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Directors of NSE

Chairman

Mr. Kiprono Kittony, EBS

Mr. Kittony holds both a Bachelor of Commerce (B,Com) degree and a Bachelor of Laws (LL.B) degree from the University of Nairobi and a Global Executive MBA from the United States International University (USIU).
Mr. Kittony was appointed Chairman of the NSE Board on July 13, 2020 and as a Board Director of the NSE on May 30, 2018. He is the immediate former National Chairman of the Kenya National Chamber of Commerce & Industry (KNCCI), the premier business membership organization in Kenya.
He is an established entrepreneur and business leader having served in several capacities including being the immediate past Chairman of the Media Owners Association and AAR Insurance Limited. During his seven year tenure at the KNCCI, he was widely credited with revitalizing the organization through a series of transformative initiatives that placed the Chamber at the forefront in terms of shaping national trade and general economic policy..
He serves as the chair of the CreditInfo CRB Kenya Limited, Mtech Limited and Radio Africa Group (which he co-founded in 2000). He sits on the advisory council of the International Fund for Health in Africa (IFHA), an Amsterdam based private equity fund and is one of two representatives from Africa in the Global Council of the World Chambers Federation.
Vice-Chairman

Mr. Paul Mwai

Mr. Mwai holds an MBA from Strathmore University and a Bachelors of Business from the University of Southern Queensland. He holds an Investment Management Certificate from UK Society for Investment Professionals and is an Associate Member of the Chartered Institute of Bankers. He is an Authorized Representative for the Growth Enterprise Market Segment (GEMS) of the NSE.
Mr. Mwai was appointed a Board Director of the NSE on May 30, 2018. He is the Chief Executive of AIB Capital and the Chairman of the Kenya Association of Stock Brokers and Investment Banks (KASIB). He has over twenty years’ experience in the financial services industry including fund management and investment banking.
He has worked in various departments within the Barclays Group, including Barclays Merchant Finance Ltd (BMFL) and Barclays Dealing Centre, before joining the Barclaytrust Investment Services Group in 1998 as a Fund Manager. He served as a Senior Portfolio Manager at Old Mutual Asset Managers following the acquisition of BarclayTrust by Old Mutual in October 2002 and as an Asset Allocation Strategist. He joined AIB Capital in February 2012 from African Alliance Investment Bank where he was Chief Executive.
CEO

Mr. Frank Mwiti

Mr. Frank Mwiti is the CEO of the Nairobi Securities Exchange Plc . Mr. Mwiti is a dynamic and accomplished senior business leader with more than two decades of diverse global and regional professional experience in strategy, governance, business development, Corporate Finance, M&A, investment banking, risk management and performance improvement. He has advised governments, investors, shareholders, boards and CEOs across UK, US, EU, Russia, Middle East, Asia and Africa. Prior to his appointment as the CEO of the Nairobi Securities Exchange Plc, he served as a Partner and Eastern Africa Markets Leader at EY, leading Strategy, M&A and Business Development across Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, Somalia and South Sudan. He previously held senior executive roles in London (UK) at UBS Investment Bank, Deutsche Bank, EY and PwC. Mr. Mwiti equally served as CEO and Managing Director at Afrika Kapital in UK , a firm he founded and in which he was involved in advising investment banks, private equity firms and hedge funds across forex, equities, fixed income, commodities, synthetics and listed derivatives in London, New York, Frankfurt, Singapore, Moscow, and Hong Kong. Mr. Mwiti holds Executive Management qualification from MIT (US), a Bachelor of Laws (LL.B) degree from University of Nairobi and is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

Independent Non-Executive Director

Mr. Michael Turner

Mr. Turner holds a first class degree in Civil Engineering. He is a Fellow of the Institute of Chartered Accountants in England & Wales.
Mr. Turner was appointed a Board Director of the NSE on March 26, 2015. He is the Managing Director of Actis Limited in East Africa and is responsible for Actis’s USD 300 million Private Equity Fund with investment in Energy and Real Estate in East Africa.
He has extensive experience in private equity having served as the Manager of the Actis Africa Agribusiness Fund and the founder manager of the first Small and Medium Sized Enterprises (SME) Private Equity fund in East Africa – the Acacia Fund.
Mr. Turner has deep understanding of Private Equity investment in agribusiness, financial services, real estate and infrastructure throughout Sub Saharan Africa. Prior to joining Actis, Michael worked in investment banking in London for Lehman Brothers and Kleinwort Benson, having started his career with Price Waterhouse.
Non-Executive Director representing listed companies

Ms. Risper Alaro-Mukoto

Ms. Alaro holds an MBA in Finance from the United States International University Africa (USIU-A) and a Bachelor’s Degree in Business Management from Moi University. She is a fellow of the Association of Certified Chartered Accountants (ACCA), a member of the Institute of Certified Public Accountants of Kenya (ICPAK), an International Coach Federation Associate Certified Coach (ACC), and a Certified Executive Leadership Coach. She is a fellow of the Archbishop Desmond Tutu Africa Leadership Fellowship.
Ms. Alaro was appointed a Non-Executive Director on the Board of NSE on May 30, 2018. She also serves as a Non-Executive Director on the Board of BK Group PLC, and is a practicing Executive Leadership Coach. She previously served Centum Group PLC as Managing Director of one of its subsidiaries; Centum Business Solutions, and as the Group Finance & Operations Director.
Independent Non-Executive Director

Ms. Isis Nyong'o Madison

Ms. Madison is a business leader with over fifteen (15) years’ experience in scaling digital and media businesses across Africa. She is the founder of MumsVillage and is a Principal at Asphalt & Ink. She previously held notable leadership positions on the Africa teams of InMobi, Google and MTV Networks.
She holds an MBA from Havard University and a Bachelor of Ars Degree in Human Biology from Stanford University.
She has received several recognitions for her contribution to Africa’s entrepreneurial ecosystem among them Top 20 Women by Forbes Africa and recognized as a Young Global Leader by the World Economic Forum.
Non-Executive Director representing Trading Participants

Mr. Donald Wangunyu

Donald serves as the Chairman of the Board of the Kenya Association of Stockbrokers and Investment Banks (KASIB).
Previously, he has served as the chairman of the KASIB committees overseeing the growth of long-term funding for KASIB, the industry committee that oversaw the removal of capital gains tax from listed market securities, the Broker Back Office System (BBO) Functionality Management Committee. BBO is the system used by all stock-brokers and investment bank in Kenya.
Donald further serves on the board of Standard Investment Bank and chairs the Risk and compliance board committee of the investment bank.
Donald is a member of the Planning and Economic Council of the Dominican Friars of East Africa and an Advisory Board member of the East Africa Forum for Alternative Investments. His broad experience further includes serving as a member of the Capital Markets Master Plan implementation group, the Central Depository and Settlement Corporate’s (CDSC) Market Operations committee and the system selection committees of the CDSC.
Donald is the Founder and Chief Executive Officer of FourFront Management, the first and only Fully licensed Robo-Advisor in the Country.
Non-Executive Director representing Listed Companies

Mr. Stephen Chege

Mr. Chege has over 20 years’ experience in policy, legal and regulatory affairs and Environmental Social and Governance matters, primarily within the telecommunications and ICT industry. He is the Chief Corporate Affairs Officer at Safaricom Plc, where his role entails safeguarding and growing Safaricom’s reputation, Government & stakeholder engagement, shaping the policy, legal and regulatory environment and overseeing the growth of Safaricom’s sustainability agenda. He has held other roles as Safaricom including Head of Regulatory and Public Policy, Senior Manager – Public Policy and Market Regulation and Principal In-house counsel. He was also the Public Policy Manager, Vodafone Group Public Policy in the UK.
He holds a Master of Laws (LLM) degree in International Trade and Investment Law from the University of Nairobi and also a Bachelor of Laws from the same University. He is also a Certified (Company) Secretary.
Independent Non-Executive Director

Mr. John Niepold

Mr. Niepold has over 25 years of experience in frontier investing in Africa and the Middle East. In 2010, he founded SQM Frontier Management LLP and served as the Managing Partner and Portfolio Manager for the firm’s Frontier Africa Fund. Prior to founding SQM, Mr. Niepold was a Portfolio Manager and Partner at Emerging Markets Management (EMM) where he launched and managed the first fund dedicated to investing in Africa’s frontier stock markets among other
achievements.

Mr. Niepold also served as an equity analyst in Southeast Asia for Crosby Securities and as an independent consultant covering frontier markets throughout the world. Mr. Niepold has a Bachelor of Arts degree in Economics from Davidson College and a Master of Business Administration degree from the Kenan-Flagler Business School at the University of North Carolina/Chapel Hill.

Independent Non-Executive Director

Ms. Carole Kariuki

Ms. Kariuki has over 20 years of experience in Private Sector management and leadership and is currently the Chief Executive Officer of Kenya Private Sector Alliance (KEPSA), a position she has held since 2010. At KEPSA, she has spearheaded public private dialogue platforms with all levels of government to move the World Bank Doing Business Index for Kenya from a high of 136 in 2014, to 56 in 2020, among other achievements. She has previously held roles at Sagamore Policy and Research Institute, Indianapolis and Barclays Bank of Kenya Limited (now Absa Bank Kenya Plc). Ms. Kariuki sits on various Boards and has received a number of awards and recognitions, including Presidential awards for National Development Contribution to the Country.

She holds a Bachelor of Arts Degree in Economics and Sociology from the University of Nairobi and a Master’s Degree in Public Administration from Bowling Green State University, Ohio, USA.

NSE Executive Committee

CEO

Mr. Frank Mwiti

Mr. Frank Mwiti is the CEO of the Nairobi Securities Exchange Plc . Mr. Mwiti is a dynamic and accomplished senior business leader with more than two decades of diverse global and regional professional experience in strategy, governance, business development, Corporate Finance, M&A, investment banking, risk management and performance improvement. He has advised governments, investors, shareholders, boards and CEOs across UK, US, EU, Russia, Middle East, Asia and Africa. Prior to his appointment as the CEO of the Nairobi Securities Exchange Plc, he served as a Partner and Eastern Africa Markets Leader at EY, leading Strategy, M&A and Business Development across Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, Somalia and South Sudan. He previously held senior executive roles in London (UK) at UBS Investment Bank, Deutsche Bank, EY and PwC. Mr. Mwiti equally served as CEO and Managing Director at Afrika Kapital in UK , a firm he founded and in which he was involved in advising investment banks, private equity firms and hedge funds across forex, equities, fixed income, commodities, synthetics and listed derivatives in London, New York, Frankfurt, Singapore, Moscow, and Hong Kong. Mr. Mwiti holds Executive Management qualification from MIT (US), a Bachelor of Laws (LL.B) degree from University of Nairobi and is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

Chief Finance Officer

Jane Kiarie

Ms. Jane Kiarie is the Chief Financial Officer. Jane joined the Nairobi Securities Exchange (NSE) in 2012. Prior to joining the NSE, Jane had accumulated four years’ experience as a Financial Controller/ Head of Finance and Administration in various organizations.
She also worked as an Associate Consultant with PricewaterhouseCoopers Limited, Kenya in Advisory Consulting within the Accounting and Operations Effectiveness line of service. In addition, she worked with Deloitte (both in Kenya and the USA) for about 11 years in audit where she gained valuable experience in providing auditing, accounting, compliance, internal controls reviews, risk identification and management, financial reporting and management services across many sectors of the economy.
Ms. Kiarie is a holder of Masters in Business Administration, Strategic Management from the United States International University and a Bachelor of Science Degree in Mathematics (Statistics Major) from the University of Nairobi. She is also a Certified Public Accountant of Kenya and a member of the Institute of Certified Public Accountants of Kenya.
Chief Officer – Human Resources & Administration

Lucy Kamar

Ms. Lucy Kamar-Chepkurui is the Chief Officer, Human Resources and Administration with over fifteen (15) years’ experience in Human Resource Management.

Prior to her current role, Ms. Chepkurui was the Human Resources and Administration Manager, at the NSE. She joined the NSE from the Institute of Certified Public Accountants of Kenya where she had served for a period of four (4) years in Human Resources and Administration. Lucy also previously served in the human resources department at the Kenya Broadcasting Corporation and at the Kenya Ordnance Factories Corporation.

She holds a Master of Science Degree in Human Resources Management from the Jomo Kenya University of Agriculture & Technology as well as a Bachelor of Arts Degree in Government & Public Administration from Moi University. She has also undertaken a Post-graduate Diploma in Human Resources Management from the Kenya Institute of Management (KIM). She is a Certified Human Resources Professional and is a full member of the Institute of Human Resources Management Kenya and the Women on Boards Network.

Chief Operating Officer

David Wainaina

Mr David Wainaina is the current Chief Operating Officer at the Nairobi Securities Exchange. He has over 18 years’ experience in the Capital Markets Industry having served in various capacities at the Nairobi Securities Exchange since the year 2005.David has been central in the implementation of key projects for the Bourse, overall Capital Market and the E.A Region including the automation of the Equities and the Fixed Income (Bonds) market. He was the NSE team lead during the successful launch of the Central bank lead CSD dhow system in the year 2023.

He has served in various capital market forums including the East African Community market integration initiative, Market Leaders forum by the Central Bank of Kenya, Capital Markets Authority lead Master Plan implementation Working Group, amongst others. He is the current chairman of the Technical Committee of the Association of East African Stock Exchanges and Depositories (EASEA).

David holds a Bachelor of International Business Administration Degree from the United States International University –Africa and a Master of Business Administration from the same institution He is a full member of institute of certified investment and financial Analysts. He has undertaken numerous courses at local and international levels during this career.

Company Secretary and Chief Legal Officer

Kuria Waithaka

Mr. Kuria Waithaka is the Company Secretary and Chief Legal Officer. Kuria is an Advocate of the High Court of Kenya, with over 18 years post admission experience. He is a member of the Law Society of Kenya, an Associate Member of the Chartered Institute of Arbitrators and is a Certified Public Secretary.
He has extensive corporate and commercial law, compliance, company secretarial, corporate governance and regulatory affairs experience, obtained in both the private and public sectors. He was previously a Partner in the law firm of KN Associates LLP, a boutique corporate and commercial law practice.
Prior to that, he held various senior management roles including the Group Head of Regulatory Affairs at the East African Breweries Limited and Corporate Relations Director, Kenya, the Legal Affairs Manager at the Privatization Commission, Corporation Secretary (and Head of Legal) at the Kenya Civil Aviation Authority, Legal Counsel at Kenya Airways and Compliance Assistant at Citibank N.A. Kenya. He started off his professional career at Kaplan & Stratton Advocates where he was an associate. By virtue of his various roles, he has proven record of leadership in thought and knowledge management, analysis and practical effective resolution of legal and other organizational matters.
A Chevening Scholar, Kuria holds a Bachelor of Laws (LLB) degree from the University of Nairobi as well as a Master’s degree in Law (LLM) in Corporate and Commercial law from the University College London (UCL), University of London. He has also undertaken postgraduate studies in Air and Space Law at McGill University, Canada.
Kuria has the responsibility of ensuring that the company has the necessary positive visibility to attract business and increase its market share. He is also responsible for providing necessary legal advice and guidance to facilitate effective strategy execution.
Chief Business Officer

Ms. Mbithe Muema

Ms. Mbithe Muema is the Chief Business Officer at the Nairobi Securities Exchange.
She is an Investment Banker with over 15 years of experience in capital markets, having worked in regional and international financial hubs.
Ms. Muema has worked with domestic and international institutional investors and issuers offering services in investment advisory, capital structuring, strategy, financial analysis, investor relations as well as debt and wealth management.
Prior to her appointment, Ms. Muema is the immediate former Chief Executive Officer of the Infallible Group. She served as the Head of Africa Equity Sales at Exotix Capital, Head of Sales Kenya at African Alliance, Head of Research, East Africa at Renaissance Capital, Equity Analyst, Equity Investment Bank all of which have culminated in her passion for empowerment of Africans to generate wealth via the African capital markets.
Ms. Muema served as a Board Director of the Konza Technopolis Development Authority Board (Konza City), a Vision 2030 flagship project worth over Kshs. 200 Billion, where she Chaired the Business Development committee.
She has volunteered with the Ministry of ICT & the Nairobi Securities Exchange on financial literacy & capital raising activities for corporates.
Mbithe consulted, hosted and produced a daily TV show on investments which aired on Metropol TV. Mbithe hosted the show for two years and moderated discussions on investment for over 400 episodes. In this role, Mbithe also facilitated financial literacy workshops and moderated investment and financial conferences with companies such as KCB Group, Absa Kenya, ScanGroup, AAR Kenya, Sanlam, Minet Kenya, Stanbic Bank among others.
She holds an MBA from Strathmore University, a Pan Africa EMBA from IESE University in Spain and a Bachelor’s Degree in Economics and Communication from the University of Nairobi. She is a trained accountant and a member of ACCA. She is a certified and trained financial analyst and member of the Institute of Certified Investment and Financial Analysts (ICIFA) in Kenya.
Ms. Muema has also trained extensively in portfolio management, financial analysis, equities & industry research, corporate valuation, equity & debt modelling in Kenya, Russia, United Kingdom and South Africa over her work career.
She is passionate about African Capital markets. She’s well versed with capital markets and corporate finance, and brings her experience to the NSE where in her role she will champion the case for public equity and debt financing as a means of expansion capital and seek to position the Kenyan capital market products for uptake by local businesses and investors.
Chief Internal Auditor

Mr. Fredrick Okong’o Ouma

Mr. Fredrick Okong’o Ouma is the Chief Internal Auditor of the Nairobi Securities Exchange PLC. Mr. Ouma, is a seasoned Auditor in the financial services sector for the last 14 years, six of which have been in managerial position. Prior to his appointment, Mr. Ouma was the Head of Internal Audit Department at Development Bank of Kenya Limited. He was instrumental in the setting up of the Internal Audit Department in the Bank. Prior to that he worked at the Central Bank of Kenya for five years in the Internal Audit Department and as an Audit Supervisor at Crowe Erastus and Co. CPA for three years. He is a holder of Kenyatta University’s Masters in Business Administration (Project Management), Kenyatta University’s Bachelor of Commerce (Accounting Option), Certified Public Accountant of Kenya (CPAK) ,Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE),Project Management Institute-Risk management professional(PMI-RMP) and Certified Trustee from College of Insurance(TDPK). He is a member of Institute of Certified Public Accountants of Kenya (ICPAK), ISACA Kenya Chapter, Project Management Institute (PMI) and Institute of Internal Auditors (IIA). Mr Ouma has also served as the National treasurer of ISACA Kenya chapter from 2018 to 2021. Trustee in the Banki Kuu Pension Scheme 2012 (2012-2015), Director in the Banki Kuu Sacco (2013 -2015) and ISACA Kenya Communication Committee (2017-2018).Currently he serves at Trustee DBK Provident Fund and in the Institute of Certified Public Accountants of Kenya (ICPAK) - Internal Audit Work stream.
Chief Officer, Strategy, Risk and Compliance

Irungu Waggema

Mr. Waggema is the Chief Officer, Strategy, Risk and Compliance. He is a seasoned capital markets professional with experience across Business Development, Innovation, ICT & Strategy. He has over 17 years’ experience (11 years in management) in the Capital Markets and ICT culminating in being the Head of Business Development at the Nairobi Securities Exchange. Over the course of his career, Mr. Waggema has honed various valuable skills such as strategy formulation, innovation and change leadership, securities trading, project and operations management, IT & corporate governance.
He has had first-hand exposure and involvement in the various developments in the Kenyan Capital Markets including the implementation of the Central Depository System, the Automated Trading System, Wide Area Network, Automation of Bonds, Development of the Derivatives market, REITs, rolling out of the Broker Back Office system, Internet & Mobile Trading, M-Akiba & Ibuka programme .
He has global exposure to capital markets spanning from the Nairobi Securities Exchange, the London Stock Exchange, Korea Exchange, the Dubai Financial Markets, The Egyptian Exchange, Johannesburg Stock Exchange, and the Nigerian Stock Exchange.
He currently serves as the Chair of the Product Review Committee at the Nairobi Securities Exchange PLC. He served as the past Secretary of the Disruptive Technology Working Group of African Securities Exchanges Association (ASEA) and is currently a member of the Commercial Committee of ASEA, member of the M-Akiba Implementation Team, the African Block Chain Alliance, World Federation of Exchanges (WFE) - Fintech working group and the ISACA.
He was part of the editorial team for a white paper for the UNECE on the use of Blockchain Technologies, Trade Facilitation and the Sustainable Development Goals (SDGs). Currently, participating in writing for the AUDA NEPAD on the adoption of block chain for Africa.
Chief Officer, Investor Education and Capacity Development

Mr. Jackson Kiminje

Mr. Jackson Kiminje is the Chief Officer, Investor Education and Capacity Development, with more than 18 years of experience in the Capital Markets.

He joined Nairobi Securities Exchange Plc (NSE) in the year 2005 and he has served in different roles in the organization. Jackson has been very instrumental in enhancing investor education in the Kenyan Capital Market and the East African region at large.

He was at the Centre of the setting up of the NSE Digital Academy, which is currently providing Capital markets capacity development and certification programs in Kenya and East Africa. He also was key in the development of the NSE Investment Challenge simulator that saw the NSE provide financial education to over 10 million young people in Kenya. He was a founding member of Securities Industrial Training Institute, an East African Securities Exchanges Association (EASEA) Capacity development Institute that aimed at enhancing Capital Markets Capacity in the East Africa region.

Mr. Kiminje serves as the Chair, Capacity Development in EASEA, Vice Chairman of Capacity Development Working Group at the Africa Stock Exchanges Association (ASEA) and is an Advisory Council member of the Technical and Vocational Training (TVET) for the Financial Services Sector.

Jackson holds a Bachelor of Science Degree in Mathematics from the Catholic University of Eastern Africa, a Post Graduate Degree in Actuarial Science from the University of Nairobi, a Diploma in Information Communication Technology, and numerous certifications in financial markets. He is also a Certified Trustee of NSE & CDSC Staff Provident Fund Scheme.

Jackson is passionate in developing knowledge in the capital markets and has extensive professional training and exposure locally and internationally in areas of investor education, training and business sourcing.

In his role, Mr. Kiminje develops and structures investor education programs to enhance the uptake of NSE products, structure capacity development programs for the capital markets players and investors, enhance uptake of market certification courses, as well as support the region in developing capacity to promote the growth of a vibrant regional financial services sector.

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