Mwango Capital

🎙️ Join us today at 8PM EAT on #MwangoSpaces as we unpack Kenya's debt situation. Our panelists: ▪️ Churchill Ogutu (@ill_dduor) ▪️ Benard Njiri (@BNJIRI) from @ipf_global ▪️ Stellar Swakei (@StellarSwakei) from @Coopbankenya Co-host: Ramah Nyang (@Ramah_Nyang) Don’t miss!

NSE Week 12 (13–19 Mar 2026) 📉 —Top Gainer: Uchumi ▲6.9% to KES 2.18 —Top Loser: Nation Media Group ▼6.2% to KES 15.95 —NASI: ▼0.89% to 209.4 —Market Cap: KES 3.47T ▼0.89% —Equity Turnover: KES 2.06B ▼67.4% —Bond Turnover: KES 83.12B ▲2.7% —Net Outflow: KES 354.9M

Equity Insurance Group FY25: —Gross Written Premiums (GWP) surged 75% YoY to KES 9.17B, driving PBT up 36% to KES 2.0B, with insurance revenue jumping 150% to KES 3.57B —Equity Life Assurance GWP rose 40% YoY to KES 7.37B, with PBT at KES 1.77B, serving 6.9M customers across 19.2M policies —General Insurance delivered KES 1.79B GWP and KES 199M PBT in its first year, while Health Insurance posted KES 20M GWP and KES 40M PBT within just 4 months —Equity Group's General and Health Insurance were operationalized in 2025

Kenya sits in a low-exposure, weak buffers position in The Economist’s oil shock framework. Not heavily exposed to the Iran-driven supply shock, but limited macro buffers mean prolonged price spikes could still bite via FX pressure, fiscal strain, and higher import costs.

Equity Group Holdings FY 25 results. A thread 🧵:

Standard Chartered Investment Services FY25: — Total income rose 56.1% YoY to KES 2.45B, driven by strong growth in advisory/consultancy fees — Total expenses declined 15.2% YoY to KES 419.0M, supporting operating leverage — PBT surged 88.8% YoY to KES 2.03B — PAT jumped 89.3% YoY to KES 1.46B — Total assets declined 13.7% YoY to KES 1.00B, with cash balances down 10.9% to KES 804.5M

The structure of Equity Group

Today is the deadline to submit memoranda on Kenya’s Supplementary Estimates No. I for FY 2025/26. Parliament is inviting public participation on proposed additional spending and reallocations.

In FY 2025, Stima Sacco held KES 108M in placements with KUSCCO, which has now been fully impaired, signalling a complete loss of recoverable value. The impairment stems from ongoing financial and governance irregularities at KUSCCO.

From 24th March 2026, Safaricom will implement data minimization on M-Pesa Send Money, masking phone numbers and reducing visible customer names while retaining key transaction details:

Tracking those banking sector dividend payouts for FY 2025:

I&M Bank and Sida have launched a USD 30M Green Finance partnership in Kenya. The 8-year, 50% risk-sharing guarantee unlocks credit for renewable energy, clean transport, and circular economy projects, aligned with iMara 3.0 and Kenya’s Green Finance Taxonomy

The KES 0.5T SGR Bet

In Loving Memory of Our Group Board Chairman Mr. Kuria Muchiru.

Brent crude has touched $111 per barrel as Middle East energy infrastructure attacks escalate, with Israel striking South Pars and Iran retaliating in Qatar. Rough month ahead in fuel prices.

Co-operative Bank has declared a final dividend of KES 1.50 per share, bringing the total FY 2025 dividend payout to KES 2.50, up 67% YoY. This implies a dividend payout ratio of ~49.6% and a dividend yield of ~8.3% at the current share price of KES 29.95.

Cooperative Bank Group FY 2025 results [KES, YoY] ⬛ Net interest income: +22.0% to 62.9B ⬛ Non-interest income: -0.3% to 29.0B ⬛ Operating income: +13.9% to 91.9B ⬛ PBT: +15.8% to 40.3B ⬛ PAT: +16.9% to 29.8B ⬛ Total assets: +11.3% to 827.4B ⬛ Loans (Net): +12.6% to 421.0B ⬛ Customer Deposits: +13.4% to 574.2B ⬛ Loan Loss Provisions: +9.2% to 9.5B ⬛ Investment securities: +12.6% to 246.4B ⬛ EPS: +16.4% to 5.04 ⬛ DPS: +66.7% to 2.50

Isuzu East Africa has announced that Associated Motors Limited is no longer an authorized dealer. The move ends a decades-long partnership, with customers being transitioned to Isuzu’s existing dealer network FYI: Centum owns a 17.8% stake in Isuzu East Africa.

The Capital Markets Authority (CMA) and it's CEO Wycliffe Shamiah have been ordered by the court to compensate Cytonn Investments a sum of KSh 10.5 million for defamatory or damaging remarks made against the firm six years ago. In its remarks, the CMA had cautioned the public against investing in certain Cytonn-linked products, indicating that they were either unregulated or did not fall under its oversight. While the Authority argued that it was acting within its statutory mandate to protect investors and maintain market integrity, the court held that the language and manner in which the statements were made created a negative and misleading impression about Cytonn’s legitimacy and business practices. The court observed that although regulators are entitled to issue warnings, such communications must be accurate, fair, and not unnecessarily injurious to the reputation of market players. In this instance, it was found that the CMA’s remarks went beyond a neutral advisory and instead portrayed Cytonn in a manner that caused reputational harm, loss of investor confidence, and potential financial damage. As a result, the court awarded Cytonn KSh 10.5 million in damages, recognizing that the statements had a direct and adverse impact on its business. The ruling underscores a critical balance in financial regulation, while authorities must safeguard the public, they must also exercise restraint and precision to avoid unjustifiably harming the entities they regulate.

@MwangoCapital Listening to @JaphetSayi share the Tanzania experience makes Kenya look like a joke when it comes to PDM and transparency.

@avy_hisa DM we talk more. Love what you are building.

@MwangoCapital This is great. Been struggling getting the data on most saccos. Will definitely have a look.

Some of the annual Reports of Saccos are now available in our documents library. Link: mwangocapital.com/documents-libr…