The Mwango Capital Podcast

In this episode, recorded on September 23, 2026, we sit down with Gregory Waweru (CEO, SBG Securities) to dissect QuickMart's planned listing on the NSE. We explore the role of an Intention to Float (ITF) ahead of a formal prospectus, the mechanics of Sokoni Retail's 50% secondary equity sell-down, QuickMart's financial track record scaling revenue to KES 50.4 billion, lease-heavy balance sheet structures, and key governance considerations for retail investors evaluating formal supermarket chains.

Show Notes

00:00:00 Introduction

00:03:15 Intention to Float

00:05:46 Why List on the NSE

00:08:14 Shareholding and Sell Down

00:14:02 Cash Conversion and Working Capital Management

00:16:43 Growth Headroom and Dividends

00:23:01 Forecast Drivers and Assumptions

00:24:26 Pricing and Valuation Methods

00:26:19 How to Participate and Allocation

00:27:27 Investor Checklist

In this episode recorded on September 17, 2026, we sit down with Samuel Sule (CEO, Renaissance Capital Africa) and Divine Ulamasi (Analyst, Renaissance Capital Africa) to dissect the investment thesis behind the Dangote Refinery IPO. We explore Nigeria's broader macroeconomic shift following fuel subsidy removals and naira liberalisation, the refinery's high Nelson Complexity Index rating and $2.40 per barrel cash operating cost target, Phase Two expansion plans, the structural gross refining margin advantage, and the cross-border access channels being built for retail and institutional investors across East Africa.

Show Notes

00:00:00 Introduction

00:02:36 Overview of the Nigeria Market

00:09:27 Nigeria Oil History and Building of the Dangote Refinery

00:15:35 Investment Thesis and Business Model

00:25:19 Valuation

00:28:05 Risks

00:32:40 IPO Terms and Demand

00:39:16 Dividend Outlook

00:47:06 How to Participate in the IPO

00:48:11 Key Takeaways

In this episode, recorded on September 8, 2026, we sit down with Leah Wakarima (Operations Lead, Hisa) and Gertrude Njeri (Head of Research, Hisa) to examine the structural dynamics of the Nairobi Securities Exchange relative to global financial centers like Wall Street. We explore how Hisa is dismantling retail access barriers through fractional shares and dual-currency wallets, the factors powering the domestic-led 2026 NSE rally, the revival of the IPO market following listings by Kenya Pipeline and Family Bank, and how technology and research are working to close the coverage gap on local mid-cap counters.

Show Notes

00:00:00 Introduction

00:02:19 Overview of the HISA Platform

00:03:09 Listings Revival at the NSE

00:05:22 NSE Vs NYSE

00:10:07 Retail Access via HISA

00:14:37 Bull Run at the NSE

00:19:03 Fractional Investing

00:24:40 Foreign Flows and NSE Rally

00:35:26 ETFs, Gold and REITs

00:40:19 Audience Q&A & Closing Remarks

In this episode, recorded on August 27, 2026, we sit down with David Ngata (Group Chief Financial Officer, I&M Group) to dissect the group's H1 2026 financial results. We dive into the key drivers behind the Group’s performance, the Group's "phygital" branch network rollout, front-loaded loan loss provisioning, and how regional operations in Rwanda, Uganda, Tanzania, and Mauritius are expanding their earnings footprint.

Show Notes

00:00:00 Introduction

00:01:00 Highlights of the Half-Year Results

00:04:12 Subsidiaries Profit Mix

00:05:45 Growth in Customer Deposits

00:07:48 Phygital Branch Strategy

00:16:53 Loan Loss Provisions and NPL Management

00:23:09 Net Interest Income

00:24:57 Funding

00:29:35 Dividend Policy

00:30:50 Priorities for H2/26

In this episode, recorded on September 2, 2026, we sit down with Justin Mollel (Group CFO, East African Breweries PLC) to dissect the group's FY26 financial performance. We explore how broad-based, volume-led growth across Tanzania, Uganda, and Kenya drove net sales to KES 146 billion ($1.12B), the strategic shift to a 50-50 fixed-and-floating debt mix, how cost-productivity initiatives offset raw material inflation, and the operational focus ahead of the upcoming Diageo-Asahi ownership transition.

Show Notes

00:00:00 Introduction

00:08:08 Overview of the FY26 Results

00:12:52 Top Line Drivers

00:14:18 Consumer Trends and Mix

00:16:07 Cost Control and Productivity

00:19:47 Debt Mix and Finance Costs

00:26:04 Capital Allocation

00:31:22 Cash Flow and Capex Priorities

00:33:34 Diageo-Asahi Deal Update

00:35:38 Priorities for FY27

In this episode, recorded on August 11, 2026, we sit down with Charles Kibaara (Chief Manager Operations & Branches, Credit Bank) to break down the bank's core focus on small and medium-sized enterprises across Kenya. We explore how Credit Bank is leveraging its T24 core banking upgrade for instant digital bid bonds, the impact of DFI-aligned governance standards from ShoreCap's investment, liquidity allocation shifts back into private-sector credit, and the strategic roadmap toward an eventual listing on the Nairobi Securities Exchange.

Show Notes

00:00:00 Introduction

00:03:13 An Introduction to Credit Bank

00:06:37 Digital Loans and Bid Bonds

00:09:52 Customer Deposits Performance and SME Lending Capacity

00:15:08 Turnaround Time for SME Loan Application

00:17:54 Core Banking Platform Upgrade

00:20:24 Trade Finance

00:22:59 Nyumbani Diaspora Account and Remittance Solutions

00:33:26 Listing Operational Readiness

00:41:31 Closing Remarks

In this episode recorded on August 18, 2026, we sit down with Diana Mwaniki (Acting CFO, Absa Bank Kenya) in her debut Spaces appearance to dissect the lender's H1 2026 results. We explore how strong credit disbursement momentum and lower funding costs helped counter rate-cycle margin compression, the factors enabling a 150% boost to the interim dividend, and how non-funded revenue from newer capital-light business lines is diversifying the franchise.

Show Notes

00:00:00 Introduction

00:01:04 Overview of H1/26 Results

00:02:42 Revenue Drivers and Balance Sheet Growth

00:08:10 Cost and Efficiency

00:10:26 Asset Quality and NPL Trends

00:13:15 Dividends

00:15:02 H2 Strategy and Growth Areas

00:17:01 Update on Absa Group Stake Increase

00:20:50 ROE

00:24:24 Key Takeaways and Closing Remarks

In this episode, recorded on July 31, 2026, we are joined by Centum Investment Company Group CEO, James Mworia, as we unpack Centum's FY26 financial results, the complete retirement of holding company debt, and key portfolio milestones under the Centum 5.0 strategy.

Show Notes

00:00:00 Broad Overview of the FY26 Earnings

00:04:52 Debt Strategy

00:13:53 Portfolio Companies

00:18:17 Trific SEZ Growth Plan

00:21:55 Arise-Vipingo Partnership

00:26:18 Exit Strategy

00:29:08 Dividend Policy

00:32:02 Share Buybacks

00:40:07 Centum 5.0

00:43:27 Advice to Young People

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

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