Areas of Expertise
Lucy Muthoni
Assistant Lecturer

Lucy graduated from Maseno University with a BSc. Actuarial Science with IT and proceeded to University of Nairobi where she acquired MSc. Actuarial Science. She is currently pursuing a PhD in Financial Mathematics at Strathmore University. Lucy teaches Calculus, Probability and Statistics, Financial Mathematics and Actuarial Science courses in the University, at the same time doing other administrative tasks.


Together with three other members of staff, Lucy successfully facilitated the development of three Masters programmes’ curriculum documents (MSc. Biomathematics, MSc. Financial Mathematics and MSc. Statistical Sciences), to be offered at IMS from September 2015. Lucy was also given the responsibility to create the Cost-Benefit-Volume-Analysis (CBVA) or Business Plan, which was used to project cash flows for the graduate programmes and effectively pricing them. She also undertook a Market survey and stakeholders’ forum to study the marketability and soundness of the graduate programmes, respectively.


Lucy has been involved as an expert in different forums which contribute towards Actuarial Science’s development in the country. She was in the stakeholders’ forum for School of Finance and Applied Economics, Strathmore University, for the BBS (Bachelor of Business Science) programmes. She actively participated as an expert in evaluating the soundness of BBS Actuarial Science programme. She was also an instrumental person in the improvement of BSc. Actuarial Science offered at KCA University.


Lucy promotes the uptake of Mathematics and Actuarial Science courses among the youth and females in the country. She does this by giving annual talks at Actuarial Bootcamps in Kisumu, which involves all the students in the country pursuing Actuarial Science. She also gives career guidance during career-days at different secondary schools in Kenya (Moi Gilrs’ Nairobi, State House Girls’ High School, Muongoiya Secondary School, Kianda School, Loreto Limuru Girls’ Secondary school, etc) and giving motivational speeches at Primary Schools (Muongoiya Primary School, Mayuyu Primary School, Kiboro Primary School, Mathare, etc). By doing this she hopes to encourage more young Kenyans to have a positive attitude towards Mathematics.

Research Interest

Lucy’s research interests are in Financial Mathematics, with specific interest in yield curve Modeling and Financial Models used in Stock Markets in the BRICS and Developing countries.
  • Muthoni, Lucy (2014), Application of Multi-Yield Curves Modelling to Kenyan Bond Market, Lambert Academic Publishing (LAP), Germany. ISBN: 978-3-659-59526-4


  • Muthoni, Lucy and Onyango, Silas N. (2014), Construction of Nominal Yield Curve for Nairobi Securities Exchange: An improvement on Monotone Preserving  Interpolation Method| Presented at Southern Africa Mathematical Sciences Association 33rd Conference, Victoria Falls, November 2014
  • Muthoni, Lucy, Onyango, Silas N. and Omolo-Ongati, N. (2015), Extraction of Zero Coupon Yield Curve for Nairobi Securities Exchange: The Best Parametric Model for East African Markets| To be presented at the 2nd Kenyatta University International Mathematics Conference, Nairobi, June 2015
  • Muthoni, Lucy, Onyango, Silas N. and Omolo-Ongati, N. (2015), Pricing of Coffee Futures in a Market with Incomplete Information| To be presented at the 3rd Strathmore International Mathematics Conference, Nairobi, August 2015

Ongoing Research

Lucy previously worked on Multi-Yield Curves Modelling with Application to Kenyan Bond Market. She is currently working on Zero-Coupon-Yield-Curve for the Nairobi Securities Exchange, with application in pricing Coffee Futures, as part of her PhD.

Contact Details

Madaraka Estate
Ole Sangale Road, PO Box 59857,
00200 City Square
Nairobi, Kenya
Tel: 0703-034000, 0703-034200