Just days after news broke of his exit from M-PESA Africa, Sitoyo Lopokoiyit has been confirmed for a major role in traditional banking. Absa Group has announced his appointment as the new Chief Executive for Personal and Private Banking, effective April 1, 2026.
The move is a significant coup for Absa, signaling a clear intent to bridge the gap between traditional banking and the agile, tech-first approach that defined Sitoyo’s tenure at M-PESA. He transitions from leading the continent’s largest fintech infrastructure to managing the consumer-facing engine of one of Africa’s biggest banking groups.
From Fintech to High-Street Banking
Sitoyo’s shift from a telco-led fintech to a Tier-1 bank is a strategic pivot that industry insiders have long anticipated. At Absa, he will be tasked with overseeing the “Personal and Private Banking” franchise—a portfolio that demands deep customer segmentation, digital transformation, and the ability to scale value propositions across diverse markets.
In a statement, Absa highlighted his “deep expertise in financial services, telecoms, customer value propositions, and large-scale business transformation” as key drivers for the appointment.
This aligns with a broader trend of banks recruiting top talent from the fintech and telco sectors to defend market share against agile disruptors. Sitoyo’s playbook—which includes the mass adoption of the M-PESA Super App, the contextual overdraft facility Fuliza, and cross-border payments—will likely be central to Absa’s strategy to digitize its retail offering and capture a younger, mobile-first demographic.
A Proven Fintech General
Lopokoiyit joins Absa with a resume that is virtually unmatched in the African digital payments space.
Most recently, he served as the Managing Director of M-PESA Africa and Chief Financial Services Officer at Safaricom. In this dual capacity, he was the architect behind the unification of M-PESA operations across the Safaricom and Vodacom footprints.
Under his leadership, M-PESA evolved from a transactional service into a lifestyle platform. He oversaw the launch of the M-PESA Super App, which became a primary interface for millions of users, and drove the expansion of the ecosystem to serve over 56 million customers and 5 million businesses.
His tenure at Safaricom, which began in 2011, saw him rise through the ranks from Head of M-PESA Strategy to arguably the most influential fintech executive on the continent. His time in Tanzania as M-Commerce Director for Vodacom is also credited with turning around the M-PESA product in a highly competitive multi-sim market.
What This Means for Absa
For Absa, landing Sitoyo is a statement of intent. The “Personal and Private Banking” division is the battleground where traditional banks are fighting hardest against fintechs. By bringing in the man who helped build the very infrastructure that disrupted banking in East Africa, Absa is signaling a shift towards a more aggressive, platform-led retail strategy.
Sitoyo’s experience in strategic partnerships—having linked M-PESA to global giants like PayPal and AliPay—will also be critical as Absa looks to expand its own digital ecosystem beyond standard banking products.
He takes up the new role on April 1, 2026.
