Sitoyo Lopokoiyit Steps Down From M-PESA Africa to Join Absa Bank

Lopokoiyit confirmed that he will step down at the end of March 2026, concluding a tenure that fundamentally reshaped how millions of Africans transact, save, and access financial services. Beginning April 1, 2026, he will join Absa Bank Kenya as Chief Executive for Personal and Private Banking.

Neither Safaricom nor Vodacom has formally announced a successor, but the transition comes at a pivotal moment for M-PESA, a platform that has become deeply embedded in Kenya’s economic infrastructure.

A Leadership Exit With Industry-Wide Impact

Absa Bank Kenya, the country’s fifth-largest lender, announced Lopokoiyit’s appointment on Wednesday, describing the move as a strategic step to strengthen its digital banking capabilities and customer-focused innovation strategy.

The shift is notable not only because of Lopokoiyit’s reputation but also because of the scale of the platform he leaves behind. Under his leadership, M-PESA evolved from a mobile payments service into a comprehensive financial ecosystem serving tens of millions of users across multiple African markets.

Today, the platform supports savings products, credit services, merchant payments, international remittances, and even investment tools, positioning it closer to a “financial super app” than a traditional mobile money service.

His departure also arrives at a sensitive time for M-PESA. The platform has grown so central to Kenya’s economy that even brief service disruptions can affect businesses, financial institutions, and public services, highlighting both its scale and the systemic risks associated with its dominance.

Transforming M-PESA Into a Digital Finance Ecosystem

When Lopokoiyit took charge of M-PESA Africa in 2021, the platform was already one of the world’s most successful fintech innovations. Originally launched in 2007 as a USSD-based service for sending money via mobile phones, it had become a core component of Kenya’s payment infrastructure and expanded into markets such as Tanzania, Mozambique, and the Democratic Republic of Congo.

Despite its success, critics increasingly argued that M-PESA had remained largely a transaction-focused utility rather than a fully integrated digital finance platform. Lopokoiyit’s mandate was to drive its next phase of growth—and broaden its role in everyday economic life.

A Shift Toward Smartphone-Driven Services

One of his most significant initiatives was steering M-PESA toward a smartphone-first model. The launch of the M-PESA Super App in 2021, developed in collaboration with China’s Alipay, introduced a platform that allowed third-party developers to build mini-applications within the ecosystem.

Through this architecture, transport services, merchants, utilities, lenders, and government agencies could operate directly inside M-PESA, transforming it from a payments tool into a digital marketplace for financial and everyday services.

Expanding Merchant and Business Services

Lopokoiyit also championed merchant-focused solutions such as Pochi la Biashara and the M-PESA Business App. These tools provided informal traders and small businesses with digital wallets, transaction histories, and improved visibility into cash flow capabilities that were previously limited or inaccessible in much of Africa’s informal economy.

This expansion strengthened M-PESA’s position as both a consumer payments platform and a critical financial infrastructure for small enterprises.

Enabling Global and Investment Access

Global partnerships further expanded the platform’s reach. Integrations with PayPal, Western Union, and AliExpress allowed users to engage in international commerce and cross-border transactions more easily.

More recently, the launch of Ziidi Trader extended M-PESA’s capabilities into capital markets, enabling users to buy and sell shares listed on the Nairobi Securities Exchange directly from their mobile devices. The move represented a symbolic shift—from mobile money transfers to mass-market investment access.

Collectively, these initiatives created a closed-loop financial ecosystem where funds increasingly enter, circulate, and remain within the M-PESA environment.

A Career Shaped Across Multiple Industries

Lopokoiyit’s influence in digital finance is rooted in a diverse professional background spanning retail, energy, and telecommunications. His career reflects a deep understanding of consumer behavior, distribution networks, and the mechanics of everyday commerce in African markets.

Early roles at Uchumi Supermarkets, Chevron (Caltex), and Total Kenya exposed him to large-scale distribution systems long before mobile money gained traction. While working at Caltex in 2005, he proposed one of M-PESA’s early growth concepts using fuel stations as cash-in and cash-out agent locations, a model that later became critical to the platform’s national expansion.

He joined Safaricom in 2011 as Head of M-PESA Strategy before moving to Vodacom Tanzania in 2015 as Director of M-Commerce, where he earned recognition for turning around operations in a highly competitive market.

Returning to Safaricom in 2018 as Chief Financial Services Officer, Lopokoiyit oversaw several major product innovations, including Fuliza, the world’s first mobile money overdraft service, which attracted millions of users within days of launch. He also supported the expansion of M-Shwari’s micro-savings and credit offerings.

These achievements ultimately positioned him to lead M-PESA Africa following the formation of the Safaricom-Vodacom joint venture.

From Rural Kenya to Global Fintech Leadership

Lopokoiyit’s professional journey has drawn widespread admiration within the industry. Colleagues and observers frequently credit him with elevating M-PESA into one of the most sophisticated digital finance platforms in emerging markets.

His contributions have received international and national recognition. In 2023, he was inducted into the 11:FS Digital Finance Hall of Fame for his impact on global mobile money innovation. The Kenyan government also honored him with both the Moran of the Order of the Burning Spear and the Chief of the Order of the Burning Spear for advancing financial inclusion.

Public reaction to his career trajectory has also been deeply personal. Lawyer Donald Kipkorir, writing on X, described Lopokoiyit’s rise from a rural Pokot background to the ranks of Africa’s most influential fintech leaders as a remarkable success story.

Growing Scrutiny Around M-PESA’s Dominance

While M-PESA’s expansion has driven financial inclusion and economic efficiency, its growing influence has also prompted increased regulatory and public scrutiny.

As the platform expands into credit, remittances, merchant payments, and wealth management, concerns have emerged around market concentration, operational risk, and the broader economy’s dependence on a single private infrastructure.

Kenya’s central bank and regulators increasingly view M-PESA as critical national infrastructure a designation that carries higher expectations for reliability, governance, and competitive fairness.

In this context, Lopokoiyit’s legacy reflects both transformation and complexity. He helped build a system that powers everyday financial activity while simultaneously increasing its systemic importance.

Read More: Vodacom secures majority control of Safaricom in $2.1bn acquisition

A New Chapter at Absa Bank

Lopokoiyit’s move to Absa Bank Kenya signals a continuation of his influence in financial services rather than a departure from the sector. As Chief Executive for Personal and Private Banking, he will oversee a key division responsible for driving customer growth, digital innovation, and product integration.

Absa said the appointment aligns with its strategy to expand digital banking capabilities and enhance customer experience through technology-led transformation. The bank highlighted Lopokoiyit’s track record in scaling M-PESA into a continental fintech platform serving more than 56 million customers and over five million businesses.

A Transition That Could Reshape Regional Finance

Few executive moves carry the potential to influence Africa’s digital finance trajectory as significantly as this transition. Lopokoiyit leaves behind a platform that has redefined mobile money and joins a major financial institution seeking to deepen its digital transformation.

For M-PESA, the challenge will be sustaining momentum and managing systemic responsibility under new leadership. For Absa, the opportunity lies in leveraging one of Africa’s most experienced fintech leaders to compete in an increasingly digital banking landscape.

Either way, the ripple effects of this leadership shift are likely to shape the future of financial services across the region.