The Mwango Capital Podcast Mwango Capital

In this episode recorded on 12.06.2024, our guest host and communications expert, Terryanne Chebet, is joined by the Competition Authority of Kenya’s Senior Investigations Officer, Prisca Mwanyale, in a conversation on the various strategies and sanctions CAK employs to unmask cartels.
We also cover CAK’s role, what cartels are, how CAK chooses the industries to investigate, the cost of collusion, penalties, challenges in ensuring compliance in the digital space, and checks that keep CAK from abusing its power.
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Show Notes
00:00:00 Introduction
00:02:03 CAK’s Role
00:07:52 Cartel and Uncovering Them
00:13:52 Choose Industries to Investigate
00:19:01 The Investigation to Enforcement Process
00:22:41 Collusion and Penalties
00:32:11 Compliance in the Digital Space 
00:34:20 Anti-Competitive Behavior
00:36:18 Cartel Enforcement in Other Countries
00:40:54 Lessons from Forensic Activities


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In this episode recorded on 10.06.2024, our guest host, Julians Amboko from Nation Media Group, is joined by Stephanie Kimani - Economist, Nicholas Kahiro - Tax Manager, Ruth Mwiti - Tax Consultant, and Stellar Swakei - Economic Analyst for a 2024 pre-budget analysis and a discussion about the Finance Bill.
We cover the performance of the Finance Act 2023, the government's ambitious revenue targets in a depressed economy, the voluntary tax disclosure program, the national tax policy, and expenditure estimates for FY 2024/2025.
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Key Quotes
“From the analysis and observation of where we are currently, I don't believe that the Finance Bill 2024 will be able to raise more than KES 600B and still I do not believe that we will be able to achieve the current fiscal year's revenue target and also the next fiscal year's revenue target.” - Stellar Swakei
“Let's have consistency. Let's have predictability. And with the National Tax Policy out, I will urge the government to make sure going forward, let us anchor our changes or amendments in the tax legislation with the national tax policy.” - Nicholas Kahiro
“The budget reading, in my opinion, will be a non-event. There is not much that will change in terms of the numbers that we've already seen. However, what I would love to come out of the budget reading is the government's commitment. That political goodwill and the political commitment that they will be walking the talk and just assuring Kenyans that we are with you because what I have been feeling in the past couple of months, even through this whole public participation for the finance bill, is that there's a bit of a disconnect from what the government expects or thinks is happening on the ground vis-a-vis the reality.” - Stephanie Kimani
“There are laws currently that have been made or developed to collect taxes, the income tax, the excise duty act, the VAT act, and in terms of administration, the Tax Procedures Act. My view is that we don't need to keep on changing the law to increase revenue. I am of the view that if these laws, the way they are, are implemented, the government can achieve the tax that it is looking for.” - Ruth Mwiti
Show Notes
00:00:00 Introduction
00:02:58 State Of The Economy and Finance Act 2023 Performance
00:07:01 Supplementary Budget II
00:19:58 Direct vs Indirect Taxes
00:28:00 Govt’s Ambitious Revenue Targets
00:34:58 FY 24/25 Expenditure Estimates and Fiscal Consolidation
00:42:27 The National Tax Policy
00:55:01 Deficits in the FY 24/25 Budget
01:00:40 The Voluntary Tax Disclosure Program and Tax Amnesty
01:05:46 Closing Remarks


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In this episode recorded on 23.05.2024, our guest host, Ramah Nyang from Bloomberg Africa is joined by Stellar Swakei - Senior Research Associate at SIB, Kigen Kiplimo - Head of Policy Research at KNCCI, Zach Munyi - Head of Public Policy at EABL, and Job Wanjohi - Head of Policy Research at KAM to unpack the Finance Bill 2024.
We cover policy changes that stand out, the impact of the tax proposals on financial services, motor vehicle circulation tax, infrastructure bonds, and engagement by National Treasury with industry players.
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Show Notes
00:00:00 Introduction
00:01:45 Standout Policy Changes
00:05:47 Impact on Financial Services
00:21:00 Concerns from KNCCI
00:25:19 Motor vehicle circulation tax
00:38:28 Tax on Infrastructure Bonds
00:43:30 Policy Proposals by KNCCI
00:45:49 Proposals by KAM
00:51:36 EABL Proposals
01:01:59 Engagement with National Treasury


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In this episode recorded on 15.05.2024, we are joined by our guest tax experts Ruth Mwiti, Ernest Muriu, and Karambu Muthaura to unpack the Finance Bill 2024.
We cover the proposed changes to the Income Tax Act, taxation of infrastructure bonds, motor vehicle circulation tax, VAT, pension and retirement benefits, excise duty, and changes to the Tax Procedures Act.
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Show Notes
00:00:00 Introduction
00:00:48 Overview of the Finance Bill 2024
00:05:51 Proposed Changes in the Income Tax Act
00:15:39 Motor Vehicle Tax
00:24:03 VAT
00:32:21 Pension, Retirement Benefits, and Excise Duty
00:47:55 Changes to the Tax Procedures Act
00:58:54 Amendments to the Employment Income
01:03:14 Is KRA Exempted From The Data Protection Act?
01:04:54 Infrastructure Bonds and Eco-Taxes
01:09:59 Closing Thoughts


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In this episode recorded on 30.05.2024, we host Kuza Asset Management’s CEO, James Mose, CFA, on the firm’s journey to achieving KES 1B in assets under management.
We also cover the firm’s key products, financial literacy training, asset classes they are invested in, regulation, fundraising, and long-term view.
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Show Notes
00:00:00 Introduction
00:01:57 Role of Chief Investment Officer
00:03:13 Kuza’s Journey and Key Products
00:17:01 Journey Into Asset Management
00;23:35 Value Proposition
00:28:12 Regulation by CMA and RBA
00:32:46 Financial Literacy Training
00:34:09 Asset Classes
00:36:36 Working Capital, Management Fees, and Fundraising
00:40:12 Longterm View


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In this episode recorded on 14.05.2024, we host Nahashon Mungai - Executive Director, Global Markets at Standard Investment Bank to better understand SIB and its product, Mansa-X.
We also cover its regulation, the Kenya shilling and USD funds, risk management, management fees, and taxation.
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Show Notes
00:00:00 Introduction
00:01:43 SIB’s Business Model
00:06:41 Mansa-X
00:10:45 Regulation
00:11:51 KES and USD Fund
00:13:17 Custodian, Trustees, Diversification, and Liquidity
00:21:10 Financial Instruments and Tools
00:28:11 Management Fees and Risk Management 
00:32:11 Lock-In Period and the Compounding Effect
00:38:53 Risk of Losing Initial Capital
00:45:13 Competition, Huddle Rates, and Taxation


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mwangocapital.substack.com