Mwango Capital

𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐍𝐞𝐰𝐬 𝐢𝐧 𝐌𝐞𝐦𝐞𝐬: 1. The ruling UDA party suffered a major setback after the opposition DCP secured a landslide victory in the Ol Kalou by-election despite aggressive campaigns & extensive voter goodies. #MwangoMemes

@ArvoCap Link: mwangocapital.substack.com/p/20-07-2026-a…

The Mwango Capital Pod - Episode 171 In this episode, we are joined by Arvocap Asset Managers Co-Founder & CIO, Wilson Wariari, and Analyst, Jesse Ochieng’, as we unpack goal-based investing, Arvocap's rapid AUM growth to KES 14.26B, active bond trading strategies, and the structure of their multi-asset and USD investment products. Link in the tweet below.

Every minute counts in logistics. That's why Co-op Bank, in partnership with KPA, brings you Kargo Pay. A faster, fully digital way to pay port charges with real-time confirmation for quicker cargo clearance. Skip the queues. Keep business moving.

GT Bank Kenya confirms the planned leadership transition of MD Jubril Adeniji following the expiry of his tenure and his recall to GT Bank in Nigeria. He will remain in the role for the next 90 days as the bank completes the transition process and seeks regulatory approval for a successor.

The Retirement Benefits Appeals Tribunal has frozen an RBA directive that had ordered Standard Chartered Kenya Pension Fund trustees to reassess claims by hundreds of excluded former members, staying execution of the regulator's June 15 decision pending appeal. The excluded members were not among the 629 appellants in Civil Appeal No. 8 of 2021, and the matter is set for mention on July 23. capitalfm.africa/tribunal-freez…

The Retirement Benefits Appeals Tribunal has frozen an RBA directive that had ordered Standard Chartered Kenya Pension Fund trustees to reassess claims by hundreds of excluded former members, staying execution of the regulator's June 15 decision pending appeal. The excluded members were not among the 629 appellants in Civil Appeal No. 8 of 2021, and the matter is set for mention on July 23. capitalfm.africa/tribunal-freez…

@nderi_j @DollyOgutu @MugambiNandi @karambu @kahome_steve @MihrThakar @janetmachuka_ @majiwater Link: mwangocapital.substack.com/p/19-07-2026-k…

In our newsletter this week: 💵 Kenya’s FX reserves rise by USD 1.02B over four weeks to USD 14.17B, lifting import cover to 6.0 months as World Bank financing boosts CBK’s external buffer. 🌍 Treasury explores a Eurobond buyback of up to USD 500M, while AfDB approves a EUR 293.88M loan and Kenya plans a USD 500M sustainability-linked syndicated facility. ⛽ EPRA holds fuel prices steady from 15 July to 14 August, while KALRO warns of a possible 2027 maize shortage from weak rains, fall armyworms, and crop failure. 🌍 Airtel Money advances London IPO plans at a potential USD 10B valuation, while Tanzania receives USD 443.9M from IMF reviews and removes the Industrial Development Levy on EAC imports. Link in the tweet below.

Vodacom, via Safaricom, is extending fibre connectivity to low-cost government housing developments in Kenya, embedding digital access into affordable housing from the outset. The initiative expands Safaricom’s fixed-connectivity opportunity beyond traditional fibre estates while supporting Vodacom’s wider regional broadband strategy, with the Group’s fibre footprint now at 3.6 million homes passed.

Kenya’s Salaries and Remuneration Commission has approved a revised salary and allowance structure for national government civil servants, effective July 1, 2026: [Citizen TV]

Join us tomorrow on #MwangoSpaces as we unpack the world of Special Funds with industry experts Nahashon Mungai (Standard Investment Bank), Ian Kahangara (Faida Investment Bank), and Wilson Wariari (Arvocap Asset Managers). We'll explore how different special funds are structured, how they generate returns, who they are best suited for, and the role they play in building diversified investment portfolios. Set a reminder and join the conversation: x.com/i/spaces/1MJgN…

How they pitch farming to you:

As of July 2026, voluntary contributions to the National Housing Development Fund had reached KES 5.47B, while refunds stood at KES 2.56B. This leaves net contributions of about KES 2.91B before investment income and other adjustments. [Pic: Nation Africa]

10. Thank you for reading. Check out more of our work on: ▪️WhatsApp Channel: whatsapp.com/channel/0029Va… ▪️Our newsletter: mwangocapital.substack.com ▪️Telegram Channel: t.me/MwangoCapital ▪️Instagram Page: instagram.com/mwangocapital/ Here are memes from last week:

9. Bluetti has entered the Kenyan market with portable power stations, home energy storage systems and solar products targeting households, SMEs and rural communities. The company is betting on Kenya’s underutilised solar potential, using pay-as-you-go financing, local distributor partnerships and technical training to lower upfront costs, expand off-grid access and build renewable-energy skills locally. capitalfm.africa/bluetti-target…

8. Egypt is positioning Tanzania as a gateway into East Africa, with cooperation expanding from infrastructure into agriculture, ports, logistics, energy, and industrial partnerships. Tanzania offers growth, Indian Ocean access, and reach into inland regional markets, while Egypt brings capital, industrial capacity, and infrastructure expertise. The main test is execution, whether MoUs translate into bankable projects, viable cargo flows, and clear investment terms. meobserver.news/economy/2026/0…

7. Kenya Re has invited international tenders for office premises for its subsidiaries in Dar es Salaam and Kigali, as well as consultancy services to establish a liaison office in Kigali. Tender opening: 11 August 2026 at 12:00 noon EAT.

5. Kenya’s foreign exchange reserves rose by USD 42M WoW to USD 14.169B as of 16 July 2026. Over the past four weeks, reserves have increased by USD 1.02B (+7.8%), lifting import cover to 6.0 months from 5.6 months.

6. A Kenyan court has ruled that the 2% Railway Development Levy is constitutional, clearing the way for the government to use it to fund the $5.4 billion SGR extension to the Uganda border. However, the court ruled that using the levy for the KES 37.5 billion Nairobi commuter rail project was unconstitutional and ordered a fresh competitive tender within 90 days. bloomberg.com/news/articles/…

4. African markets last week: 🟢 Best performer was Tunisia, up 6.24% w/w, extending its USD YTD gain to 54.89%. 🔴 Worst performer was Morocco, down 2.27% w/w, leading the week’s declines. African equities were mixed, with gains in Zimbabwe, Egypt, Kenya and Ghana offset by modest losses in Mauritius, Malawi, Zambia and Nigeria. On a USD YTD basis, Zimbabwe remains the standout at +116.90%, ahead of Nigeria at +63.69% and Tunisia at +54.89%.

𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐝𝐚𝐲'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟐𝟎𝐭𝐡 𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟔]: 1. Kenya’s tax revenue rose 12.05% year-on-year to KES 276B n in June 2026, bringing total collections for the year ended June to KES 2.45T, up 8.5% year-on-year:

3. Kenyan markets last week: 🟢 Best performer was Britam Holdings, up 26.1% w/w to KES 18.35, taking its YTD gain to 101.7%. 🔴 Worst performer was Uchumi Supermarket, down 6.3% w/w to KES 1.63, though still up 58.3% YTD. The NSE All Share Index rose 1.1% w/w to 231.6, with market cap up to KES 3.89T. Equity turnover fell 35.4% to KES 2.43B, while foreign investors were net sellers of KES 300.7M.