NSE Appoints Tom Mulwa as Chairman as Exchange Builds on Capital Market Reforms
The board transition comes as Kenya's stock exchange builds on a revived listings pipeline, wider retail participation and a broader mix of investment products under its 2025–2029 strategy.
The Nairobi Securities Exchange (NSE) has appointed Tom Mulwa as chairman of its board, handing leadership of Kenya’s securities exchange to a financial services executive who takes office as the market pursues a broad programme of reforms aimed at attracting more companies, expanding retail investing and deepening capital formation.
Mulwa succeeds Kiprono Kittony, whose six-year tenure as chairman comes to an end on July 12. The appointment takes effect on July 13 following approval by the NSE board on June 30.
The leadership transition comes as the exchange executes its 2025–2029 strategy after a period marked by new listings, digital investment products and renewed activity across Kenya’s capital markets.
Tom Mulwa to Take Over NSE Board on July 13
The NSE said the appointment follows the conclusion of Kittony’s term and a review of the board’s composition in line with its commitment to strong governance, board independence and long-term institutional oversight.
Mulwa assumes the chairmanship after serving on the NSE Board as an Independent Non-Executive Director since September 2025, during a period when the exchange accelerated listings, expanded retail investing through Ziidi Trader and broadened its capital markets offering with new equity, corporate debt and REIT listings. In that role, he participated in board oversight as the exchange advanced its 2025–2029 strategy and pursued a broader agenda to deepen Kenya’s capital markets.
The continuity was also evident in the exchange’s public engagements. Earlier this year, Mulwa opened the Nairobi Securities Exchange listing ceremony for I&M Group PLC’s Medium Term Note, describing the transaction as “a strong reaffirmation of the depth, resilience, and growing sophistication of our capital markets as a trusted platform for long-term capital formation.”
Beyond the NSE, Mulwa brings more than three decades of experience in financial services and is one of the pioneers of Liaison Group, where he joined in 1991 before becoming Chief Executive Officer in 1999.
During his tenure, the company expanded into Uganda, Tanzania, Rwanda and South Sudan, building a regional non-banking financial services business spanning insurance, pensions, investment advisory and health administration.
Mulwa holds a Bachelor of Commerce degree from the University of Nairobi, an MBA from the University of Leicester and is a RIMS Fellow of the Global Risk Management Institute. He also chairs Kenya National REITs, serves on the council of the Association of Pension Trustees and Administrators of Kenya, and was appointed to Kenya’s National Investment Council in 2022.
The NSE said the board looks forward to Mulwa’s leadership as the exchange builds on its recent progress by deepening Kenya’s capital markets, broadening investor participation and creating long-term value for shareholders and the wider economy.
Kittony Leaves After Overseeing a New Phase for the Exchange
Kittony steps down after six years as chairman, a period during which the exchange reopened parts of the market that had remained quiet for more than a decade while laying the foundation for its current growth strategy.
Under his leadership, the NSE ended an 11-year IPO drought, introduced new products aimed at expanding retail investor participation and rolled out its 2025–2029 strategic plan. The exchange also ranked among Africa’s top-performing bourses during his tenure.
One of the most notable milestones was the listing of Kenya Pipeline Company, followed by Family Bank’s admission to the exchange, restoring activity in Kenya’s primary equity market after more than a decade without a public listing.
The exchange also broadened its product offering beyond traditional equities.
Corporate fundraising gained momentum through listed debt instruments, including I&M Bank’s medium-term note programme, while the property market welcomed TRIFIC’s dollar-denominated green I-REIT after investor demand exceeded the fundraising target.
The NSE also expanded its pipeline of future issuers through the Ibuka Programme, admitting firms such as Fincredit as it worked to prepare more businesses for public markets.
Retail participation formed another major focus during Kittony’s tenure.
Working with Safaricom and Kestrel Capital, the exchange introduced Ziidi Trader, allowing investors to buy listed shares and corporate bonds through a mobile platform linked to M-PESA. Within months of launch, the platform had processed more than KSh1 billion in trading across hundreds of thousands of transactions, reflecting strong participation from individual investors making relatively small trades.
Together, those initiatives broadened the exchange’s range of listed products while supporting its objective of making Kenya’s capital markets more accessible to both institutional and retail investors.
Mulwa Inherits an Active Capital Markets Agenda
The incoming chairman assumes office as the exchange pursues several initiatives at the same time.
The NSE wants to increase the number of retail investors to nine million by 2029 through digital distribution channels and simpler access to investing.
It is also seeking to attract more companies to public markets, expand corporate debt issuance, support the growth of REITs and sustainable finance products, and strengthen Kenya’s position as a regional capital markets hub.
Those priorities extend beyond attracting new issuers.
The exchange is also working to deepen market liquidity, broaden investor participation and encourage more frequent trading across both equity and fixed-income markets.
The Challenge Moves Beyond New Listings
While recent activity has expanded the range of securities available on the exchange, sustaining investor participation remains one of the market’s biggest tests.
The NSE has about three million investor accounts, yet only a small share of those accounts trade regularly. Digital platforms such as Ziidi Trader have lowered barriers to entry, but converting new users into active long-term investors remains a more difficult task.
The same applies to issuers.
Recent listings and fundraising activity have helped revive parts of Kenya’s capital markets, but maintaining a steady pipeline of companies, investment products and active trading will determine whether those gains endure.
Mulwa takes over at a point where much of the groundwork has already been laid. His tenure will be judged by how effectively the exchange builds on that foundation, deepens liquidity, expands participation and delivers on its ambition of making Kenya’s capital markets broader, more active and more accessible to investors and businesses alike.
Go to TECHTRENDSKE.co.ke for more tech and business news from the African continent and across the world.
Follow us on WhatsApp, Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke
