Episodi
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In this episode recorded on 06.09.2024, our guest host, Terryanne Chebet, is joined by Grace Vihenda - Manager, Innovation and Sustainability at KenyaAirways to discuss the airline’s sustainability efforts through The Aviation Challenge.
We also cover the economic and social aspects of sustainability, the cost-benefit analysis of sustainability efforts, and engaging passengers in sustainability.
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Key Quotes
“Sustainability really is a philosophy. I would put it like that. It's a philosophy, a way of working and running a business, it's not necessarily the thing that you do on the side. Now let's do sustainability, no, it's actually part and parcel of what the organization does every day and is ingrained in the actual strategy of the company.”
Grace Vihenda
“There are ways that sustainability can help to reduce costs. So in many words, I'm saying it's not really a conflict. It's about how can we be smart enough and strategic enough to make sure that our sustainability initiatives are contributing to profitability as opposed to taking away from profitability. So that can include just having to think out of the box and be creative. And for me, that's the one thing I totally love about my combined role of innovation and sustainability because, on the one hand, we have this and have to drive this creative thinking, yes, this is what we need to do. How can we do it in a way that is actually bringing profit to the company as opposed to taking our profit from the company?”
Grace Vihenda
“When you change the way you look at things, the things you look at change.”
Wayne Dyer
Show Notes
00:00:00 Introduction
00:04:08 Innovation and Sustainability
00:05:49 Economic and Social Aspects of Sustainability
00:08:23 Environmental Initiatives and Upcycling
00:10:06 Sustainable Aviation Fuel and Local Partnerships
00:12:01 The Aviation Challenge (TAC)
00:20:49 Cost-Benefit Analysis of Sustainability Efforts
00:25:30 Tree Planting, Climate Action, and Sustainable Fuel Initiatives
00:29:18 Engaging Passengers in Sustainability
00:30:38 Sustainability vs Profitability
00:34:37 Closing Remarks
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In this episode recorded 15.08.2024, our guest host, Rhina Namsia, is joined by Wilson Wariari - Chief Investments Officer at ArvoCap Asset Managers and Bill Oloo, CFA - Portfolio Manager at Kuza Asset Management on an insightful discussion on understanding unit trusts and their importance as investment tools.
We also explore the risk and return of different unit trust products, the investment decision process, assessing a fund manager’s performance, management fees, and macroeconomic factors affecting unit trusts.
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Key Quotes
“According to the Capital Markets Authority, a unit trust is simply a pool of assets, which have been gathered together based on the contributions of members. And according to the regulations, we have a variety of unit trusts. We have a money market fund. We have an equity fund. We have a fixed-income fund, and at the same time, we have a balanced fund. And if you have to look at the latest statistics around 86% of the funds are domiciled in money market funds and fixed-income funds. And according to the latest statistics we have, at the end of the first quarter of the year, we had around 225 billion shillings in unit trusts.”
“A client wants the highest possible return while taking the most appropriate level of risk, not necessarily the smallest, but the most appropriate level of risk.”
“One should try as much as possible to expose oneself to asset classes whose returns are not necessarily conjoined. By conjoined, they don't necessarily go up together or they don't exactly go down together. So in other words, you need to expose yourself to a basket of security so that at least from a risk perspective, one is effectively covered.”
“One key aspect that would be able to determine whether or not one can be successful from a long-term perspective, just in terms of gathering wealth would be discipline, and the ability to just be goal oriented.
Show Notes
00:00:00 Introduction
00:05:21 Understanding Unit Trusts
00:09:15 Risk and Return
00:13:03 Momentum Fund
00:16:52 Investment Decision Process
00:20:45 Assessing Fund Managers’ Performance
00:23:28 Diversification and Advantages of Unit Trusts
00:30:09 Active Funds vs Passive funds
00:40:41 Investment Decisions in Active Funds
00:48:33 Minimum Investment Amount
00:53:55 Management Fees and Costs
01:00:00 Macroeconomic Factors Affecting Unit Trusts
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Episodi mancanti?
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In this episode recorded on 22.08.2024, we host NCBA Bank CEO and Kenya Bankers Association Chairman, John Gachora, to discuss the bank’s H1 2024 performance.
We cover the current state of the economy, the acquisition of AIG Kenya, regional subsidiaries and expansion into West Africa, the risk-based pricing model, and the impact of Kenya’s credit rating downgrade.
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Show Notes
00:00:00 Introduction and H1 2024 Performance Highlights
00:02:33 Managing NPLs and the State of the Economy
00:11:24 Regional Subsidiaries and Expansion to West Africa
00:15:52 FX Performance and the Acquisition of AIG Kenya
00:19:32 M&A and Capital Requirements
00:22:49 Risk-Based Pricing Model
00:24:03 Digital Banking Strategy
00:27:49 Dividend Policy
00:29:23 Rising Staff Costs and Strategic Hiring
00:32:41 Mobile and Digital Loan Offerings
00:38:15 Impact of Kenya’s Credit Rating Downgrade
00:40:41 H2 2024 Outlook
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In this episode recorded on 30.07.2024, we explore the challenges and expectations for John Mbadi as Kenya's now Treasury CS, focusing on fiscal strategies, cost-cutting, tax policy, public debt management, and the impact of debt restructuring on financial institutions. The discussion also covers how citizens can hold the government accountable and the importance of transparent and efficient fiscal management.
Our host is Ramah Nyang who is joined by Churchill Ogutu - Economist at IC Group, Stephanie Kimani - Economist, and Ruth Kendagor - Head of Research at The Institute of Public Finance.
This episode is brought to you in partnership with The Institute of Public Finance.
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Key Quotes
“Instead of looking at introducing new taxes and increasing tax rates, I would suggest he focuses on just enhancing the tax collection mechanism, as well as broadening the tax base to increase government revenues. Broadening the government tax base, in this case, is based on the use of digital tax systems just to minimize tax evasion as well as optimize the compliance in overall tax collection and remittance.” - Stephanie Kimani, Economist
“Our tax system has inclined quite significantly on consumption taxes, VAT, and excise tax. Excise tax is meant to be a sin tax. Let it be a sin tax and let's stop the creativity of saying maybe if we include financial services here, we'll get some extra coin. It's a sin tax, let it be a sin tax. Do not impose a fine on other components that are not sins, on issues that affect the day-to-day lives of citizens, issues that make people's lives easier, and issues that make business life easier.” - Ruth Kendagor, Head of Research at the Institute of Public Finance
“When there's a need for budget cuts, it's always the development spend that is cut fast or cut more drastically. This provides the government an opportunity to increase the use of PPPs to fund those large infrastructure projects, which would at the very least help the government in its development agenda.” - Stephanie Kimani, Economist
“What has been happening in the space over the last three, four years, actually even longer than that is, we find that measures that are introduced in the 2023 finance bill have now been reverted in the 2024 finance bill. Measures that were introduced in the 2022 finance bill were reverted in the 2023 finance bill. So predictability really affects business planners. Say, for instance, you are investing in a particular industry in the hotel industry or the hospitality industry and the finance bill 2023 had given you a particular benefit in terms of tax exemptions or subsidized rates for you to put in your investment. Now you look for this good money, billions or millions to invest, and just before you finish constructing your hotel, you haven't even finished it for you to recover anything, the law is changed, and the taxes back up. So really it discourages investors and businesses, and one of the responses we've seen is that a number of businesses have cut back because of the unpredictability of the system.” - Ruth Kendagor, Head of Research at the Institute of Public Finance
“Rescheduling has to happen around reforms. As long as we continue having problems with wastage, for as long as we continue having problems with corruption, and leakage, our rescheduling process will happen, but it will happen in a problematic manner. It will affect citizens because of the extra burden, and any additional cost that comes with it, all the additional pressure will be transferred to citizens. It really will not address the root cause that was meant to be addressed because the whole reason why we want to talk about rescheduling is because we had bad decision-making when we were borrowing debt. And so if these reforms are not put in place, the rescheduling will not really translate much. Finally, rescheduling needs to happen within an environment where there are prospects for economic growth, where you know that we're rescheduling this debt at this particular time, using these resources to invest in this particular area so that we spark growth and the revenues that will be generated from the growth sectors, then you'll be able to pay off that debt.” - Ruth Kendagor, Head of Research at the Institute of Public Finance
Show Notes
00:00:00 Introduction
00:01:37 Top things expected of John Mbadi
00:09:24 What alternatives do Kenyan policymakers have?
00:13:17 Opportunities to cut cost
00:23:55 Unpredictability of tax strategy/laws
00:30:49 Tax cuts
00:40:38 Public debt management
00:44:24 Potential impact of debt restructuring
00:52:06 How can citizens hold the government accountable?
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In this episode recorded on 10.07.2024, our host, Ramah Nyang, is joined by David Rogovic - VP and Senior Credit Officer at Moody’s, Jared Osoro - Economist and Director of Credit Markets at FSD Africa, and Tom Ogada - Programme Assistant at Okoa Uchumi to breakdown Kenya’s debt situation.
We also cover the current fiscal challenges, the diminished capacity for fiscal consolidation, the implication of domestic debt restructuring, Moody's assessment of debt exchange, public debt audit, and the credibility of public data.
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Key Quotes
“We've been talking for a very long time about expanding the tax net. That simply means bringing more people or more economic agents to that tax bracket. The unfortunate reality is that we've been doing so using convenient but not necessarily effective ways and that is leaning more towards indirect taxes consumption-based taxes. We have seen a proliferation of excise duty, and VAT which touches on almost every economic agent. The problem with that is that it may not necessarily lead to the expansion of the tax revenue. In any event, it may actually lead to what you can call a discouraging consumption.”
Jared Osoro, Director of the Credit Markets Program at FSD Africa
“When we think about the key credit challenge for Kenya from Moody's perspective, yes, the debt burden is high, but debt affordability, which we measure as interest to revenue or interest to GDP is really weak, really high interest to revenue ratio. One of the highest among all the sovereigns that we rate. Of the 143 sovereigns rated, it's in the lowest 10, or the bottom 10 sovereigns. And again, without the revenue measures given the current interest rate environment, given the larger fiscal deficits that we're expecting this year, relative to what was expected prior to the cancellation of these tax measures which should imply higher domestic borrowing, debt affordability will worsen even further.”
David, Vice President and Senior Analyst at Moody's Sovereign Risk Group
“If you think about this, the balance between a revenue-based fiscal consolidation versus an expenditure-based fiscal consolidation. The revenue-based one gives us more confidence that the narrowing in the fiscal deficit that we would project for this year would continue for the year after and the year after versus the spending cuts this year. If you agree that they are more temporary in nature, then you would expect at some point spending to rise, and without an equal rise in revenue that means larger fiscal deficits in the future.”
David, Vice President and Senior Analyst at Moody's Sovereign Risk Group
“What we're really looking for is confidence over the fiscal consolidation that limits the deterioration in the debt burden, debt affordability. So whether it's through revenue measures, spending measures, something that gives us confidence that we can comfortably expect to see a narrower fiscal deficit year after year, that's consistent with debt declining or stabilizing at some point in the future that will be really what we're looking for.”
David, Vice President and Senior Analyst at Moody's Sovereign Risk Group
“Let us fix our expenditure and the leakages that we have so that we can see how we can reduce the fiscal deficit that we have because it is what is informing the kind of borrowing and the debt stock that we are seeing.”
Tom Ogada, Programs Assistant at the Civil Society Group, Okoa Uchumi
Show Notes
00:00:00 Introduction
00:02:10 Fiscal Challenges and Debt Restructuring
00:15:06 Public Policy Litigation
00:20:08 Diminished Capacity for Fiscal Consolidation
00:25:40 Market Access
00:27:25 Implication of Domestic Debt Restructuring
00:29:59 Public Debt Audit and Credibility of Public Data
00:40:17 Moody's Assessment of Debt Exchange
00:43:19 Debt Service Costs and Improving Ratings
00:51:44 Final Thoughts
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In this episode recorded on 09.07.2024, we host the Nairobi Securities Exchange (NSE) CEO, Frank Mwiti, for an in-depth conversation on the state of the exchange.
We cover the current state of the securities exchange, market performance in 2024, access to data, listings from the government, the corporate debt market, and his vision for NSE’s future.
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Key Quotes
“Currently, the participation, for example, by retail investors in Kenya is less than 10%. So, you can see that a huge chunk of our market is reliant on institutional capital. And by the way, more than 60 percent of that institutional capital is foreign.”
“Given that we are in a high-interest environment, and my view, I think that is going to persist for quite a while, especially given the activities of the last few weeks in our country. The government is going to, in my view, continue borrowing at fairly elevated levels, the upper teens, which means that banks in all likelihood will continue to lend to the private sector in the mid-twenties. And that's a secure debt now, which means there is opportunity potentially to come to the public market and raise funds at potentially more competitive terms including potentially even raising a hard currency denominated funding through our market.”
“The green bonds, let me call it the larger sustainability ESG agenda, there's more capital looking for opportunities than there are opportunities but the single biggest issue is origination and structuring.”
Show Notes
00:00:00 Introduction
00:05:05 Overview of the NSE
00:09:12 Kenyan Capital Markets
00:12:15 2024 Market Performance
00:20:52 Strategies to Attract Investors
00:35:54 Access to NSE Data and the Earnings Calendar
00:45:43 Listing from the Govt, Tech Companies, and the Impact of AI
00:52:58 The Corporate Bond Market
00:59:56 Cost Of Investing in the NSE
01:05:56 Future Outlook
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In this episode recorded on 11.07.2024, we host the AAR Insurance CEO, Justine Kosgei, for an in-depth conversation on the firm.
We cover the firm’s product offering, insurance penetration in Kenya, affordable health insurance, Social Health Insurance Fund (SHIF), and IFRS 17’s implementation and impact.
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Key Quotes
On insurance penetration:
“Many people don't know how the penetration is calculated. Usually, it's a percentage of total insurance premiums that we have in the industry compared to the GDP. So right now it's below 3%. That is very low compared to other countries such as South Africa. For example, whereas our penetration is 3% as a contribution to the GDP for developed countries and in Africa, places like South Africa, they're talking about 17%. So it means we are very far off. It means that the number of people also that have insurance if you take the number of people who have health insurance in Kenya, or private insurance, is about 2 million. Yet we have 55 million Kenyans in total. Meaning we have over 50 million Kenyans who have no insurance.”
On cultural aspects:
“We have very strong bonds and very strong support systems that sometimes do not encourage people to take insurance.”
On Insurance cost:
“When you have a smaller pool, you, as actuaries or as statisticians, realize that for you to have adequate premiums together for expenses, you have to charge more. But if we have more penetration, then it will be easier to price and create solutions that are more affordable.”
Show Notes
00:00:33 CEO’s Career Journey
00:09:48 Company History
00:15:47 Insurance Penetration
00:26:20 Product Offering
00:31:37 Affordable Health Insurance
00:35:23 Social Health Insurance Fund (SHIF)
00:38:04 Dos and Donts of Insurance Policies
00:40:27 Responsibilities as a CEO
00:43:57 IFRS17
00:48:49 Closing Thoughts
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In this episode recorded on 27.06.2024, our host, Ramah Nyang, is joined by Churchill Ogutu - Economist at IC Group, Stellar Swakei - Senior Research Associate at SIB, Oyoo Wycklife - Council Member at Law Society of Kenya, Nikhil Hira - Partner at Koddy Africa LLP to discuss the legal and economic implications of the Finance Bill 2024's rejection.
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Show Notes
00:00:00 Introduction
00:03:55 Impact on Ability to Raise Cash
00:05:47 Legal Perspective on the Withdrawn Finance Bill
00:15:43 The Appropriation Bill and the President’s Proposal to Cut Spending
00:23:17 LSK’s Update on Persons Arrested During Protests
00:27:46 How Can Kenya Fix the Debt Problem?
00:43:41 Possible Implications of the President’s Recommendations
00:49:32 Spending Cuts
00:56:48 Laying the Foundations for Future Growth
01:03:47 Fiscal Targets in Relation to the IMF Program
01:13:46 Closing Thoughts
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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
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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
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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
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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
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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
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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
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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
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