Tom Mulwa was appointed Chairman of the Nairobi Securities Exchange (NSE) in July 2026, succeeding Kiprono Kittony after completing his two-term tenure. His appointment places him at the helm of Kenya’s premier capital markets institution as it seeks to deepen market participation, attract new listings, strengthen investor confidence, and reinforce the capital markets’ role in driving economic growth. As Chairman, Mulwa will guide the Board’s strategic oversight of the NSE as it navigates market innovation, regional competitiveness, and an evolving regulatory landscape.  

Mulwa brings more than 35 years of leadership experience across insurance, banking, investments, pensions, and corporate governance. He began his career at Kenya Commercial Bank before joining Liaison Group in 1991 as General Manager, rising to Managing Director in 1996 and Group Chief Executive Officer in 1999. Under his leadership, Liaison has grown from a Kenyan insurance brokerage into one of East Africa’s leading financial services groups, with operations spanning insurance brokerage, healthcare administration, pensions, actuarial consulting, and investment advisory. His governance experience spans both the public and private sectors.  

He was appointed to the National Investment Council by President William Ruto in November 2022, joined the NSE Board as an Independent Non-Executive Director in September 2025, and was elected Chairman in July 2026. He also serves as Chairman of Kenya National REIT (KNR). He has held directorships at several leading financial institutions and industry bodies, earning a reputation for institution building, strategic leadership, and sound corporate governance.  

Mulwa’s academic and professional journey reflects a strong commitment to lifelong learning and executive leadership. He earned a Bachelor of Commerce from the University of Nairobi and completed a Postgraduate MBA at the University of Leicester. He is also a RIMS Fellow (RF) of the Global Risk Management Institute Inc., a designation that recognises expertise in enterprise risk management and governance.  

Throughout his career, he has complemented his academic training with executive leadership programmes and has become a respected voice in corporate governance, institutional leadership, and financial services. His contribution to Kenya’s financial sector was recognised with the award of the Moran of the Order of the Burning Spear (MBS).  

As he assumes the NSE chairmanship, Mulwa inherits an institution seeking to revitalise Kenya’s capital markets amid shifting investor behaviour, rising digitalisation, and heightened regional competition. His blend of executive leadership, governance expertise, and deep understanding of financial markets positions him to steer the Exchange through its next phase of growth and to strengthen its role in mobilising capital for Kenya’s economic development.