1. What drew you to the field of investment banking, particularly at a time when the industry in Kenya was still developing?
In the early 1990s, Kenya’s financial markets were still emerging and largely defined by traditional brokerage. Yet I could see enormous potential — both in the untapped capacity of local investors and in the need for structured advisory to help companies raise capital responsibly. That belief inspired me to establish Standard Stocks Ltd in 1995, operating from Rehani House, Nairobi.
The mission was clear: to democratize access to investment and bring integrity and professionalism to the markets. By 2000, the firm had become Kenya’s top stockbroker by trading volume, proving that with the right team and values, a homegrown institution could lead in an industry then dominated by legacy firms.
2. Can you tell us about your early career experiences and the key milestones that shaped your professional path?
My career began in commercial banking at the National Bank of Kenya, where I gained firsthand experience in financial analysis, credit structuring, and risk management. That foundation taught me the importance of discipline, prudence, and long-term thinking in finance. When I later founded Standard Stocks, I built on those lessons — focusing on trust, client relationships, and consistency.
In 2003, we obtained our investment-banking licence from the Capital Markets Authority, marking the birth of Standard Investment Bank (SIB). From there, we diversified into corporate finance, advisory, and asset management. By 2007, our equities desk was trading over KES 20 billion, a major milestone in Kenya’s budding capital markets. In 2018, we became the first CMA-licensed Money Manager, launching Mansa-X Fund — Kenya’s first multi-asset fund, giving investors access to global markets. Then in 2023, we deepened financial inclusivity with SIB Najah and the Mansa-X Shariah Special Fund, tailored for Muslim and ethical investors.
Today, SIB serves over 11,000 active equities clients and more than 50,000 investors under the Mansa-X umbrella, which currently manages assets worth over KES 110 Billion — a reflection of steady, values-driven growth over three decades.
3. Were there mentors or pivotal figures who influenced your approach to finance and leadership? If yes, who were they?
Yes, both locally and internationally. I have long admired global financiers who built enduring institutions through integrity and innovation rather than speculation. Closer to home, I drew inspiration from Kenyan entrepreneurs who built their businesses during challenging economic times. Their resilience reinforced my conviction that ethical leadership, teamwork, and faith-anchored values are central to long-term success. My Catholic upbringing has also shaped how I view stewardship — wealth creation must serve people and purpose, not just profit.
Wealth creation must serve people & purpose, not just profit
4. What were some of the biggest challenges you faced breaking into or establishing yourself in Kenya’s financial sector in the early years?
Trust was the first hurdle. In the 1990s, many Kenyans viewed the stock market as speculative or inaccessible. We had to demystify it, one client at a time. Technology was rudimentary, and regulatory frameworks were evolving, so we often had to design internal controls and governance systems that would later guide industry practice. Above all, we had to cultivate investor confidence through consistent performance and transparent communication — principles that remain core to SIB today.
5. How would you describe the evolution of Kenya’s investment banking landscape over the past three decades?
The transformation has been remarkable. From manual trading floors to digital platforms, from pure equities to multi-asset investment solutions — Kenya’s market has matured in structure, depth, and sophistication. The rise of collective investment schemes, corporate-finance advisory, and regulated money-management products has widened participation. SIB’s own journey — from a brokerage desk at Hazina House to one of Kenya’s top investment banks — mirrors that evolution.
6. How has SIB contributed in shaping the country’s investment banking, inclusivity in Kenya’s financial sector?
SIB has always been driven by the principle that financial inclusion and performance are not mutually exclusive. When we launched the Mansa-X Special Fund, we opened global, multi-asset investment opportunities to both retail and institutional clients — a first in Kenya. The Mansa-X Shariah Special Fund extended this inclusivity to ethical and Muslim investors through Shariah-compliant structures under SIB Najah.
Beyond innovation, we’ve also played a national role: advising on landmark transactions such as KenGen’s KES 28.7 billion rights issue, the Kenya Re IPO, the NSE demutualisation and IPO, KPLC’s balance-sheet restructuring, and the privatisation of KWAL Holdings, among many others.
These deals shaped Kenya’s capital markets architecture and broadened ownership across sectors.
Our goal remains to make world-class investment products accessible, transparent, and proudly Kenyan.
7. What major regulatory, economic or technological shifts have had the most profound impact on the industry?
Three come to mind. First, regulatory maturity — the CMA’s evolution from control to collaboration has fostered innovation. Second, technological advancement — digital trading and data analytics have revolutionised access and transparency. And third, economic integration — East Africa’s expanding cross-border markets have opened new frontiers for advisory, listings, and fund distribution.
SIB’s adaptability to these shifts — from obtaining the first money-manager licence to integrating trading automation into Mansa-X — shows that innovation and regulation can complement one another when guided by integrity.
8. In your view, what were the turning points that positioned Nairobi as a regional financial hub?
Nairobi’s success rests on strong institutions, talent, and innovation. The establishment of the Capital Markets Authority and the Nairobi Securities Exchange as credible regulators laid the foundation. The introduction of mobile money and digital-finance infrastructure accelerated adoption, while local investment banks like SIB brought international standards to local execution. Collectively, these made Nairobi a natural hub for regional corporate-finance activity.
9. How has the role of local investment banks changed with the entry of global players and fintech innovations?
Global competition challenged us to elevate our game. At SIB, we responded by combining deep local insight with global execution. We leveraged fintech tools for efficiency while maintaining rigorous governance and personal relationships. Our advantage lies in cultural understanding, agility, and trust — qualities that global firms sometimes underestimate. Mansa-X Special Fund, for example, reflects that blend of Kenyan innovation and global reach.
10. What strategies have you found most effective in maintaining ethical standards and transparency in finance?
Ethics begins with culture. At SIB, governance is not a compliance exercise; it’s a way of life. We maintain strong internal controls, independent oversight, and full disclosure to clients. As a leader, I’ve always believed in recruiting for integrity first, competence second. Systems enforce discipline, but values build trust. And in finance, trust is everything.
11. What accomplishments are you most proud of in your decades-long career?
I’m proud that we built SIB from scratch — from a two-room brokerage to one of Kenya’s foremost investment banks. I’m proud of over 60 major advisory transactions completed under our leadership — from IPOs to rights issues and privatisations across Kenya and East Africa.
I’m equally proud of our flagship Mansa-X Special Funds, which have consistently delivered competitive, risk-adjusted returns and earned recognition such as “Best Hedge Fund Manager in Kenya 2020” by the International Business Magazine. More recently, Mansa-X ranked third in assets under management among licensed funds in Kenya’s Q3 2024 CMA report, affirming that local innovation can match global standards. But above all, I take pride in nurturing teams that will carry this legacy forward long after I’m gone.
12. Have you seen tangible improvements in how Kenyan firms access capital and manage corporate finance over time?
Yes, tremendously. Today’s Kenyan firms understand governance, disclosure, and capital-structure optimization far better than they did 30 years ago. The market offers diversified instruments — bonds, rights issues, private placements, infrastructure funds — that we helped pioneer. Corporate finance has become a discipline grounded in transparency and investor confidence.
13. Having been a chair of the NSE, how would you describe the country’s capital markets and what are some of the biggest achievements during your tenure?
Serving as Chair and Vice-Chair of the NSE was an honour. During that time, we focused on automation of trading systems, enhancing corporate-governance standards, and facilitating the demutualisation and public listing of the exchange itself — a landmark reform in Kenya’s financial history. Those efforts strengthened market infrastructure, boosted liquidity, and enhanced investor protection. Today’s NSE stands as one of Africa’s most advanced exchanges, and I’m proud to have contributed to that progress.
14. What is your take on the government privatisation plan through listings?
Privatisation through capital markets is a sound strategy — it deepens ownership, enhances transparency, and raises much-needed capital for growth. Kenya’s earlier privatisations, such as KenGen and Kenya Re, demonstrated how successful this model can be when managed professionally. The key is credible valuation, robust governance, and sustained post-listing support to ensure long-term success.
15. How do you see the future of investment banking in Kenya and East Africa over the next 10–20 years?
The future is anchored on integration, innovation, and inclusion. East Africa will become an interconnected financial ecosystem, with cross-border listings and funds. Digital platforms will redefine service delivery, while inclusion will bring more ordinary Kenyans into structured investment. I see local banks evolving into regional powerhouses — and Kenya continuing to lead that transformation.
16. What role do you think technology such as AI, blockchain or digital platforms will play in shaping the next phase of investment banking?
They will redefine our industry. Artificial Intelligence will drive smarter risk management and portfolio analytics. Blockchain will enhance transaction security, transparency, and settlement efficiency. Digital platforms will democratize access, enabling every Kenyan to invest globally from their mobile device. At SIB, we’re already integrating such tools into our fund-management systems to enhance transparency and client experience.
17. How can the industry better attract and prepare the next generation of investment bankers?
By showing them that investment can be a force for development. Young professionals should see investment banking not just as a profit engine, but as an instrument for national progress — financing infrastructure, supporting SMEs, and enabling innovation. The industry must invest in mentorship, ethical training, and digital fluency to nurture leaders who are both visionary and principled.
18. What advice would you give to young professionals aspiring to enter or lead in the finance sector today?
Be curious, ethical, and patient. Learn continuously, respect the process, and never compromise integrity for short-term gain. Technology will change tools, but not values. Build trust, master your craft, and remember — in this business, trust remains the ultimate currency.
