The Mwango Capital Podcast

In this episode, recorded on 18 September 2026, we sit down with Stephen Kinadira (General Manager, Finance, Kenya Power) to unpack the utility’s FY26 financial performance, marked by an 8.6% revenue increase to KES 238.2B and Profit Before Tax of KES 25B. We examine the 26.7% rise in operating expenses, improved network efficiency, declining finance costs, and the return to positive working capital after a decade. We also explore Kenya Power’s dividend policy, debt restructuring, investment in grid infrastructure, electricity imports and exports across the East African Power Pool, and the impact of rising solar adoption and electricity market liberalization on its business.

Show Notes

00:00:00 Introduction

00:01:01 Electricity Value Chain and Competitive Position

00:05:09 Lodwar Grid Connection

00:06:43 FY2026 Financial Results and Revenue Breakdown

00:13:53 Tariff Yield and Network Efficiency

00:16:11 Operating Expenses and Provisions

00:22:44 Finance Costs, Debt Mix and Capital Expenditure

00:32:03 Balance Sheet, Cash Flow and Working Capital

00:43:07 Dividend Policy and Capital Allocation

00:47:45 System Losses, Solar Adoption and Future Priorities

In this episode, recorded on 26 October 2026, we sit down with Francis Mwangi (CEO, Kestrel Capital), Simon Macharia (CFO, Quickmart), and David Kanyi (Portfolio Lead, Wealth and Empowerment, Safaricom) to discuss investing through Ziidi Trader, including share ownership, trading costs, order execution, and dividend payments. We examine Quickmart’s KES 15B IPO, its financial performance, valuation, dividend policy, and plans to expand to 125 stores by 2030. We also explore access to the Dangote Refinery offering through Global Depository Receipts (GDRs), the associated currency risks, and Ziidi Trader’s plans to introduce additional investment products, including ETFs and bonds.Show Notes

00:00:00 Introduction

00:07:40 What is Ziidi Trader? Key Differentiators

00:11:51 Omnibus Structure and Share Ownership

00:17:59 Onboarding Process and Trading Costs

00:23:03 Trade Execution, Liquidity and Market Hours

00:33:34 Order Matching, Cancellations and Reversals

00:36:20 Dividend Payments and AGM Voting

00:41:48 The Future of Ziidi Trader and How to Buy Shares

00:47:50 Advice for New Investors and Diaspora Access

00:55:31 Customer Support, Trading Limits and Market Risks

In this episode, recorded on 29 September 2026, we sit down with Gertrude Njeri (Head of Research and Customer Engagement, Hisa) and Umar Ahmed (Product Lead, Hisa), hosted by Rhina Namsia, to explore how retail investors can access the Nairobi Securities Exchange (NSE) and US stock markets through Hisa. We discuss fractional share investing from USD 1, Kenyan shilling and US dollar wallets, currency exposure, dividend taxation, and generating returns through dividends and capital appreciation. We also examine Hisa’s investment research tools, AI-powered market analysis, investor communities, and plans to expand into money market funds, fixed income, commodities, and additional international markets.

Show Notes

00:00:00 Introduction

00:02:41 Hisa Origin Story

00:03:44 Signup, Verification and App Features

00:07:47 NSE vs US Markets

00:10:21 Fractional Shares and Wallet Options

00:15:23 Market Watch, News and Investor Communities

00:24:58 What’s Next for Hisa

00:27:26 Investing Advice for Beginners

00:30:21 How Investors Make Money from Stocks

00:32:56 Offshore Investing Playbook

In this episode, recorded on 11 September 2026, we sit down with Eng. Peter Njenga (CEO, KenGen) to dissect the utility's FY26 performance, marked by a 6.4% revenue increase and a Profit After Tax of KES 10.35 billion. We explore the board's decision to retain earnings for its aggressive capacity expansion, the shift toward public-private partnerships and wellhead leasing to fund a massive 10-year generation pipeline, exporting geothermal drilling expertise across the East African Power Pool, and KenGen's appointment as the owner-operator of Kenya’s inaugural 2,000 MW nuclear facility in Siaya.

Show Notes

00:00:00 Introduction

00:05:23 KenGen’s Energy Generation Portfolio

00:06:54 Overview of the FY26 Results

00:08:57 Revenue Growth Drivers

00:12:09 Impact of Drought on Hydro Power Generation

00:12:59 Nuclear Power Plant

00:16:09 Profitability and Finance Income Decline

00:17:49 Balance Sheet Strength and Funding Strategy

00:19:26 Power Generation Pipeline and Capex Needs

00:24:14 Dividend Cut

In this episode recorded on October 21, 2026, we sit down with Karimi Warui and Divine Olumese from Renaissance Capital to dissect how East African investors can access the Dangote Petroleum Refinery listing. We explore the structural architecture of inward GDRs, the pricing mechanics bridging the NGN 525 offer price and the KES 53.50 GDR price, dividend pass-through and voting rights for local investors, the refinery's transition from net debt to net cash in nine months, and how this GDR structure bypasses regulatory friction to create a template for future Pan-African cross-listings.

Show Notes

00:00:00 Introduction

00:04:19 Why the GDR Route

00:08:33 What’s a GDR

00:10:07 Pricing

00:13:13 How To Invest

00:16:42 Understanding the Refinery Business

00:18:48 Financials, Valuation and Risks

00:25:44 Ownership Rights and Investor Protection

00:31:42 Secondary Trading, Liquidity and FX

00:37:02 Future Of Cross-border Investing in Africa

In this episode recorded on October 15, 2026, we sit down with Martha Osier (Partner, Adenia Partners), Simon Macharia (CFO, QuickMart), and Jacques Dôme (Managing Director, QuickMart Kenya) to dissect QuickMart's KES 15 billion public offering. We explore the rationale behind the secondary offer for sale, how the business sustains negative working capital alongside an 80% dividend payout ratio, store rollout economics, supply chain resilience against shrinkage, and Adenia's strategic alignment with new investors post-listing.

Show Notes

00:00:00 Introduction

00:05:40 Why List Now

00:11:04 Working Capital Management

00:20:06 Concerns on Shareholder Sell-down

00:24:56 Store Expansion Strategy

00:27:57 Dividend Policy

00:35:27 Adenia’s Stake Plans Post Lock-up Period

00:39:06 Debt Paydown and Disciplined Growth

00:46:53 Margins and Future Growth Forecasts

00:48:18 Key Takeaways for Investors

In this episode recorded on September 15, 2026, we sit down with Dr. James Mworia (founding CEO, National Infrastructure Fund) to examine the architecture, governance, and mandate of Kenya’s newly established DFI. We explore NIF's SPV project finance structure, its private capital crowding-in target, the redeployment of privatisation proceeds into productive infrastructure, the bankability and risk allocation of priority projects like the JKIA expansion, and the potential for listed development infrastructure trusts (D-REITs) to recycle domestic capital.

Show Notes

00:00:00 Introduction

00:10:32 Succession and Transition to NIF

00:14:04 NIF’s Mandate

00:16:00 Debt Concerns and Economic Rationale

00:21:49 Project Selection and Priority Pipeline

00:31:23 Guarding Against Political Interference

00:38:21 NSE Listing and Possibility of a D-REIT

00:41:33 Reporting Mechanisms and Recycling Capital

00:44:38 JKIA Deal Structure and Risks

00:55:25 Recap and Closing Remarks

In this episode recorded on August 25, 2026, we sit down with Anthony Brian Otieno (General Manager, TekEasy Kenya) to examine the financial, social, and psychological pressures facing young men in Kenya. We explore how social media compresses perceived success timelines, the trap of benchmarking wealth against visible scorecards like cars and premium devices rather than cash flow and equity, the economic rationale of smart versus cheap spending, and how young professionals can focus on foundational wealth, character, and productivity over external validation.

Show Notes

00:00:00 Introduction

00:01:22 Social Media Pressure

00:04:30 Men and Visible Scorecards

00:07:21 Dating Expectations

00:12:57 Does Social Media Compress Success Timelines

00:17:32 Success at 25 or 30 Years

00:24:20 Smart Spending

00:29:24 Phones as Tools or Status

00:35:16 Performance over Prestige

00:37:21 Advice for Young People

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