Absa Taps M-PESA Africa MD Sitoyo Lopokoiyit To Lead Retail, Private Banking

Absa Group has announced the appointment of Sitoyo Lopokoiyit as Chief Executive for Personal and Private Banking, effective 1 April 2026, in a move that underscores the bank’s focus on deepening customer-centric innovation and accelerating growth across its retail and affluent segments.

Lopokoiyit will exit his role as Managing Director of M-PESA Africa on 31 March 2026, concluding a tenure that helped shape the growth and regional expansion of one of Africa’s most influential fintech platforms.

He joins Absa as a seasoned industry executive with extensive experience spanning financial services, telecommunications, digital platforms, and large-scale business transformation. His appointment is expected to support the bank’s strategy to deliver more integrated financial solutions while unlocking new market opportunities within its Personal and Private Banking franchise.

Lopokoiyit joined Safaricom in July 2011 as Head of M-PESA Strategy and Business Development. Over the past 15 years, he has held several senior leadership roles across the Safaricom and Vodacom ecosystems, including Director of M-Commerce at Vodacom Tanzania and Chief Financial Services Officer at Safaricom PLC. As a member of Safaricom’s Executive Committee, he contributed to many of the company’s defining milestones.

During his tenure, he oversaw key innovations including the M-PESA Super App and Fuliza, as well as strategic integrations with global payment platforms such as PayPal and AliPay. He is widely recognised for advancing digital financial inclusion at scale and was inducted into the 11:FS Hall of Fame for his impact on transforming financial services.

Prior to joining Safaricom, Lopokoiyit built a strong commercial and innovation background across multiple sectors. While serving as Business Advisor and Merchandising Manager at Caltex, under Chevron Kenya Limited, his early engagement with Safaricom during the formative stages of M-PESA helped shape the agent aggregator model that is now widely adopted across the global mobile money industry.

As Managing Director of M-PESA Africa and Chief Financial Services Officer at Safaricom, Lopokoiyit led the strategic direction and expansion of the platform. Over a fintech career spanning more than 12 years, he played a central role in scaling M-PESA’s footprint to more than 56 million customers and over 5 million businesses.

In his role leading M-PESA Africa, he was tasked with extending the platform’s reach, capability, and relevance across multiple African markets.

Since joining Safaricom in 2011, Lopokoiyit held several senior leadership roles, including Head of M-PESA Strategy and Business Development, and also led operations in Tanzania. During his tenure, he oversaw the rollout of key innovations such as the M-PESA Super App and Fuliza, as well as strategic integrations with global payment platforms including PayPal and AliPay.

His contribution to advancing digital financial services and inclusion has earned international recognition, including induction into the 11:FS Hall of Fame, which honours leaders who have significantly transformed the financial services ecosystem through innovation and industry impact. He is widely regarded for his commitment to empowering small businesses and expanding access to inclusive digital financial tools.

Commenting on the appointment, Absa Group Chief Executive Officer Kenny Fihla said the leadership change aligns with the bank’s long-term strategic priorities.

“This appointment demonstrates Absa’s strategic focus on delivering integrated, customer centric solutions across our Personal and Private Banking franchise while unlocking new growth opportunities,” said Fihla.

In related leadership changes aimed at strengthening governance and organisational resilience, Absa announced that Prabashni Naidoo will assume a newly reconstituted role as Group Chief Governance Officer effective 1 March 2026, expanding her current mandate as Group Chief Internal Audit Executive to include Legal, Compliance and Group Secretariat. Rushdi Solomons has been promoted to Group Chief Internal Audit Officer, while Fatima Newman has been appointed Chief Compliance Officer, both effective 1 March 2026.

Commenting on the broader leadership updates, Fihla said: “These appointments reflect both the depth of talent within Absa and the strength of our succession planning, as well as our ambition to enhance our organisational resilience by bringing onboard expertise from outside the firm to close the gaps in key capability areas. We are building a future fit leadership team, deepening our bench strength, and ensuring the right capabilities are in place to deliver on our strategic ambitions. The appointments also bring significant depth of experience across legal, regulatory, assurance, and control disciplines, supporting Absa’s commitment to a strong and resilient governance framework. I am confident that our newly appointed leaders will play a significant role in driving the Group forward.”

The appointments come at a time when banks across Africa are intensifying investment in digital transformation, platform banking and customer experience modernisation amid rising competition from fintechs and mobile money operators.