Read Time:3 Minute, 45 Second

The Nairobi Securities Exchange (NSE) has named Frank Mwiti as its new Chief Executive Officer (CEO), effective May 2, 2024, succeeding outgoing CEO Geoffrey Odundo, who steps down on March 1.

His appointment comes after a comprehensive recruitment process and is subject to regulatory approvals by the Capital Markets Authority (CMA).

“Following the completion of Mr Odundo’s tenure, the Board of Directors of the nse is pleased to announce the appointment of Mr Frank Mwiti as the new chief executive e of the NSE effective May 2, 2024, subject to appropriate regulatory approvals by the Capital Markets Authority,” said NSE Board Chair Kiprono Kittony.

Geoffrey Odundo, the outgoing CEO, leaves behind a legacy of transformative leadership during his nine-year tenure. Under his stewardship, the nse evolved into a world-class exchange, introducing globally accepted investment products, cutting-edge technology, and championing sustainability initiatives in the capital market.

Frank Mwiti brings to the role a wealth of experience garnered from his professional journey which has been marked by key roles and notable accomplishments at prestigious firms, including PricewaterhouseCoopers (PwC), Ernst & Young (EY) in the United Kingdom (UK), and UBS UK.

These experiences have equipped him with a diverse skill set and invaluable insights into the intricacies of the financial industry.

At PwC, Mwiti served as a manager for banking and capital markets advisory, where he played a pivotal role in providing strategic guidance to clients in the financial sector.

His expertise in risk management, corporate finance, and regulatory compliance contributed to the success of various projects aimed at enhancing operational efficiency and driving growth.

During his tenure at EY in the UK, Mwiti held several leadership positions, including the role of manager and partner. As the Eastern Africa Markets Lead, he spearheaded strategic business development initiatives across multiple countries in the region, focusing on assurance, tax, consulting, and transaction services.

These countries included Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, and South Sudan.

Mwiti’s visionary leadership and client-centric approach enabled EY to expand its footprint in emerging markets and deliver value-added solutions to clients.

Additionally, Mwiti’s tenure at UBS UK as an associate director for investment banking further solidified his reputation as a seasoned professional in the financial services industry.

He leveraged his expertise in mergers and acquisitions, corporate finance, and investment banking to advise clients on complex transactions and capital market strategies.

Throughout his career, Mwiti has demonstrated a commitment to excellence, integrity, and client satisfaction. His leadership roles at these prominent firms have equipped him with the skills, knowledge, and networks necessary to excel in his new role as CEO of the Nairobi Securities Exchange (NSE).

As he embarks on this new chapter, Mwiti’s extensive experience and track record of success position him as a dynamic leader poised to drive innovation, growth, and sustainability in Kenya’s capital markets.

Kiprono Kittony expressed confidence in Mwiti’s capabilities, citing his diverse international experience spanning over two decades.

“Mr Mwiti is a dynamic and accomplished business leader with more than two decades of diverse and international professional experience in strategy, governance, business development, risk management, corporate finance, mergers and acquisitions and performance improvement,” said the chair.

In his new role, Mwiti is expected to prioritize initiatives aimed at diversifying revenue streams, promoting ESG reporting, and facilitating the privatization of state-owned enterprises to inject liquidity into the market.

By fostering a conducive regulatory environment and championing transparency and accountability, Mwiti aims to position the nse as a preferred destination for both local and international investors.

However, Mwiti assumes leadership at a challenging juncture for the nse. The exchange is grappling with significant capital outflows as investors repatriate funds to developed economies, such as the US and UK, in pursuit of better returns.

AGF and Vista Group Holding Partnership Empowering Economic Growth in Sierra Leone

Consequently, the nse has faced price devaluation and a decline in its all-share index, impacting investor confidence and market valuation.

Moreover, the NSE operates within an uncertain legal and regulatory framework, further complicating efforts to attract investment and stimulate market growth.

Tight monetary policies, poor interest rate policies, and Kenya’s growing debt burden exacerbate the challenges facing the exchange, necessitating decisive action and strategic foresight from Mwiti and his leadership team.

Despite the prevailing challenges, Mwiti’s appointment represents a beacon of hope for the nse and the broader Kenyan economy.

His leadership promises to usher in a new era of innovation, growth, and sustainability, reaffirming the nse’s pivotal role in driving economic development and prosperity.