The Mwango Capital Podcast

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

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

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

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

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

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

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

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

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

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