all taken care of. So we are not going to double the technology of the company. We are not going to double the number of staff. So that entire cost is already taken care of. So the marginal or incremental capital that is coming in will power the growth of the business, and it's going to accelerate the growth of the business and the rewards to shareholders are going to be sooner.”
“The reason why I would encourage somebody to invest in this business is just the fact that they can be able to grow with the business as it grows, and in my view, it's a very good opportunity.”
Show Notes
00:00:00 Introduction
00:01:15 HF’s Journey, Diversification, Culture, and Skillset Transition
00:07:13 Revenue Mix, NPLs, Challenges, and Strategy
00:14:47 Affordable Housing
00:16:18 Rights Issue and Dividend Policy
00:21:39 Impact of Govt’s Affordable Housing on HF’s Mortgage Business
00:27:53 Legal Issues in Asset Recovery
00:29:59 Digitization and Branch Expansion
00:36:04 Liquidity Ratios
00:40:12 Insurance Business, Innovation, and Cost of Funds
00:44:32 Future Outlook
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In this episode recorded on 20.11.2024, we are joined by Brent Malahay - Chief Strategy Officer at Equity Group, Willy Mulamba - Ag. Managing Director at Equity BCDC, and Paty-Paterne Mushagalusa - Commercial Director at Equity BCDC to unpack Equity Group's Q3 2024 results and the DRC strategy.
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Key Quotes
“Let me give you four statistics which may give you a sense of the true problem statement of Africa. The first statistic I'll give you is 3%. 3% is the share of wealth that Africa has if you use GDP. The second statistic is 8%, and this is essentially the supply of food net of exports that Africa has. And then importantly, the third statistic is 17%. And this is the share of Africa's population, and the last or the fourth statistic I'll give is 25% and this is the population of Africa by 2050. So the real problem statement for Africa is how we close the gap of the 3% to the 25% by 2050.”
Brent Malahay
“Our subsidiaries, which include DRC contributed 48% to our asset base. DRC contributed a third to the total Group in terms of total assets or balance sheet. In terms of profit before tax, our subsidiaries contributed 53%. And if we just look at the DRC, it contributed also about a third to the Group's profitability.”
Brent Malahay
“Any investors coming from Kenya or any other country in Eastern Africa where it's a bit developed, we can only believe food and agriculture, I think internal transformation can present a quick conversion in terms of opportunities and then returns on any investment.
The other one will be education and health. Kenya has quite an impressive network in terms of schools, in terms of education we believe that industry itself can also present great opportunities for any investor coming. Health as well I think is a critical and basic need in the DRC, specifically in big hubs of which Kinshasa would be number one, and other areas such as Lubumbashi, even Eastern DRC, and Bukavu. This would be, I think, the three or four where you can see a quick low-hanging fruit for conversion into opportunities and in PNL.”
Willy Mulamba
“As a group, we intend to have 100 Million customers by 2030. So maybe not so much 5 years, but call it in the next 7 years, we expect to have a hundred million customers. For us, the focus is more about the customer target than necessarily the number of flags we plant, our map.”
Brent Malahay
Show Notes
00:00:00 Introduction
00:04:34 Equity Group’s Strategy
00:10:04 DRC's Role and Its Economic Potential
00:19:24 The DRC Strategy
00:21:33 Kenya's Economic Landscape
00:25:03 Economic Challenges, Consumer Trends, and Diversification
00:26:01 Opportunities in the DRC
00:28:51 Regional Strategies
00:32:01 Security Concerns in the DRC
00:36:38 Equity Group's Vision and Future Plans
00:41:38 Closing Remarks
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In celebration of Customer Service Week, we partnered with Kenya Airways on a discussion about growing towards customer excellence. Our guest host, Terryanne Chebet, is joined by Julius Thairu - Chief Commercial & Customer Officer at Kenya Airways of Customer Service Week in this episode recorded on 08.10.2024.
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Show Notes
00:00:00 Introduction
00:05:03 KQ’s Customer Service Week Activities
00:06:56 Customer Service Strategy
00:13:27 Improving On Customer Touchpoints
00:21:46 Self-Rebooking Platform
00:24:43 Addressing Customer Challenges
00:32:01 Future Initiatives At KQ
00:39:47 Closing Remarks
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In this episode recorded on 03.10.2024, we are joined by Dr. Brian Lishenga - Founding Chair of Rupha Kenya and Dr. Trizah Tracey John - Ag. Head of Health Financing at the Ministry of Health to discuss the Social Health Insurance Fund.
We cover the transition from NHIF to SHIF, SHIF benefits, NHIF’s weaknesses that SHIF seeks to address, implementation challenges, funding mechanisms, and the claims process.
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Key Quotes
“We have the four main sources, where we have the government sources, we have the health insurance aspect, and we have external funding commonly what we call the donor funding, as well as what the population pay at the site, at the point of service delivery, that is the out of pocket expenditure. So looking at those four elements, the whole principle of health financing is to try and balance those four by making sure we have more government funding, more health insurance, less out-of-pocket expenditure, and less reliance on donor funding so that we have sustainable financing for the country.”
Dr. Trizah Tracy John
“The other key difference is that SHA actually carries three funds whereas NHIF had just one fund, the insurance fund managing the insurance scheme. Under SHA, the authority, that is the Social Health Authority, seeks to manage three funds. And that is the primary health care fund, the Social Health Insurance Fun (SHIF), and the emergency chronic and critical illness fund.”
Dr. Trizah Tracy John
“The issue of fraud is double-sided in the sense that one, it was conveniently used to push back against a genuine request for payment. Number two, it was an issue that required collaboration by rogue providers and some NHIF staff.”
Dr. Brian Lishenga
“One of the things that is obviously clear and the reason for the vigorous debate is that the money available to pay for the benefits is not enough. Even if we tax at 2.75%, we don't think we will raise enough money to pay for the healthcare that Kenyans want.”
Dr. Brian Lishenga
“As a country, we need a blueprint for health. We can't have the cyclic political changes that we see in the health sector, because on average, it takes about 15 years for you to realize any return on investment in any change that you bring into the sector, and we must quarantine the sector from the political happenings. And a blueprint is the only way that can change this, and we will use how much of acreage, maybe a president, a governor or your MP is able to cover in that blueprint as the indicators for success.”
Dr. Tim Theuri
Show Notes
00:00:00 Introduction
00:02:07 Transition from NHIF to SHIF
00:09:25 Healthcare Provider’s Perspective
00:16:49 Fraud Within NHIF
00:20:40 NHIF’s Weaknesses that SHIF Seeks to Address
00:30:32 Implementation Challenges and Patient Experiences
00:37:58 SHIF Benefits
00:45:09 Funding, Claims, and Informal Sector Contributions
00:50:05 Proxy Means Testing
00:52:17 Balancing Benefits and Financial Realities
01:03:12 Concluding Remarks
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In this episode recorded on 19.09.2024, we are joined by Geofrey Mwaura - Head of Refinancing at Kenya Mortgage Refinance Company, Lydia Owuor - Partner at Cliffe Dekker Hofmeyr, Stella Situma - Partner at Cliffe Dekker Hofmeyr, and Beatrice Chege - Head of Mortage at Absa Bank Kenya to discuss common misconceptions about mortgages in Kenya.
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Key Quotes
“A mortgage can typically be obtained through three means, a borrower may be buying an existing house, or you may be buying off plan, or you may be in ownership of an undeveloped piece of land, and then you're borrowing to construct.”
Lydia Owuor
“When you look at the statistics, Kenya's mortgage penetration is less than 2%, in fact, 1.9% as per the last CBK report that was published last month. We’re actually talking about a very big gap in terms of mortgage penetration. Homeownership sits at around 21% in the country compared to other markets where they are up over 70-65% in Eastern Europe where home ownership is quite high. So we have a lot to do.”
Geoffrey Mwaura
“When we started, there was a limitation on income, 150, 000 which moved to 200, 000. But recently, we have removed that income limitation so that we allow more Kenyans to enjoy this program. So as of today, you can access up to 10.5 million with no income restrictions. So if you are earning through employment or you are doing business, you can still access this as long as you are buying a property that is within that 10.5 million for your own occupation.”
GeoffreyMwaura
“What I want to emphasize is that due diligence is key. In circumstances where you're buying, due diligence is key. Due diligence on the registered owner of the property, due diligence on the property itself, and lately the scope of due diligence has expanded. We've seen flooding incidents, and that may require structural due diligence before you acquire such properties. We've seen properties that have been adversely mentioned. We have an ongoing land conversion and migration process, which is a process of tidying up our records. And there are some properties within Nairobi because that's where we still are, which have not been gazetted for conversion. So you need to be proactive, check why your property has not been gazetted for conversion and please deal with those issues. So do not skip due diligence.”
Lydia Owuor
One of the things to look at when you're dealing with such developers is do they have the necessary approvals for the development that they're taking out? And this is where you actually demand to see those documents because you're buying into this and you need to know that you're buying into something that has already been legally recognized by the government. And then also do they have enough money to finish the construction? Where is their source of income? You don't want to be the ones pumping everything and you know with pre-sales the deposits don't come all at the same time. So when people are not paying what happens does the developer stall and just wait for you to pump in the money?”
Beatrice Chege
Show Notes
00:00:00 Introduction
00:02:49 Understanding Mortgages in Kenya
00:04:18 KMRC’s Role in Affordable Housing
00:06:29 Eligibility Criteria and Legal Aspects for Mortgages
00:18:54 Debunking Mortgage Myths
00:23:57 KMRC’s Funding and Impact
00:30:57 Down Payment, Monthly Repayments, and Foreclosure
00:45:08 Income Limits and Mortgage Accessibility
00:48:52 Credit Worthiness and Mortgage Approval Process
00:54:28 Due Diligence, Success Stories, and Market Impact
01:02:02 Mortgage Products and Closing Remarks
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In this episode recorded on 24.09.2024, we are joined by Spiro Kenya CEO, Kaushik Burman, and Deputy Country Manager, Raymond Kitunga, to discuss the impact of Electric Vehicles (EVs) on Kenya's transport sector.
We also cover the African EV market landscape, building the EV ecosystem in Kenya, financing solutions to drive EV adoption, and Spiro’s key products and innovations.
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Key Quotes
“For Spiro, our vision is aligned with what we call SDG goals, sustainable development goals, which means by actually developing affordable and clean mobility accessible infrastructure, we will be in a position to provide this to mass customers, mass consumers so that they feel included, they feel and that leads to a massive amount of compounding in terms of GDP growth, in terms of quality of life, in terms of multiple other factors. So for us, that is the higher purpose which drives us and inspires us to come to work.”
Kaushik Burman
“Now we are deploying fast chargers in Kenya. So wherever you want to go and do a quick fast charge in 15 to 20 minutes, you can fill up, and charge up 30% of your battery. And then we are also giving home charging kits to customers. So people who have access to home charging can just go and charge their batteries through the night.”
Kaushik Burman
“We have developed our own maps. So we don't use Google Maps. We use Spiro maps. Increasingly, you will see that maps will have the energy network footprint, and the number of swap stations. Any boda rider, or even for that matter, if you're a normal consumer, you'll be able to actually see where the swap stations are, where the fast chargers are, and you will increasingly see more and more action happening on Spiro maps.”
Kaushik Burman
Show Notes
00:00:00 Introduction
00:02:25 Spiro’s Journey and Vision
00:05:33 African EV Market Landscape
00:08:16 The EV Revolution
00:11:17 Key Products and Innovations
00:14:59 Building the EV Ecosystem in Kenya
00:20:19 EV vs Fuel-Powered Bikes
00:26:15 Financing Solutions
00:29:46 Regulatory Insights and Future Outlook
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In this episode recorded on 12.09.2024, we are joined by AAR Insurance’s CEO, Justine Kosgei, and Head of Distribution, James Kamau, as we explore affordable and flexible insurance solutions for families and businesses.
We also cover insurance penetration in the country, their ShwAARi product, implementing cloud Infrastructure and digital transformation to enhance service provision, and their partnerships with various stakeholders to provide effective insurance coverage.
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Key Quotes
“There are quite a number of barriers that make insurance not accessible amongst Kenyans. One of them is affordability. For a fact, insurance is expensive compared to some of the other priorities in the household…The other barrier to insurance would be probably the product designs, maybe they're a bit complicated for the ordinary person to understand. And the other would be probably trust.”
James Kamau
“The ShwAARi proposition was all about bringing that simplicity to medical insurance and the product has very unique features. It is a very innovative product. It has what we call a one-limit. Most, in fact, all health insurance products have an aspect of inpatient-outpatient and then quite a number of sub-limits to address other concerns like dental, optical maternity and what have you, pre-existing conditions. So what ShwAARi does is to create a solution that is one limit. It gives you a lot of empowerment because you are able to decide on the limit that you have bought.”
James Kamau
“As a result of having our systems in the cloud, we're able to have platforms that provide services in a paperless and electronic manner. So we have a core platform that supports us, especially on claims. One area of this is our claims. That means that, for our customers, we have used this to ensure that they can access services digitally. Using mobile, you can view your health insurance benefits. Using the mobile, you can go to the hospital and be identified using biometrics. Your fingerprints can be used to access your insurance card, and then you can be given services. Then using the same platform hospitals can submit their claims digitally because the platform connects the hospital systems to our systems and therefore we do not need human intervention or paperwork to do that.”
Justin Kosgei
“Finally, I'd like to just highlight one more thing, which we tested again in partnership with our M-TIBA providers, where we worked with transport sectors Saccos to have an evacuation product because of the huge number of accidents that we have in the country. I think recently we've had a lot of accidents happening. Things that we noticed is that whenever accidents happen, there's a delay in getting emergency help. Normally there's a lot of lives that can be saved within that time frame.”
Justin Kosgei
Show Notes
00:00:00 Introduction
00:05:16 Insurance Penetration
00:08:20 Technological and Innovative Solutions
00:14:25 Affordability and Transparency
00:16:41 Insurance Products for Women and Youth
00:25:06 Microinsurance
00:32:53 Cloud Infrastructure and Digital Transformation
00:34:20 ShwAARi
00:39:18 Restrictive Limits on Dental and Optical
00:45:53 Flexible Solutions for the Underserved Market
00:50:43 Home and Business Insurance Products
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In this episode recorded on 17.09.2024, we are joined by Stanbic Bank’s Asset Management Portfolio Manager Jimmy Karanu, and Head of Asset Management - Christian Mwirigi as we explore wealth creation with Stanbic Asset Management. We also discuss their product offerings, fees, investment allocation, asset classes, and risk management.
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Key Quotes
“With as little as a thousand Kenya shilling, you can be able to partake in our money market offering, and with as little as 100 USD, you are able to partake in the U. S. dollar offering. That is quite intentional because from where we sit we want to equally provide accessibility to these solutions because we believe that's part and parcel of promoting financial inclusion.”
“A money market fund is the safest form of what we call unit trusts that you can partake in. It is designed to ensure that the investments that are contained within that pool are as liquid as possible, are as stable as possible to be able to not only give you a competitive return, but also ensure that your funds are actually readily accessible should you need to access the money.”
“When you look at money market funds, they are designed to minimize risk through something that is called diversification. At the end of the day, the structure of the fund is that, it being a pooled investment, you basically have what you call indirect exposure to multiple asset classes.”
Show Notes
00:00:00 Introduction and Career Journey
0:03:58 Overview of Stanbic Asset Management
00:05:59 Understanding Unit Trusts and Key Players
00:12:23 Product Offerings and Fees
00:17:01 Investment Allocation, Asset Classes, and Risk Management
00:25:07 The Investment Process, and Value Dates
00:29:38 Investing for the Long Term
00:38:02 Future Plans and Diversification
00:44:32 Advice for Young Investors
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In this episode recorded on 06.09.2024, our guest host, Terryanne Chebet, is joined by Grace Vihenda - Manager, Innovation and Sustainability at KenyaAirways to discuss the airline’s sustainability efforts through The Aviation Challenge.
We also cover the economic and social aspects of sustainability, the cost-benefit analysis of sustainability efforts, and engaging passengers in sustainability.
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Key Quotes
“Sustainability really is a philosophy. I would put it like that. It's a philosophy, a way of working and running a business, it's not necessarily the thing that you do on the side. Now let's do sustainability, no, it's actually part and parcel of what the organization does every day and is ingrained in the actual strategy of the company.”
Grace Vihenda
“There are ways that sustainability can help to reduce costs. So in many words, I'm saying it's not really a conflict. It's about how can we be smart enough and strategic enough to make sure that our sustainability initiatives are contributing to profitability as opposed to taking away from profitability. So that can include just having to think out of the box and be creative. And for me, that's the one thing I totally love about my combined role of innovation and sustainability because, on the one hand, we have this and have to drive this creative thinking, yes, this is what we need to do. How can we do it in a way that is actually bringing profit to the company as opposed to taking our profit from the company?”
Grace Vihenda
“When you change the way you look at things, the things you look at change.”
Wayne Dyer
Show Notes
00:00:00 Introduction
00:04:08 Innovation and Sustainability
00:05:49 Economic and Social Aspects of Sustainability
00:08:23 Environmental Initiatives and Upcycling
00:10:06 Sustainable Aviation Fuel and Local Partnerships
00:12:01 The Aviation Challenge (TAC)
00:20:49 Cost-Benefit Analysis of Sustainability Efforts
00:25:30 Tree Planting, Climate Action, and Sustainable Fuel Initiatives
00:29:18 Engaging Passengers in Sustainability
00:30:38 Sustainability vs Profitability
00:34:37 Closing Remarks
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In this episode recorded 15.08.2024, our guest host, Rhina Namsia, is joined by Wilson Wariari - Chief Investments Officer at ArvoCap Asset Managers and Bill Oloo, CFA - Portfolio Manager at Kuza Asset Management on an insightful discussion on understanding unit trusts and their importance as investment tools.
We also explore the risk and return of different unit trust products, the investment decision process, assessing a fund manager’s performance, management fees, and macroeconomic factors affecting unit trusts.
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Key Quotes
“According to the Capital Markets Authority, a unit trust is simply a pool of assets, which have been gathered together based on the contributions of members. And according to the regulations, we have a variety of unit trusts. We have a money market fund. We have an equity fund. We have a fixed-income fund, and at the same time, we have a balanced fund. And if you have to look at the latest statistics around 86% of the funds are domiciled in money market funds and fixed-income funds. And according to the latest statistics we have, at the end of the first quarter of the year, we had around 225 billion shillings in unit trusts.”
“A client wants the highest possible return while taking the most appropriate level of risk, not necessarily the smallest, but the most appropriate level of risk.”
“One should try as much as possible to expose oneself to asset classes whose returns are not necessarily conjoined. By conjoined, they don't necessarily go up together or they don't exactly go down together. So in other words, you need to expose yourself to a basket of security so that at least from a risk perspective, one is effectively covered.”
“One key aspect that would be able to determine whether or not one can be successful from a long-term perspective, just in terms of gathering wealth would be discipline, and the ability to just be goal oriented.
Show Notes
00:00:00 Introduction
00:05:21 Understanding Unit Trusts
00:09:15 Risk and Return
00:13:03 Momentum Fund
00:16:52 Investment Decision Process
00:20:45 Assessing Fund Managers’ Performance
00:23:28 Diversification and Advantages of Unit Trusts
00:30:09 Active Funds vs Passive funds
00:40:41 Investment Decisions in Active Funds
00:48:33 Minimum Investment Amount
00:53:55 Management Fees and Costs
01:00:00 Macroeconomic Factors Affecting Unit Trusts
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In this episode recorded on 22.08.2024, we host NCBA Bank CEO and Kenya Bankers Association Chairman, John Gachora, to discuss the bank’s H1 2024 performance.
We cover the current state of the economy, the acquisition of AIG Kenya, regional subsidiaries and expansion into West Africa, the risk-based pricing model, and the impact of Kenya’s credit rating downgrade.
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Show Notes
00:00:00 Introduction and H1 2024 Performance Highlights
00:02:33 Managing NPLs and the State of the Economy
00:11:24 Regional Subsidiaries and Expansion to West Africa
00:15:52 FX Performance and the Acquisition of AIG Kenya
00:19:32 M&A and Capital Requirements
00:22:49 Risk-Based Pricing Model
00:24:03 Digital Banking Strategy
00:27:49 Dividend Policy
00:29:23 Rising Staff Costs and Strategic Hiring
00:32:41 Mobile and Digital Loan Offerings
00:38:15 Impact of Kenya’s Credit Rating Downgrade
00:40:41 H2 2024 Outlook
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In this episode recorded on 30.07.2024, we explore the challenges and expectations for John Mbadi as Kenya's now Treasury CS, focusing on fiscal strategies, cost-cutting, tax policy, public debt management, and the impact of debt restructuring on financial institutions. The discussion also covers how citizens can hold the government accountable and the importance of transparent and efficient fiscal management.
Our host is Ramah Nyang who is joined by Churchill Ogutu - Economist at IC Group, Stephanie Kimani - Economist, and Ruth Kendagor - Head of Research at The Institute of Public Finance.
This episode is brought to you in partnership with The Institute of Public Finance.
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Key Quotes
“Instead of looking at introducing new taxes and increasing tax rates, I would suggest he focuses on just enhancing the tax collection mechanism, as well as broadening the tax base to increase government revenues. Broadening the government tax base, in this case, is based on the use of digital tax systems just to minimize tax evasion as well as optimize the compliance in overall tax collection and remittance.” - Stephanie Kimani, Economist
“Our tax system has inclined quite significantly on consumption taxes, VAT, and excise tax. Excise tax is meant to be a sin tax. Let it be a sin tax and let's stop the creativity of saying maybe if we include financial services here, we'll get some extra coin. It's a sin tax, let it be a sin tax. Do not impose a fine on other components that are not sins, on issues that affect the day-to-day lives of citizens, issues that make people's lives easier, and issues that make business life easier.” - Ruth Kendagor, Head of Research at the Institute of Public Finance
“When there's a need for budget cuts, it's always the development spend that is cut fast or cut more drastically. This provides the government an opportunity to increase the use of PPPs to fund those large infrastructure projects, which would at the very least help the government in its development agenda.” - Stephanie Kimani, Economist
“What has been happening in the space over the last three, four years, actually even longer than that is, we find that measures that are introduced in the 2023 finance bill have now been reverted in the 2024 finance bill. Measures that were introduced in the 2022 finance bill were reverted in the 2023 finance bill. So predictability really affects business planners. Say, for instance, you are investing in a particular industry in the hotel industry or the hospitality industry and the finance bill 2023 had given you a particular benefit in terms of tax exemptions or subsidized rates for you to put in your investment. Now you look for this good money, billions or millions to invest, and just before you finish constructing your hotel, you haven't even finished it for you to recover anything, the law is changed, and the taxes back up. So really it discourages investors and businesses, and one of the responses we've seen is that a number of businesses have cut back because of the unpredictability of the system.” - Ruth Kendagor, Head of Research at the Institute of Public Finance
“Rescheduling has to happen around reforms. As long as we continue having problems with wastage, for as long as we continue having problems with corruption, and leakage, our rescheduling process will happen, but it will happen in a problematic manner. It will affect citizens because of the extra burden, and any additional cost that comes with it, all the additional pressure will be transferred to citizens. It really will not address the root cause that was meant to be addressed because the whole reason why we want to talk about rescheduling is because we had bad decision-making when we were borrowing debt. And so if these reforms are not put in place, the rescheduling will not really translate much. Finally, rescheduling needs to happen within an environment where there are prospects for economic growth, where you know that we're rescheduling this debt at this particular time, using these resources to invest in this particular area so that we spark growth and the revenues that will be generated from the growth sectors, then you'll be able to pay off that debt.” - Ruth Kendagor, Head of Research at the Institute of Public Finance
Show Notes
00:00:00 Introduction
00:01:37 Top things expected of John Mbadi
00:09:24 What alternatives do Kenyan policymakers have?
00:13:17 Opportunities to cut cost
00:23:55 Unpredictability of tax strategy/laws
00:30:49 Tax cuts
00:40:38 Public debt management
00:44:24 Potential impact of debt restructuring
00:52:06 How can citizens hold the government accountable?
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In this episode recorded on 10.07.2024, our host, Ramah Nyang, is joined by David Rogovic - VP and Senior Credit Officer at Moody’s, Jared Osoro - Economist and Director of Credit Markets at FSD Africa, and Tom Ogada - Programme Assistant at Okoa Uchumi to breakdown Kenya’s debt situation.
We also cover the current fiscal challenges, the diminished capacity for fiscal consolidation, the implication of domestic debt restructuring, Moody's assessment of debt exchange, public debt audit, and the credibility of public data.
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Key Quotes
“We've been talking for a very long time about expanding the tax net. That simply means bringing more people or more economic agents to that tax bracket. The unfortunate reality is that we've been doing so using convenient but not necessarily effective ways and that is leaning more towards indirect taxes consumption-based taxes. We have seen a proliferation of excise duty, and VAT which touches on almost every economic agent. The problem with that is that it may not necessarily lead to the expansion of the tax revenue. In any event, it may actually lead to what you can call a discouraging consumption.”
Jared Osoro, Director of the Credit Markets Program at FSD Africa
“When we think about the key credit challenge for Kenya from Moody's perspective, yes, the debt burden is high, but debt affordability, which we measure as interest to revenue or interest to GDP is really weak, really high interest to revenue ratio. One of the highest among all the sovereigns that we rate. Of the 143 sovereigns rated, it's in the lowest 10, or the bottom 10 sovereigns. And again, without the revenue measures given the current interest rate environment, given the larger fiscal deficits that we're expecting this year, relative to what was expected prior to the cancellation of these tax measures which should imply higher domestic borrowing, debt affordability will worsen even further.”
David, Vice President and Senior Analyst at Moody's Sovereign Risk Group
“If you think about this, the balance between a revenue-based fiscal consolidation versus an expenditure-based fiscal consolidation. The revenue-based one gives us more confidence that the narrowing in the fiscal deficit that we would project for this year would continue for the year after and the year after versus the spending cuts this year. If you agree that they are more temporary in nature, then you would expect at some point spending to rise, and without an equal rise in revenue that means larger fiscal deficits in the future.”
David, Vice President and Senior Analyst at Moody's Sovereign Risk Group
“What we're really looking for is confidence over the fiscal consolidation that limits the deterioration in the debt burden, debt affordability. So whether it's through revenue measures, spending measures, something that gives us confidence that we can comfortably expect to see a narrower fiscal deficit year after year, that's consistent with debt declining or stabilizing at some point in the future that will be really what we're looking for.”
David, Vice President and Senior Analyst at Moody's Sovereign Risk Group
“Let us fix our expenditure and the leakages that we have so that we can see how we can reduce the fiscal deficit that we have because it is what is informing the kind of borrowing and the debt stock that we are seeing.”
Tom Ogada, Programs Assistant at the Civil Society Group, Okoa Uchumi
Show Notes
00:00:00 Introduction
00:02:10 Fiscal Challenges and Debt Restructuring
00:15:06 Public Policy Litigation
00:20:08 Diminished Capacity for Fiscal Consolidation
00:25:40 Market Access
00:27:25 Implication of Domestic Debt Restructuring
00:29:59 Public Debt Audit and Credibility of Public Data
00:40:17 Moody's Assessment of Debt Exchange
00:43:19 Debt Service Costs and Improving Ratings
00:51:44 Final Thoughts
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In this episode recorded on 09.07.2024, we host the Nairobi Securities Exchange (NSE) CEO, Frank Mwiti, for an in-depth conversation on the state of the exchange.
We cover the current state of the securities exchange, market performance in 2024, access to data, listings from the government, the corporate debt market, and his vision for NSE’s future.
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Key Quotes
“Currently, the participation, for example, by retail investors in Kenya is less than 10%. So, you can see that a huge chunk of our market is reliant on institutional capital. And by the way, more than 60 percent of that institutional capital is foreign.”
“Given that we are in a high-interest environment, and my view, I think that is going to persist for quite a while, especially given the activities of the last few weeks in our country. The government is going to, in my view, continue borrowing at fairly elevated levels, the upper teens, which means that banks in all likelihood will continue to lend to the private sector in the mid-twenties. And that's a secure debt now, which means there is opportunity potentially to come to the public market and raise funds at potentially more competitive terms including potentially even raising a hard currency denominated funding through our market.”
“The green bonds, let me call it the larger sustainability ESG agenda, there's more capital looking for opportunities than there are opportunities but the single biggest issue is origination and structuring.”
Show Notes
00:00:00 Introduction
00:05:05 Overview of the NSE
00:09:12 Kenyan Capital Markets
00:12:15 2024 Market Performance
00:20:52 Strategies to Attract Investors
00:35:54 Access to NSE Data and the Earnings Calendar
00:45:43 Listing from the Govt, Tech Companies, and the Impact of AI
00:52:58 The Corporate Bond Market
00:59:56 Cost Of Investing in the NSE
01:05:56 Future Outlook
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In this episode recorded on 11.07.2024, we host the AAR Insurance CEO, Justine Kosgei, for an in-depth conversation on the firm.
We cover the firm’s product offering, insurance penetration in Kenya, affordable health insurance, Social Health Insurance Fund (SHIF), and IFRS 17’s implementation and impact.
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Key Quotes
On insurance penetration:
“Many people don't know how the penetration is calculated. Usually, it's a percentage of total insurance premiums that we have in the industry compared to the GDP. So right now it's below 3%. That is very low compared to other countries such as South Africa. For example, whereas our penetration is 3% as a contribution to the GDP for developed countries and in Africa, places like South Africa, they're talking about 17%. So it means we are very far off. It means that the number of people also that have insurance if you take the number of people who have health insurance in Kenya, or private insurance, is about 2 million. Yet we have 55 million Kenyans in total. Meaning we have over 50 million Kenyans who have no insurance.”
On cultural aspects:
“We have very strong bonds and very strong support systems that sometimes do not encourage people to take insurance.”
On Insurance cost:
“When you have a smaller pool, you, as actuaries or as statisticians, realize that for you to have adequate premiums together for expenses, you have to charge more. But if we have more penetration, then it will be easier to price and create solutions that are more affordable.”
Show Notes
00:00:33 CEO’s Career Journey
00:09:48 Company History
00:15:47 Insurance Penetration
00:26:20 Product Offering
00:31:37 Affordable Health Insurance
00:35:23 Social Health Insurance Fund (SHIF)
00:38:04 Dos and Donts of Insurance Policies
00:40:27 Responsibilities as a CEO
00:43:57 IFRS17
00:48:49 Closing Thoughts
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In this episode recorded on 27.06.2024, our host, Ramah Nyang, is joined by Churchill Ogutu - Economist at IC Group, Stellar Swakei - Senior Research Associate at SIB, Oyoo Wycklife - Council Member at Law Society of Kenya, Nikhil Hira - Partner at Koddy Africa LLP to discuss the legal and economic implications of the Finance Bill 2024's rejection.
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Show Notes
00:00:00 Introduction
00:03:55 Impact on Ability to Raise Cash
00:05:47 Legal Perspective on the Withdrawn Finance Bill
00:15:43 The Appropriation Bill and the President’s Proposal to Cut Spending
00:23:17 LSK’s Update on Persons Arrested During Protests
00:27:46 How Can Kenya Fix the Debt Problem?
00:43:41 Possible Implications of the President’s Recommendations
00:49:32 Spending Cuts
00:56:48 Laying the Foundations for Future Growth
01:03:47 Fiscal Targets in Relation to the IMF Program
01:13:46 Closing Thoughts
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In this episode recorded on 12.06.2024, our guest host and communications expert, Terryanne Chebet, is joined by the Competition Authority of Kenya’s Senior Investigations Officer, Prisca Mwanyale, in a conversation on the various strategies and sanctions CAK employs to unmask cartels.
We also cover CAK’s role, what cartels are, how CAK chooses the industries to investigate, the cost of collusion, penalties, challenges in ensuring compliance in the digital space, and checks that keep CAK from abusing its power.
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Show Notes
00:00:00 Introduction
00:02:03 CAK’s Role
00:07:52 Cartel and Uncovering Them
00:13:52 Choose Industries to Investigate
00:19:01 The Investigation to Enforcement Process
00:22:41 Collusion and Penalties
00:32:11 Compliance in the Digital Space
00:34:20 Anti-Competitive Behavior
00:36:18 Cartel Enforcement in Other Countries
00:40:54 Lessons from Forensic Activities
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In this episode recorded on 10.06.2024, our guest host, Julians Amboko from Nation Media Group, is joined by Stephanie Kimani - Economist, Nicholas Kahiro - Tax Manager, Ruth Mwiti - Tax Consultant, and Stellar Swakei - Economic Analyst for a 2024 pre-budget analysis and a discussion about the Finance Bill.
We cover the performance of the Finance Act 2023, the government's ambitious revenue targets in a depressed economy, the voluntary tax disclosure program, the national tax policy, and expenditure estimates for FY 2024/2025.
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Key Quotes
“From the analysis and observation of where we are currently, I don't believe that the Finance Bill 2024 will be able to raise more than KES 600B and still I do not believe that we will be able to achieve the current fiscal year's revenue target and also the next fiscal year's revenue target.” - Stellar Swakei
“Let's have consistency. Let's have predictability. And with the National Tax Policy out, I will urge the government to make sure going forward, let us anchor our changes or amendments in the tax legislation with the national tax policy.” - Nicholas Kahiro
“The budget reading, in my opinion, will be a non-event. There is not much that will change in terms of the numbers that we've already seen. However, what I would love to come out of the budget reading is the government's commitment. That political goodwill and the political commitment that they will be walking the talk and just assuring Kenyans that we are with you because what I have been feeling in the past couple of months, even through this whole public participation for the finance bill, is that there's a bit of a disconnect from what the government expects or thinks is happening on the ground vis-a-vis the reality.” - Stephanie Kimani
“There are laws currently that have been made or developed to collect taxes, the income tax, the excise duty act, the VAT act, and in terms of administration, the Tax Procedures Act. My view is that we don't need to keep on changing the law to increase revenue. I am of the view that if these laws, the way they are, are implemented, the government can achieve the tax that it is looking for.” - Ruth Mwiti
Show Notes
00:00:00 Introduction
00:02:58 State Of The Economy and Finance Act 2023 Performance
00:07:01 Supplementary Budget II
00:19:58 Direct vs Indirect Taxes
00:28:00 Govt’s Ambitious Revenue Targets
00:34:58 FY 24/25 Expenditure Estimates and Fiscal Consolidation
00:42:27 The National Tax Policy
00:55:01 Deficits in the FY 24/25 Budget
01:00:40 The Voluntary Tax Disclosure Program and Tax Amnesty
01:05:46 Closing Remarks
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In this episode recorded on 23.05.2024, our guest host, Ramah Nyang from Bloomberg Africa is joined by Stellar Swakei - Senior Research Associate at SIB, Kigen Kiplimo - Head of Policy Research at KNCCI, Zach Munyi - Head of Public Policy at EABL, and Job Wanjohi - Head of Policy Research at KAM to unpack the Finance Bill 2024.
We cover policy changes that stand out, the impact of the tax proposals on financial services, motor vehicle circulation tax, infrastructure bonds, and engagement by National Treasury with industry players.
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Show Notes
00:00:00 Introduction
00:01:45 Standout Policy Changes
00:05:47 Impact on Financial Services
00:21:00 Concerns from KNCCI
00:25:19 Motor vehicle circulation tax
00:38:28 Tax on Infrastructure Bonds
00:43:30 Policy Proposals by KNCCI
00:45:49 Proposals by KAM
00:51:36 EABL Proposals
01:01:59 Engagement with National Treasury
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In this episode recorded on 15.05.2024, we are joined by our guest tax experts Ruth Mwiti, Ernest Muriu, and Karambu Muthaura to unpack the Finance Bill 2024.
We cover the proposed changes to the Income Tax Act, taxation of infrastructure bonds, motor vehicle circulation tax, VAT, pension and retirement benefits, excise duty, and changes to the Tax Procedures Act.
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Show Notes
00:00:00 Introduction
00:00:48 Overview of the Finance Bill 2024
00:05:51 Proposed Changes in the Income Tax Act
00:15:39 Motor Vehicle Tax
00:24:03 VAT
00:32:21 Pension, Retirement Benefits, and Excise Duty
00:47:55 Changes to the Tax Procedures Act
00:58:54 Amendments to the Employment Income
01:03:14 Is KRA Exempted From The Data Protection Act?
01:04:54 Infrastructure Bonds and Eco-Taxes
01:09:59 Closing Thoughts
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In this episode recorded on 30.05.2024, we host Kuza Asset Management’s CEO, James Mose, CFA, on the firm’s journey to achieving KES 1B in assets under management.
We also cover the firm’s key products, financial literacy training, asset classes they are invested in, regulation, fundraising, and long-term view.
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Show Notes
00:00:00 Introduction
00:01:57 Role of Chief Investment Officer
00:03:13 Kuza’s Journey and Key Products
00:17:01 Journey Into Asset Management
00;23:35 Value Proposition
00:28:12 Regulation by CMA and RBA
00:32:46 Financial Literacy Training
00:34:09 Asset Classes
00:36:36 Working Capital, Management Fees, and Fundraising
00:40:12 Longterm View
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In this episode recorded on 14.05.2024, we host Nahashon Mungai - Executive Director, Global Markets at Standard Investment Bank to better understand SIB and its product, Mansa-X.
We also cover its regulation, the Kenya shilling and USD funds, risk management, management fees, and taxation.
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Show Notes
00:00:00 Introduction
00:01:43 SIB’s Business Model
00:06:41 Mansa-X
00:10:45 Regulation
00:11:51 KES and USD Fund
00:13:17 Custodian, Trustees, Diversification, and Liquidity
00:21:10 Financial Instruments and Tools
00:28:11 Management Fees and Risk Management
00:32:11 Lock-In Period and the Compounding Effect
00:38:53 Risk of Losing Initial Capital
00:45:13 Competition, Huddle Rates, and Taxation
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In this episode recorded on 09.05.2024, we are joined by the Competition Authority of Kenya’s Cecilia Kyenze - Senior Analyst, Policy and Research and Ninette Mwarania - Manager, Policy and Research to discuss the institution's role in enhancing consumer experience with online food delivery platforms.
We also cover regulating online food and grocery delivery marketplaces, the duration of market inquiries, handling consumer complaints, enhancing consumer experience, and addressing consumer data concerns.
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Show Notes
00:00:00 Introduction
00:01:29 CAK’s Mandate
00:05:59 Market Inquiries
00:10:26 Prioritization and Duration of Market Inquiries
00:12:22 Inquiry Into Online Food And Grocery Delivery Platforms
00:22:43 After a Market Inquiry
00:26:05 Handling Complaints and Enhancing Consumer Experience
00:30:13 Addressing Consumer Data Concerns
00:32:03 Regulating Online Food and Grocery Delivery Marketplaces
00:33:01 Conclusions, Recommendations, and Takeaways
00:39:13 Closing Remarks
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In this episode recorded on 13.03.2024, our guest host, Victoria Rubadiri, is joined by Risper Alaro - Group Finance Director at Centum Investment, Sheilah Birgen - Director at Digital Cooperation Organization, and Mercy Kimani - Managing Director at Dale Carnegie Kenya on a conversation about investing in women.
We also cover the differences women make in organizations, overcoming gender bias at the workplace, empowering women, and skills to better equip women.
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Show Notes
00:00:00 Introduction
00:14:18 Differences Women Make in Organizations
00:19:04 Overcoming Gender Bias at the Workplace
00:22:22 Empowering Women
00:25:50 Navigating Relationships With Men at The Workplace
00:29:45 Skills to Better Equip Women
00:33:41 Unconscious Bias Among Investors When Dealing With Women-Led Ventures
00:37:41 Lifting Women Through Leadership Ranks
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In this episode recorded on 11.04.2024, our guest host, Rhina Namsia, is joined by Kenya Mortgage Refinance Company (KMRC)’s Finance Manager - Erick Kimanzi Wambua, and Head of Internal Audit - Olive Gitau on a discussion about the path to affordable home ownership.
We also cover KMRC’s business model, KMRC’s rates vs bank rates, initiatives in the informal sector, and the impact of the housing levy on affordable housing.
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Show Notes
00:00:00 Introduction
00:00:53 Affordable Home Ownership and Challenges
00:05:20 KMRC’s Business Model and Facilitating Affordable Housing
00:11:00 Household Income and Loan Limits
00:13:09 Informal Sector Initiatives
00:21:34 Risk-Sharing Facilities, Mortgages, and KMRC Rates vs Bank Rates
00:30:08 Innovative solutions that KMRC has come up with
00:35:49 Subprime Mortgages and Future Outlook
00:41:16 FX Exposure and the Housing Levy Impact
00:47:39 Success Stories
00:52:46 Closing Remarks
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In this episode recorded on 26.03.2024, we host Lawrence Kimathi, Group Director Finance - KCB, as we break down the bank’s 2023 financial performance.
We also cover NBK’s sale, subsidiary performance, dividends, the G2G oil deal, and the bank’s 2024 outlook.
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Show Notes
00:00:00 Introduction
00:03:00 Local vs Multinational Banks
00:04:00 FY23 Results Overview
00:07:54 Customer Deposits, Gross Loans, and NPLs
00:18:35 NBK
00:23:10 Interest Income vs Interest Expense
00:26:18 Cost to Income Ratio and Subsidiary Performance
00:33:56 Capex and Dividends
00:36:27 The G2G Oil Deal
00:38:59 Outlook for 2024
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In this episode recorded on 25.03.2024, we host Kihara Maina - Regional CEO and Billy Ng'etich - Acting CFO from I&M Group as we break down I&M Group’s 2023 financial performance.
We also cover interest income trends in a rising interest rate environment, monetizing digital transactions, risk-based pricing model, unlocking shareholder value, and subsidiary performance.
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Show Notes
00:00:00 Introduction
00:01:04 Overview of FY 23 Results
00:01:47 Interest Income vs Interest Expense
00:03:00 Non-Funded Income, NPLs, and Interest Income Trends
00:09:02 Bottom Line, ROE, and Investments
00:16:31 Lending Rate and Risk-Based Pricing Model
00:20:27 Strategy, Positioning, and Products
00:23:46 Dividend Payout Ratio and SLLR
00:28:46 Acquisition by East Africa Growth Holding
00:29:26 Unlocking Shareholder Value and Subsidiary Performance
00:32:51 Monetizing Digital Transactions and G2G Transactions
00:37:29 2024 Outlook
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In this episode recorded on 19.03.2024, we host Yusuf Omari - Finance Director, Absa Bank Kenya, to deep-dive into the bank's FY 2023 results.
We also cover FX depreciation, exposure to government securities, risk-based pricing model, the cost of risk, and mark-to-market losses.
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Show Notes
00:00:00 Introduction
00:01:23 Overview of the FY 2023 Results
00:03:24 FX Depreciation and Exposure to Government Securities
00:07:13 NPLs and Preference for Short-Term Lending
00:10:56 Customer Deposits, Loan Uptake, and the IFB
00:18:55 Cost of Risk and the Cost-to-Income Ratio
00:25:19 CAPEX and Dividends
00:27:44 Non-Funded Income, Insurance, and Asset Management
00:32:08 Loan-To-Deposit Ratio and Mark-To-Market Losses
00:34:19 Interest Expense, FX Outlook, and Risk-Based Pricing
00:40:48 Longterm Plans, M&A, and Key Takeaways
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In this episode recorded on 29.02.2024, we host Nankunda Katangaza - Co-founder and Director, Hook Tangaza, John Kamau - Associate Director Financial Crime Advisory, PwC EA, and Titus Kariuki Senior Manager Financial Crime Advisory, PwC EA to unpack the repercussions of Kenya's greylisting by The Financial Action Task Force (FATF).
We also cover the issues Kenya needs to address to get off the grey list, measures to protect against financial crime, cryptocurrency as an attractive channel for illicit funds, and enhancing compliance.
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Show Notes
00:00:00 Introduction
00:04:41 FATF, AML, and CFT
00:07:33 Implications of Being on the Grey List
00:25:13 Issues to Address to Get Off the Grey List
00:36:50 Challenges in Reporting Suspicious Transactions
00:42:52 Enhancing Compliance
00:59:07 LSK’s Contribution Towards Getting Kenya Off the Grey List
01:04:04 Cryptocurrency as an Attractive Channel for Illicit Funds
01:07:18 Protecting Against Financial Crime
01:13:54 Closing Remarks
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In this episode recorded on 06.03.2024, we host Dennis Musau - Chief Finance & Value Officer, Stanbic Bank to delve into the bank's FY 2023 earnings results.
We also cover the loan book, NPLs, participation in the G2G program, the impact of Kenya’s graylisting by FATF, dollar access in the market, SBG Securities’ performance, dividends, and share buybacks.
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Show Notes
00:00:00 Introductoin
00:06:46 2023 Performance Overview
00:10:04 Loan Book and Non-Performing Loans
00:22:44 Interest Income, Investment In Gov’t Securities, and Non-Funded Income
00:30:02 The G2G Program
00:32:18 Statutory Loan Loss Reserve, Dividends, and Share Buy Backs
00:37:55 South Sudan Subsidiary’s Performance, M&A, and SBG Securities
00:42:11 Exposure in the Tea Sector
00:43:58 FATF Graylisting, Dollar Access, and Eurobond Repayment
00:53:21 Impact of Depreciating Currency on Tier-One Banks
00:57:14 Outlook, Strategy, and Closing Thoughts
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In this episode recorded on 14.02.2024 and hosted by Ramah Nyang - Business Journalist, Bloomberg, we are joined by Julians Amboko - Business Journalist, Nation Media Group and Churchill Ogutu - Economist, IC Group to discuss Kenya's recent Eurobond issuance and buyback.
We also cover borrowing from the domestic market vs the international market, issuing Eurobonds at a fixed vs floating rate, and expectations from the Finance Act and Finance Bill 2024.
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Show Notes
00:00:00 Introduction
00:05:13 Cross-Default
00:08:20 2031 Eurobond Issuance and the 2024 Eurobond Buyback
00:11:03 Alternatives for Settling the 2024 Eurobond
00:16:52 Domestic vs International Markets
00:21:38 Pricing of the 2031 Eurobond
00:28:11 Expectations from the Finance Act And Finance Bill 2024
00:30:30 Fixed vs Floating Rates and the FX Market
00:40:33 Ammortizing Feature
00:42:27 Longer-Term Eurobonds from Frontier Markets
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In this episode recorded on 08.02.2024, we are joined by Toddy Thairu - Director and Lead Consultant, Astute Consulting and Zach Munyi - Head of Public Policy, East African Breweries PLC for a discussion about the implications of the 2023 Finance Act amendments on excise duty.
We also cover how Kenya compares to the rest of the East African region, excise duty changes in the Finance Act 2023, and the impact of stamp and excise duty on EABL’s financial performance.
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Show Notes
00:00:00 Introduction
00:01:00 Excise Duty and its Traditional Intention
00:03:50 Kenya vs East Africa
00:04:46 How has Excise Duty impacted EABL?
00:06:49 Excise Duty Changes in the Finance Act 2023
00:30:52 Impact of Stamp and Excise Duty on EABL’s Performance
00:32:54 Medium-Term Revenue Strategy
00:42:10 Minimizing the Impact of Excise Duty
00:45:37 Closing Remarks
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In this episode recorded on 22.01.2024, we are joined by Churchill Ogutu - Economist, IC Group and Julians Amboko - Business Journalist, Nation Media Group for a discussion on the latest IMF report on Kenya.
We also cover the Medium-Term Revenue Strategy (MTRS), broadening the tax base, currency depreciation, and Eurobonds.
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Show Notes
00:00:00 Introduction
00:02:26 Why Does Kenya Need the IMF?
00:05:09 Takeaways From IMF’s Sixth Review Report
00:12:15 Medium-Term Revenue Strategy and the Finance Act 2024
00:17:24 Augmentation of Existing IMF Programs
00:23:47 Extended Credit Facility (ECF) Extended Fund Facility (EFF), And Resilience And Sustainability Facility (RSF
00:26:03 Broadening The Tax Base and Fiscal Consolidation
00:36:52 Treasury Single Account, Appropriation Bill, and Appropriation Act
00:41:16 Currency Depreciation and Special Drawing Rights
00:53:32 Consumption Tax, Refinancing, and Eurobonds
01:02:38 Closing Thoughts
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In this episode recorded on 19.12.2023, we are joined by the Kenya Power team of Rosemary Oduor - GM, Commercial Services & Sales and Raphael Ndolo - Ag. GM, Network Management to better understand Kenya's electricity value chain.
We also cover electricity generation, power demand, blackouts, IPPs, compensation for damage, and carbon trading.
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Show Notes
00:00:00 Introduction
00:07:06 The Electricity Value Chain
00:09:38 Electricity Generation, Power Demand, and Reserve Capacity
00:22:20 Blackouts and Grid Connections
00:28:34 IPPs
00:36:50 Independent Businesses Selling The Excess Power
00:42:56 Power Transmission
00:46:48 Compensation for Damage by Power Surges
00:49:09 Dispatch Merit Order
00:53:26 SLAs
00:56:58 N-1 Contingency, Power Storage, and Load Shedding
01:08:18 Optimal Power, Energy Insecurity, and Carbon Trading
01:19:27 Closing Thoughts
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In this episode recorded on 20.12.2023, we are joined by Dr. Priscilla Njako - Manager - Competition Authority of Kenya (CAK), Willy Kimani - Director, RETRAK Kenya, and Ishmail Bett - CEO, Association of Kenya Suppliers for an in-depth discussion on buyer power and its potential abuse.
We also cover the role of the Competition Authority of Kenya, the recent KES 1.1B penalty meted out to Carrefour, the sanctity of contracts, and retail trade dispute settlement.
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Show Notes
00:00:00 Introduction
00:02:17 CAK’s Role and Buyer Power
00:08:32 Retail Space in Kenya
00:14:52 Association of Kenya Suppliers
00:17:02 Determination of Buyer Power and its Abuse
00:27:12 Sanctity of Contracts
00:33:48 Dispute Settlement, the Competition Tribunal, and the Carrefour Case
00:54:02 Settlements with CAK and the Carrefour Penalty
01:10:37 Beyond The Penalty
01:18:09 Options Available to an Offending Party
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In this episode recorded on 30.11.2023, we are joined by Ronak Gadhia, Managing Director, Banks at EFG Hermes Kenya, as we take a deep dive into the Kenyan Banks' Q3 2023 results.
We also cover the Kenyan debt situation, subsidiary performance, dividend expectations, and the creation of bad banks to deal with non-performing loans.
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Show Notes
00:00:00 Introduction
00:01:00 Banks’ Q3 2023 Performance
00:06:49 Kenyan Debt
00:10:33 Loan Books, NPLs, and Provisions
00:21:47 Subsidiaries, Acquisitions, and OpEx
00:29:40 Non-Funded Income
00:37:22 Quality of Earnings for Stanbic And StanChart
00:43:42 Dividend Expectations
00:47:07 Good Bank, Bad Bank
00:50:50 NPL Management and Tier 1 Capital
00:51:52 Q4 and Full-Year Outlook
00:58:47 Closing Thoughts
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In this episode recorded on 22.11.2023 and hosted by Joe Mwaniki, we are joined by Ernest Muriu - Audit Partner, Ernest & Martin Associates and Hakamba Wangwe - Chief Manager eTIMS, KRA for a conversation on the implications of the mandatory eTIMS registration.
We also cover turnover tax registration, exemptions from electronic tax invoices, implications of failing to onboard on eTIMS, and capacity building for KRA staff.
Below are some nuggets from the podcast:
“If you are working in an environment where you have business-to-business transactions, and if you do not comply, then you become another person's inconvenience. Probably that other person will feel uncomfortable doing business with you because it means then if they do business with you, that's an expenditure or transaction that they cannot be able to account for in their income tax returns.”
“We have provisions for determining when the tax point is, especially for VAT purposes. The tax point is when you either issue an invoice, receive payment, whether fully or partially, whether you've completed the service, or whether you've received a certificate of completion, if you're thinking of maybe a construction service, then whichever comes earlier, that's when you're supposed to declare that invoice. If it takes long to be paid, the law says, once you complete the service, then that's when the tax point applies. And that's when you need to declare it.
“If you are making sales amounting to 5 million in a year, then you are required to register for VAT purposes…For TOT, the turnover tax, your sales should be between Kshs 1 Million and Kshs 25 Million. The rate is 3 percent for turnover tax. It's supposed to be paid based on the total turnover for the previous month multiplied by 3%. That's what you declare in your turnover tax return by the 20th of the next month.”
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Show Notes
00:00:00 Introduction
00:03:19 What is eTtims?
00:11:12 eTIMS Solutions for Various Taxpayers
00:18:33 Implications of Failing to Onboard on eTIMS
00:25:52 Generating an Electronic Tax Invoice
00:31:43 Other eTIMS Functionalities and Non-VAT Invoices
00:40:13 VAT and Turnover Tax Registration
00:46:52 Exemptions
00:58:17 Compliance Rates and Lessons From TIMS
01:03:02 Trade Facilitation and Capacity Building
01:11:43 Tax Compliance and Small Businesses
01:15:30 Closing Thoughts
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In this episode recorded on 10.08.2023, we are joined by Tim Staermose - Founder, African Lions Fund as we explore investing in equities in Tanzania. We discuss the structure of the Tanzanian market, finding investors, moving funds across jurisdictions, and the Africa Lions Fund’s performance.
Below are some nuggets from the podcast:
“The beauty of funds management is that it is very scalable. Those fixed costs don't rise commensurately with the assets under management, they might rise a little bit, but certainly not at the same pace. You might be able to grow your fund 10 or 20-fold before your fixed costs double in many cases.”
“I'm a value investor but what I'm looking for primarily is, good, solid businesses run by honest and competent people. That's number one. And then I'm trying to buy them also at valuations low enough that I think that there's a potential for the valuations to double. So those are the things that attract me, high returns on equity, and competent and honest management.”
“In terms of which markets to be bullish on and which to avoid, there's two factors at work there. There's the fundamentals, and then there's also the valuation. So at what point in the cycle is the economy and the credit cycle and so on? That's important. I like to go to places that are not near the top of the cycle. Where there are some problems, the economy is either bottoming out or turning. But then also the valuations. It's no use going in somewhere where valuations are still very high. So you need both things working together.”
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Show Notes
00:00:00 Introduction
00:03:23 Investing In Tanzania and Investment Philosophy
00:13:49 Setting Up A Fund In Tax-Neutral Jurisdictions
00:18:24 Structure and Risks in the Tanzanian Market
00:31:08 Investment Criteria
00:35:02 AUM and Costs of Running Sustainable Equity Fund
00:42:41 Activism vs Exiting a Position
00:49:02 Succession Planning, Lock-in Periods, and Allocation
00:53:08 Searching for Data In Africa
00:56:20 Dividend Payments and the Depreciating Shilling
01:04:20 Moving Funds Across Jurisdictions
01:07:25 Macro Perspectives and Undervalued Stocks in the NSE
01:10:48 Tanzanian Banks
01:16:55 Africa Lions Fund’s Performance
01:19:01 Closing Thoughts And Reflections
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In this episode recorded on 17.08.2023, we are joined by James Muraguri - CEO, Institute of Public Finance as we seek to understand Kenya's budget-making process and how to participate in it.
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Show Notes
00:00:00 Introduction
00:02:14 Institute of Public Finance
00:05:45 Overview of the Budget Process
00:23:15 Is The Budget Process Short-Term Oriented?
00:31:42 Tools to Help Citizens Understand And Participate in the Process
00:36:33 Tokenistic Approach to Public Participation
00:39: 41 Macro Outlook
00:42:51 Supplementary Budget
0:44:00 Need for Accountability at the County Level
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In this episode recorded on 28.11.2023, our guest host, Mark Masai, is joined by Florence Nyokabi - MD Human Resources, Stanchart West Africa and Oscar Nganga - Enterprise Sales Manager, SeamlessHR (East Africa) in a conversation on how you can attract the best talent.
We also cover the value of seeking talent globally, automation in recruitment, legal and regulatory challenges in international recruitment, and emerging trends in cross-border recruitment.
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Show Notes
00:00:00 Introduction
00:02:09 Value of Seeking Talent Globally
00:04:39 How SeamlessHR Eases Global Talent Recruitment
00:08:00 Securing Employment In Global Organizations
00:11:07 Automation and the Human Element In Recruitment
00:14:46 Legal Considerations In International Recruitment
00:22:40 Bias In AI
00:26:24 Navigating The Relocation Process
00:34:30 Key Metrics in Data-Driven Hiring Strategies
00:36:26 Dos and Don’ts as a Global Talent or Recruiter
00:42:01 Emerging Trends In Cross-Border Recruitment
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In this episode recorded on 09.11.2023, our guest host, Ramah Nyang, is joined by Wangari Muikia - MD, Expertise Global and Johnson Nderi - Corporate Finance and Advisory Manager, ABC Capital to talk about the state of the Kenyan Economy.
We also discuss planning for 2024, public debt, buying back the 2024 Eurobond and the huge debt service.
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Show Notes
00:00:00 Introduction
00:01:57 Macroeconomic Assumptions in Planning for 2024
00:08:43 Predictable Tax Framework
00:13:08 Public Debt
00:23:11 Eurobond Repayment Extension
00:26:13 2024 Perspective
00:29:15 2024 Eurobond Buyback
00:45:11 Huge Debt Service
00:54:40 Making Equities More Attractive
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In this episode recorded on 13.09.2023, we host Eric Musau - Executive Director, Research at Standard Investment Bank and Ronak Gadhia - Managing Director at EFG Hermes Kenya to dissect Kenyan banks' H1 2023 earnings.
We also cover the banks’ non-performing loans, the forex market, and the future outlook.
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Show Notes
00:00:00 Introduction
00:01:56 High-Level Thoughts on the Results
00:06:20 Loan Books
00:10:18 NPLS
00:24:06 International vs Local Banks
00:29:57 FX Market and Gov’t Securities
00:34:25 Capital Allocation
00:39:43 Eurobond, Credit Rating, and Outlook
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In this episode recorded on 28.09.2023, our guest host, Phares Kariuki - Pure Infrastructure CEO, is joined by Moses Kemibaro - Dotsavvy Founder and CEO, Tim Kipchumba - Questworks Co-Founder, and Kennedy Kachwanya - kachwanya.com Tech Mega Trend Analyst on a conversation about the current startup landscape in Kenya.
We also cover the trajectory of startups in the last two decades, raising money vs generating revenues, building beyond the media hype, and cash-conscious marketing strategies.
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Show Notes
00:00:00 Introduction
00:02:31 Trajectory over the Last Two Decades
00:18:13 Raising Money vs Generating Revenues
00:24:41 Disconnect Between Funding and a Good Investment
00:28:08 The Storytelling Problem
00:42:08 Bad Investments vs Bad Markets
00:54:16 Building Beyond the Media Hype
01:05:25 Challenges in the Fundraising Market
01:15:33 Cash-Conscious Marketing Strategies
01:23:25 Building Resilient Businesses
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In this episode recorded on 03.08.2023, we host Nanjira Sambuli - Fellow, Carnegie Endowment for International Peace, Bright Mawudor - Founder, AfricaHackOn, and Tyrus Kamau - a cybersecurity consultant to explore Kenya's cybersecurity posture.
We also cover the recent DDoS attacks that paralyzed critical infrastructure, the role of various institutions in cybersecurity, and the basic steps individuals should take in protecting themselves against cyber attacks.
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Show Notes
00:00:00 Introduction
00:01:00 Is Kenya Ready?
00:09:48 DDoS Attacks and Paralyzed Critical Infrastructure
00:22:54 Availablity of Tech Talent
00:32:40 Securing Government Infrastructure
00:36:40 Legislature’s Role
00:45:44 Way Forward for Kenya
00:51:10 Recommendations for the Private Sector
01:01:17 Media’s Role
01:07:59 Steps In Protecting Against Cybersecurity Threats
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In this episode recorded on 05.09.2023 and hosted by Rhina Namsia, we are joined by Tom Coleman - Informa Markets’ Exhibition Director and Cynthia Makarutse - Informa Markets’ Conference Director on a discussion about Medic East Africa, redefining healthcare delivery in the region, and the upcoming Healthcare East Africa 2.0 Summit.
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Show Notes
00:00:00 Introduction
00:02:36 East Africa’s Healthcare Overview
00:04:17 Technology and Emerging Trends
00:07:07 The Healthcare East Africa 2.0 Summit
00:10:45 What to Look Forward to
00:12:57 Informa Markets’ Role
00:15:47 Summit Details
00:18:01 Advice for Those Joining Healthcare
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In this episode recorded on 28.07.2023, we host the Centum Group CEO, Dr. James Mworia, to discuss the Group’s FY 2023 results. We also cover capital allocation, the Two Rivers’ pivot, payroll lending through Jafari, and opportunities in the current economic environment.
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Show Notes
00:00:00 Introduction
00:00:49 ESG Report
00:02:03 Centum’s Businesses
00:07:18 2023 Financial Performance
00:10:14 Two Rivers’ Pivot
00:15:29 FY ‘22 Financial Statements Restatement
00:23:24 Dividends and Share Buybacks
00:28:31 Payroll Lending, NPLs, and the Finance Act
00:40:07 Current Focus
00:46:30 Opportunities in the Current Environment
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In this episode recorded on 21.06.2023, we host Dorcas Mugambi, the Head of Trade Finance at Co-operative Bank, to discuss the business financing solutions that the bank offers, requirements to qualify for trade financing, challenges faced in accessing financing, and the sectors that the bank covers.
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Show Notes
00:00:00 Introduction
00:04:19 Trade Financing Solutions
00:12:07 Export/Import Business Solutions
00:17:38 Challenges Accessing Trade Financing
00:25:06 Banking Right
00:30:02 Sectors Covered
00:36:28 Collateral
00:39:32 Default Rates
00:44:09 Financing Requirements
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In this episode recorded on 04.05.2023, we hosted the WPP-Scangroup CEO, Patricia Ithau, to discuss her career journey and the lessons she has picked.
We also covered WPP-Scangroup’s business model and performance, sourcing new clients, measuring campaign performance, and staying relevant in the age of social influencers.
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Show Notes
00:58:00 Career Journey and Lessons Learned
00:16:49 WPP-Scangroup’s Business Model
00:22:57 Market Share, Competition, and Sourcing New Clients
00:26:04 Measuring Metrics
00:30:58 Company Performance and Areas Of Growth
00:39:48 Analysis Paralysis and the Plan for W. African Markets
00:44:54 Influencers Value
00:47:05 Brand-Defining Categories
00:50:52 Staying Relevant in the Age of Social Influencers
00:57:34 Thoughts on Share Buybacks and Delisting
01:04:03 Advice to Young People and Closing Thoughts
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In this episode, we host Lawrence Kimathi, Kenya Commercial Bank’s Group CFO, to discuss the Group’s Q1 2023 financial results. We cover the 98% increase in loan loss provisions, deceleration in investment in government securities, the performance of the Group’s subsidiaries, and the Group’s Q2 outlook.
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Show Notes
00:00:00 Highlights
00:01:08 Loan Loss Provisions
00:02:58 Non-Performing Loans
00:05:21 Investment in Government Securities
00:06:54 Risk-Based Pricing
00:07:19 Performance of Subsidiaries
00:08:36 Statutory Loan Loss Reserves
00:09:41 NBK and Q2 Outlook
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In this episode recorded on 20.04.2023, we hosted Jackson Muli, the principal officer at Kenya Orient Life Assurance, to discuss the company’s business and future prospects.
We also covered the basics of insurance and assurance, the implementation of the new NSSF Act, the impact of IFRS 17 on the insurance business, and investments.
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Show Notes
00:00:00 Introduction
00:01:30 Insurance vs Assurance
00:05:39 Insurance Industry Players
00:12:53 Growth Strategy
00:15:12 Jackson’s Career Journey
00:17:21 Challenges and Opportunities
00:28:20 NSSF Act Implementation
00:35:30 IFRS 17's Impact
00:38:58 Claims Settlement and Eligibility for Cover
00:46:10 Getting into the Insurance Industry
00:47:28 Revenue Generation and Investments
00:53:41 Future Outlook and Closing Thoughts
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In this episode recorded on 27.04.2023, we host Mark Bohlund, Senior Credit Research Analyst at REDD Intelligence, to discuss Kenya's rising Eurobond yields and the impact on Kenya's bid to raise a Eurobond next year.
We also cover the sell-off in the market, the likelihood of defaulting on the upcoming Eurobond payment, and strategies for managing maturing Eurobonds.
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Show Notes
00:00:00 Introduction
00:02:54 Eurobonds
00:05:09 Taping into The Eurobond Market
00:06:21 Rising Yields on the Kenya Eurobond
00:09:55 Drivers for Market Sell-Off
00:11:28 Managing Maturing Eurobonds
00:18:47 Likelihood Of Default
00:24:16 Challenges in Borrowing in the Domestic Market
00:30:39 Tanzania Getting into the Bond Market
00:38:53 Uganda's Domestic Market
00:43:41 Closing Thoughts
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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
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In this episode recorded on 23.02.2023, we are joined by Wambui Mbarire - RETRAK Kenya CEO, Job Wanjohi - KAM Head of Policy Research and Advocacy, Robert Waruiru - ICHIBAN Tax Advisory Founder, and Frida Mbugua - EABL Head of Public Policy. we discuss the impact of rising excise duties.
We cover the origin of excise duty, why KRA is falling short on excise stamp sales, the importance of tax regime predictability, and public participation in tax proposals.
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Show Notes
00:00:00 Introduction
00:06:07 Excise Duty, Origin, and Importance
00:15:55 Why Is KRA Falling Short On Excise Stamp Sales?
00:22:02 Impact of Increasing Stamp Prices on Retailers
00:28:22 Handling Public Tax Proposals
00:33:25 Tax Regime Predictability
00:36:28 Impact On Farmers, Health, and Citizens’ Wellbeing
00:51:15 Inflation Adjustment and Public Participation
00:58:42 Closing Thoughts
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In this episode recorded on 06.03.2023, we host the East African Breweries PLC Group Chief Financial Officer Risper Ohaga to discuss the journey to becoming a CFO. We cover what makes a successful CFO, mentors, getting the right team, and handling uncertainties.
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Show Notes
00:00:00 Risper’s Career Journey
00:20:21 CFO vs CEO Role
00:22:56 What Makes a Successful CFO?
00:24:18 Getting the Right Team
00:29:48 Corporate culture in Various Countries
00:32:05 Book Recommendations and Personal Interests
00:36:21 The Kenyan Economy
00:37:49 Handling Uncertainties
00:42:12 Mentors, Staying Knowledgeable, and Closing Thoughts
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In this episode hosted by Joy Doreen Biira, we are joined by Ade Yesufu and Maisam Rattansi from Middle East Energy to discuss East Africa's energy transition. We talk about the uptake of renewable energy solutions in the region, sustainability, and the Middle East Energy 2023 conference in Dubai that brought together energy leaders and experts to debate and shape the future of energy.
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Show Notes
00:00:00 Introduction
00:04:50 Uptake of Renewable Energy in East Africa
00:08:57 Middle East's Investments and Lessons for Africa
00:11:06 Harnessing the potential of renewable energy solutions
00:14:26 Middle East Energy Conference - Solutions, Exhibitors, and Benefits
00:31:28 Future Energy Outlook in the Middle East and Africa
00:34:41 Intersolar Conference and CEOs Forum
00:41:10 Sustainability
00:43:59 Closing Thoughts
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In this episode, we host Standard Investment Bank’s Executive Director Nahashon Mungai to discuss the company’s flagship product, MansaX. We also cover risk, portfolio rebalancing, managing losses, and the global economic outlook.
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Show Notes
00:00:00 Introduction
00:02:00 SIB’s History
00:04:36 Nahashon’s Career Journey
00:09:00 MansaX
00:16:20 Investing, Returns, Fees, and Risk
00:24:15 The Team
00:27:40 Typical Day Managing a Portfolio
00:30:41 Managing Losses and Taxation
00:48:14 5-Year Plan and Global Macroeconomic Outlook
01:01:59 Withdrawal Process
01:05:15 Closing Thoughts
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In this episode, we host the Car and General CEO Vijay Gidoomal to discuss the firm’s FY ‘22 results, the impact of demurrage charges on its profitability, and expectations for FY ‘23. We also cover the forex challenges and availability of dollars, capital allocation and dividend payout, and EV infrastructure in Kenya.
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Show Notes
00:00:00 Introduction
00:04:32 FY ‘22 Results
00:14:55 Access to Dollars and Impact of Demurrage
00:19:24 Watu Holding
00:23:29 Property Investment
00:29:12 Capital Allocation
00:36:50 Cargen TechUp Program
00:38:44 EV Infrastructure in Kenya
00:44:43 FY ‘23 Expectations
00:51:53 Debt Composition and Taxation Challenges
01:15:24 Working with Start-ups
01:17:36 Closing Thoughts
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, we are joined by Solomon Kariuki - Research Analyst at AIB-AXYS Africa and Ronak Gadhia - Director, Frontier Banks at EFG Hermes as we look at Kenyan banks' first half of 2022 results.
We also discuss the key aspects of bank financials to pay attention to, the aggressive expansion by banks across the region, the implementation of the risk-based lending model, and banks’ poor performance in Tanzania and South Sudan.
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Show Notes
00:01:58 Becoming an analyst
00:04:01 Bank financial statements and business models
00:14:41 Non-performing loans (NPLs)
00:27:28 StanChart's growth in loans and advances
00:31:34 Aggressive expansion across the region
00:43:15 Investment in government securities
00:48:23 Risk-based lending
00:50:55 Fair value losses
00:57:40 Dividend payouts
01:04:36 Privatizing poorly performing government-owned banks
01:06:12 Poor performance in Tanzania and South Sudan
01:09:57 H2 ‘22 outlook
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode in partnership with EFG Hermes Kenya and hosted by Joy Doreen Biira, we are joined by Lilian Olubi - EFG Hermes Nigeria CEO, Diane Karusisi - Bank of Kigali CEO, Phyllis Wakiaga - Industrialization Expert, and Rosie Ngure - Sustainability, ESG, and Impact Independent Consultant.
We talk about women making money moves in business. We also discuss the journey to the top, challenges that women face in pursuit of excellence, the gender pay gap, and opportunities available in business and finance.
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Show Notes
00:07:13 Is being referred to as ‘women in business’ condescending?
00:15:34 The journey to the top
00:47:24 Building a career + challenges women face
01:15:28 Handling disrespect in the workplace
01:20:43 Gender pay gap
01:25:15 Unconscious biases
01:26:51 Driving organizational culture
01:30:22 Opportunities available in business and finance
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, we are joined by Adam Fitz - Regional Manager Camco Clean Energy, George Aluru - Chairperson ESAK and MD Ecoener Kenya, and Abubakar Ali - CFO Gulf Power to discuss Independent Power Producers (IPPs). We also discuss the key players in Kenya’s power sector, setting up and funding of IPP projects, as well as the future of the energy sector.
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Show Notes
00:02:40 Kenya’s power sector + key players
00:09:15 Setting up an IPP in Kenya
00:19:13 Funding of IPP projects
00:22:14 Impact of currency and policy on IPP projects
00:24:02 Tariffs
00:34:05 Kenya Power challenges
00:56:19 Capacity payment model and the future of the energy sector
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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.
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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
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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.
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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 andcapital 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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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 Futureoutlook
00:44:22 Being a good CEO
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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.
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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
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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.
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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
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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.
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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
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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?
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mwangocapital.substack.com
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.
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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
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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.
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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
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mwangocapital.substack.com
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.
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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
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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 Mainaon 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.
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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 Ambokoon 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.
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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 Mpakaon 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.
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, we host Standard Chartered Kenya’s Head of Wealth Management Paul Njoki on a discussion about his career experiences in the finance field, investment challenges and tips, and the East African wealth management space.
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, we host Vipingo Development Limited’s Managing Director Kenneth Mbae on a discussion about his career experience spanning 11 years, the state of the real estate market in Kenya, VDL’s business model as a master developer, and their various projects.
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, the Flame Tree GroupCEO Heril Bangera shares insights into manufacturing and distribution, product localization to capture cross-border markets, and the firm’s future outlook as a pan-African FMCG company.
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, MTN Uganda CEO Wim Vanhelleputte, Stanbic Uganda Head of Investment Banking Paul Muganwa, and representatives from SBG Securities and Dyer and Blair Investment Bank. We discuss the MTN IPO, MTN’s business model, and the state of the Ugandan capital markets.
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Show Notes
00:00:00 Introduction
00:05:09 What’s an IPO?
00:07:52 History and key milestones
00:13:14 Business model and strategic initiatives
00:18:54 The Ugandan economy
00:22:49 Stanbic Uganda’s, SBG Securities’, and Dyer & Blair’s role
00:28:57 MTN Uganda’s ownership and listing reasons
00:34:51 Bonus shares
00:36:32 IPO application process
00:49:23 Capital allocation
00:54:52 Ugandan capital markets
00:58:11 MTN’s future
01:07:04 Money transfer vs network business
01:09:35 Cross-border participation process
01:14:11 MTN’s management team
01:21:07 MTN’s valuation
01:30:58 Skin in the game?
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, we host the Acorn Holdings CEO Edward Kirathe and CIO Raghav Gandhi for a discussion on the state of real estate investments in Kenya, mobilizing funds through the capital markets, and the firm’s recently-launched offering for retail investors, VUKA.
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Show Notes
00:00:00 Introduction
00:03:09 A brief career summary
00:07:28 Acorn’s business model
00:09:38 Acorn’s ownership structure
00:13:49 REITs
00:17:07 State of the Kenyan capital market
00:24:11 Acorn’s Green Bond
00:30:35 REITs structure
00:34:46 Lessons and reflections from real estate investments
00:39:48 VUKA
00:46:27 Rent escalation, yields, and Green Bond certification
00:56:50 Land management challenges
00:59:12 Advantages of investing in REITs
01:01:00 What’s next for Acorn
01:04:33 REITs uptake
01:05:33 Acorn’s team, impact, and organizational culture
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Welcome to the Mwango Capital Podcast where we discuss topical issues on African capital markets.
In this episode, we host the BK Group CEO Diane Karusisi on a discussion around the group’s digital transformation strategy, its growth and expansion plans into other financial services, and the threat posed by the emergence of fintech to the banking sector.
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Welcome to the Mwango Capital Podcast where we discuss pertinent issues regarding African capital markets.
This week we host the Jubilee Holdings CEO Dr. Julius Kipng'etich.
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Welcome to Mwango Capital Podcast where we discuss pertinent issues regarding African capital markets. This week we host the Centum CEO James Mworia.
Show Notes:
00:00:00 Introduction
00:03:22 What Inspires You?
00:09:09 What Makes a Great Business Leader
00:12:24 Centum’s Business
00:24:42 Opportunities and Future Growth
00:28:53 Key Areas to Grow EBITDA
00:36:06 Amu Power Failures and Lessons Learnt
00:41:11 Dividend Payments and the Future Outlook
00:46:31 Share Price and Share Buybacks
00:52:03 Evaluating the Company’s Financial Statements
00:58:01 Accounting and Accounting Practices
01:04:53 The High Yield Portfolio
01:07:21 Exits
01:10:27 Centum’s Business Model
01:13:55 Synergies Between The Portfolio Companies
01:15:23 Capital Allocation
01:19:45 Regional Expansion
01:22:36 Reflections, Lessons And The Vision
01:24:58 Kindest Thing and Closing Remarks
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mwangocapital.substack.com