By Benadeta Mwaura - Reporter
Kenya, July 10 ,2026 - Newly appointed Nairobi Securities Exchange (NSE) Chairman Tom Mulwa has unveiled an ambitious vision to transform Kenya's capital market into an investment platform accessible to every Kenyan, promising to expand retail investor participation, attract more company listings and leverage technology to democratise wealth creation.
Mulwa, who officially assumes the chairmanship on July 13, succeeds Kiprono Kittony at a time when the Nairobi Securities Exchange is enjoying renewed investor confidence after emerging as one of Africa's best-performing stock markets over the past year.
In his first interview following the appointment, Mulwa described the NSE as much more than a stock trading platform, saying it plays a critical role in driving economic growth by providing businesses with access to capital and investors with opportunities to build long-term wealth.
"The NSE is far more than a trading floor. It is a public company and an institution that provides investors with confidence that they can enter and exit investments. Before anyone invests in a country, they first look at the strength of its securities exchange because it determines whether they can realise value from their investments in the future," Mulwa said.
He added that the board's responsibility extends beyond corporate governance to providing strategic direction for the exchange and ensuring it remains competitive within Africa's rapidly evolving financial markets.
A central pillar of Mulwa's agenda is broadening participation in Kenya's capital markets, particularly among ordinary Kenyans who have traditionally viewed stock market investing as an activity reserved for wealthy individuals and institutional investors.
"I want to make the NSE a market for every Kenyan," Mulwa said, noting that expanding financial inclusion would be one of his key priorities during his tenure.
His vision aligns with the NSE's recently launched 2025–2029 Strategic Plan, which seeks to increase the number of active retail investors to nine million, recruit hundreds of investment agents across the country, diversify investment products and encourage more companies to list on the exchange.
The strategy also aims to position technology at the centre of market growth through digital investment platforms, artificial intelligence, blockchain-enabled services and new investment products that make it easier for retail investors to participate in capital markets.
Mulwa said attracting more listings would also remain a priority, arguing that a vibrant securities exchange provides businesses with affordable long-term financing while giving investors a wider range of investment opportunities.
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Kenya has witnessed renewed activity in its capital markets over the past two years, with infrastructure-backed securities, exchange-traded funds, rights issues and corporate bond issuances helping revive activity after years of limited listings. The exchange is now looking to build on that momentum by encouraging more private companies and family-owned businesses to consider listing as a means of raising capital for expansion.
Market analysts say Mulwa assumes office at a favourable time for the bourse. The NSE has recorded strong gains in 2026, supported by easing interest rates, improved macroeconomic stability, a stronger Kenyan shilling and growing foreign investor interest. Pension funds have also reported record capital gains from bond and equity trading, further reinforcing confidence in Kenya's financial markets.
Beyond expanding investor participation, Mulwa emphasised the need to strengthen investor confidence by ensuring the exchange continues to offer transparent, efficient and liquid markets where investors can easily buy and sell securities.
He also underscored the importance of the capital market in supporting Kenya's broader economic transformation, noting that countries seeking to attract long-term domestic and foreign investment require strong and credible securities exchanges.
Mulwa brings extensive experience in financial services and corporate governance to the role. He serves as the Chief Executive Officer of Liaison Group and has been an independent non-executive director on the NSE board since September 2025. His appointment follows board approval at the end of June after Kittony's six-year tenure came to an end.
As Kenya pursues its ambition of becoming a regional financial hub, Mulwa believes the capital market must evolve beyond institutional investors and become a platform that enables millions of ordinary Kenyans to participate in wealth creation.
If successfully implemented, his vision could mark one of the most significant shifts in the history of the Nairobi Securities Exchange, transforming it from a market largely dominated by institutional investors into one where retail participation, digital innovation and broader financial inclusion drive the next phase of growth.