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 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:

* 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:

* Agnes Gitau - Tax Manager, Andersen Tax Kenya

* 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:

* Rafael Agung' - Group Director of Global Markets, NCBA Bank,

* 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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