Absa has appointed M-Pesa executive Sitoyo Lopokoiyit to lead its personal and private banking division as the lender accelerates a group-wide digital transformation and Pan-African expansion strategy. The appointment, first reported by Business Day, places a senior fintech figure at the centre of Absa’s efforts to modernise its retail banking operations and compete more aggressively in a market shaped by mobile finance and platform-based services.
Lopokoiyit, whose appointment has been approved by the South African Reserve Bank and takes effect in April, joins from Safaricom, where he held senior leadership roles since 2011, including responsibility for M-Pesa strategy and business development and oversight of Tanzanian operations. During his tenure, he was closely involved in the rollout of major digital products and partnerships that expanded M-Pesa’s ecosystem. According to Reuters, M-Pesa has evolved into one of Africa’s largest mobile financial platforms, serving more than 60 million customers and processing transactions worth about $1 billion daily, underscoring the scale of digital payments growth across the continent.
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Absa said Lopokoiyit brings experience spanning financial services, telecommunications and large-scale operational change, areas that align with the bank’s push to deliver integrated digital offerings. His arrival coincides with a broader restructuring of Absa’s leadership team under chief executive Kenny Fihla, who took over in June 2025 and has prioritised operational efficiency and internal capability building. The bank’s shares have risen more than 40% since his appointment, outperforming several domestic peers as investors respond to the group’s strategic reset.
Fihla has outlined plans to lift Absa’s return on equity to levels comparable with larger regional competitors by strengthening execution and reducing reliance on external consultants. Governance and risk management structures are also being reshaped, with chief internal audit executive Prabashni Naidoo moving into an expanded governance role covering legal, compliance and company secretariat functions. She will be succeeded by Rushdi Solomons, while Fatima Newman assumes the role of chief compliance officer. As reported by Bloomberg, African banks are increasing investment in digital infrastructure and governance frameworks as competition intensifies from fintech entrants and mobile-first financial platforms.
The combination of fintech leadership and governance changes signals Absa’s intention to position its retail franchise around digital delivery and tighter operational control. Lopokoiyit’s appointment places a senior architect of Africa’s most widely used mobile money platform at the forefront of that strategy, as traditional banks seek to capture a greater share of fast-growing digital financial services markets.
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