The Mwango Capital Podcast

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

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

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

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

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

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

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

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

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

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