Tom Mulwa
The Nairobi Securities Exchange (NSE) has announced changes to its Board leadership.
In a public notice on Thursday, July 2, the NSE announced the appointment of Tom Mulwa as the new Board Chairman.
Mulwa will replace Kiprono Kittony, who is heading to retirement effective July 13, 2026, bringing to an end an eight-year stint on the Board and six years as its chair.
“The Board is pleased to announce the appointment of Mr. Tom Mulwa as Chairman of the Board of the NSE effective 13 July 2026. The appointment was approved by the Board on 30 June 2026,” read the notice.
Kittony joined the NSE Board on 30 May 2018 and was appointed Chairman on 13 July 2020. During his tenure, he led the Exchange through a transformative period, driving key reforms that deepened and expanded Kenya’s capital markets.
Under his leadership, the NSE ended an eleven-year IPO drought with the landmark listing of Kenya Pipeline Company and the listing of Family Bank, introduced single-share trading, and spearheaded the launch of the Ziidi Trader M-PESA platform, significantly expanding retail investor participation.
He also championed sustainable finance initiatives and oversaw the implementation of the NSE’s ambitious 2025-2029 strategy.
“The Board expresses its sincere appreciation to Mr. Kittony for his distinguished service, principled leadership and lasting contribution to the Exchange’s strategic direction, governance and market development,” the NSE said.
Mulwa joined the NSE Board as an Independent Non-Executive Director in September 2025 and brings more than three decades of financial-services leadership to the role.
He is one of the founders of Liaison Group, which he joined in 1991 and has led as Chief Executive Officer since 1999. Under his leadership, the company has grown from a small insurance brokerage into a pan-African non-banking financial services group with operations in Uganda, Tanzania, Rwanda and South Sudan, generating annual revenues of more than KSh2 billion.
His expertise spans insurance, risk management, pensions, health administration and investment advisory.
Mulwa currently serves as Chairman of Kenya National REITs and is a council member of the Association of Pension Trustees and Administrators of Kenya (APTAK). In 2022, President William Ruto appointed him to the National Investment Council.
He holds a Bachelor of Commerce degree from the University of Nairobi, a postgraduate MBA from the University of Leicester in the United Kingdom, and is a Fellow of the Global Risk Management Institute (RIMS).
“The Board warmly welcomes Mr. Mulwa and looks forward to his leadership as the Exchange advances its 2025-2029 strategy to deepen the market, broaden retail participation and strengthen Kenya’s position as a leading African capital market.
“His entrepreneurial track record and firm grounding in capital markets place him well to build on the momentum of recent years and to sustain the Exchange’s focus on innovation, resilience and long-term value for shareholders,” the NSE board stated.
