Inside Tom Mulwa’s Rapid Rise to NSE Board Chair

Tom Mulwa’s appointment as chairman of the Nairobi Securities Exchange marks the latest step in a career spanning more than three decades in insurance, risk management, pensions, investment and corporate governance.

• Mulwa formally took over the NSE chairmanship on July 13, 2026, succeeding Kiprono Kittony, whose six-year term ended on July 12.
• The NSE board approved the appointment on June 30, less than a year after Mulwa joined the exchange as an independent non-executive director in September 2025.
• As NSE chair, his central challenge will be translating decades of experience managing insurance, pension and investment capital into deeper domestic participation at the NSE.

Mulwa's career in financial services has been built largely through Liaison Group, the company he joined in 1991 and was among the early executives who helped develop the business where he was appointed chief executive in 1999.

At the time, Liaison was primarily a small Kenyan insurance brokerage. Under his leadership, it has expanded into a regional non-bank financial-services group operating in Kenya, Uganda, Tanzania, Rwanda and South Sudan.

The group’s activities have grown beyond traditional insurance brokerage to include risk management, pension administration, employee health benefits, investment advisory and other financial-services solutions.

Outside Liaison Group, he serves as chairman of Kenya National REITs, an organisation seeking to mobilise private capital for real estate and infrastructure investments. He is also a council member of the Association of Pension Trustees and Administrators of Kenya, which represents professionals involved in the governance and administration of retirement-benefit schemes.

President William Ruto appointed Mulwa to the National Investment Council in November 2022 for a three-year term. The council was established to advise the government on investment promotion, policy coordination and measures needed to improve Kenya’s attractiveness to domestic and international investors.

He holds a Bachelor of Commerce degree from the University of Nairobi and a postgraduate MBA from the University of Leicester in the United Kingdom. He is also a RIMS Fellow recognized by the Global Risk Management Institute.