Absa Group has confirmed the appointment of M-PESA Africa chief executive Sitoyo Lopokoiyit as the new head of its Personal and Private Banking division, marking a significant leadership move as the South African lender accelerates its pan-African growth strategy.
The move, first reported by South African business publication Business Day, has now secured regulatory approval from the South African Reserve Bank, clearing the way for Lopokoiyit to assume the role in April.
His appointment is notable on several fronts. He becomes the first non-South African to lead Absa’s Personal and Private Banking unit, one of the group’s largest and most strategically important divisions.
The move signals a deliberate shift by Absa toward deeper digital integration and continent-wide expansion as competition intensifies across Africa’s financial services landscape.
Absa said Lopokoiyit brings deep expertise in financial services, telecommunications, customer value propositions and large-scale business transformation.
His career trajectory reflects the growing convergence between fintech innovation and traditional banking.
Lopokoiyit has led M-PESA Africa since April 2021, overseeing its evolution into a continental fintech platform operating in eight African countries and serving more than 60 million customers and over five million businesses.
During his tenure, M-PESA expanded beyond peer-to-peer money transfers into a fully integrated digital financial ecosystem spanning payments, savings, credit, merchant services, interoperability and global remittances.
The platform, often described as Africa’s super app, remains one of the continent’s most significant fintech success stories.
It was established as a joint venture between Safaricom and Vodacom and has grown into a central pillar of financial inclusion across multiple markets.
Under Lopokoiyit’s leadership, M-PESA strengthened partnerships with major global players including Visa, Ant Financial, PayPal, Microsoft and Huawei, enhancing its international reach and digital capabilities.
He also drove the launch of key innovations such as the M-Pesa Super App and Fuliza, further embedding the platform into everyday financial life for millions of users.
His departure from M-PESA Africa, effective March 31, 2026, follows nearly five years at the helm and more than 15 years across the Safaricom and Vodacom ecosystem.
Lopokoiyit joined Safaricom in July 2011 as Head of M-PESA Strategy and Business Development.
Over the years, he held senior leadership roles including Director of M-Commerce at Vodacom Tanzania and Chief Financial Services Officer at Safaricom PLC, where he also served as a member of the Executive Committee.
During this period, he played a pivotal role in shaping the agent aggregator model that became central to mobile money expansion and financial inclusion across Africa.
At Absa, he will take charge of a division serving millions of retail and private banking clients across South Africa and other African markets.
All Cash Withdrawals Now to be TaxedThe Personal and Private Banking unit plays a central role in deposit mobilisation, lending, wealth management and digital banking services, making it critical to the group’s profitability and long-term strategy.
The appointment comes as African banks face mounting pressure to modernise legacy systems, enhance customer experience and compete with agile fintech players.
Absa has been strengthening its continental footprint following its separation from Barclays PLC in 2018, positioning itself as a fully independent pan-African bank.
Since taking over as Group CEO in June 2025, Kenny Fihla has sharpened Absa’s strategic focus on operational discipline and execution.
The bank’s stock has risen more than 44 percent during his tenure, outperforming the broader banking sector.
Fihla has emphasised reducing reliance on consultants, capturing revenue opportunities previously ceded to competitors and driving improvements in return on equity to match larger rivals.
Commenting on Lopokoiyit’s appointment, Fihla said the decision demonstrates Absa’s commitment to delivering integrated, customer-centric solutions while unlocking new growth opportunities within the Personal and Private Banking franchise.
The leadership changes extend beyond the Personal and Private Banking division.
Absa has also announced governance-focused appointments aimed at strengthening organisational resilience.
Chief internal audit executive Prabashni Naidoo will assume a newly reconstituted role as Group Chief Governance Officer overseeing legal, compliance and the group secretariat. She will be succeeded by Rushdi Solomons, while Fatima Newman has been appointed Chief Compliance Officer.
Fihla described the broader appointments as reflective of strong succession planning and a deliberate effort to build a future-fit leadership team with the right capabilities across legal, regulatory and control disciplines.
Lopokoiyit’s move from the helm of Africa’s most influential mobile money platform into one of the continent’s largest banking groups underscores a broader shift underway in African finance.
The boundaries between fintech platforms and traditional banks are narrowing as institutions seek leaders capable of combining technological agility with large-scale operational discipline.
His transition represents the latest chapter in a career closely associated with some of Africa’s most transformative developments in digital finance and financial inclusion.
At Absa, he will now be tasked with translating that experience into competitive advantage within one of the continent’s most demanding retail and private banking environments.
