Is Esther Waititu Headed for a Bigger Role After Safaricom Exit?

Safaricom Plc’s Chief Financial Services Officer Esther Masese Waititu will step down effective August 1, ending a three-and-a-half-year tenure that helped reshape M-PESA’s financial services business and prompting fresh speculation about her next career move.

The telecommunications company announced her departure this week, with Chief Executive Officer Peter Ndegwa thanking Waititu for her contribution to the growth of Safaricom’s financial services business.

The company named an internal executive to serve in the role on an acting basis pending a substantive appointment.

While executive departures are common in corporate Kenya, Waititu’s exit comes amid a growing trend of senior Safaricom executives moving into top leadership positions across the banking sector, reinforcing the company’s reputation as a key source of executive talent.

Former Safaricom Exits 

Earlier this year, former M-PESA Africa Managing Director Sitoyo Lopokoiyit left Safaricom to become Chief Executive for Personal and Private Banking at Absa Group, taking on a pan-African leadership role.

Michael Mutiga, Safaricom’s former Chief Financial Officer, is also set to assume the position of Chief Executive Officer at Stanbic Bank Kenya in August.

The moves have fueled industry perceptions that banks are increasingly turning to Safaricom to recruit executives with deep expertise in digital financial services.

“When headhunters want great talent, they look to Safaricom,” one industry insider said. “It’s a natural move for a market leader in Africa.”

The shift shows the growing convergence between telecommunications and banking, particularly as lenders seek executives with experience in building digital payment ecosystems and financial technology platforms.

A photo of Chief Executive for Personal and Private Banking at Absa Group,Sitoyo Lopokoiyit (right) and Chief Executive Officer at Stanbic Bank Kenya, Michael Mutiga (left). Photo/Hivileo

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For much of the past decade, Kenyan banks viewed M-PESA as a disruptive force that threatened traditional retail banking.

Today, many are instead seeking leaders who helped build the mobile money platform as they accelerate their own digital transformation strategies.

Waititu’s tenure at Safaricom coincided with a period of significant expansion in the company’s financial services business.

She oversaw the modernization of M-PESA’s technology infrastructure through the Fintech 2.0 migration to a cloud-native platform, laying the groundwork for new digital financial products.

Under her leadership, Safaricom also expanded products such as Ziidi, strengthened the Safaricom Insurance Agency and accelerated the growth of Pochi la Biashara, the merchant payment solution aimed at small businesses.

Those achievements have positioned Waititu among Kenya’s most experienced fintech executives, making her a potential candidate for senior leadership roles within the banking or financial services sectors.

Esther Masese Waititu Next Move

Although no destination has been announced, her departure comes as the banking industry continues to experience leadership changes.
Also Read: Safaricom by the Numbers: Revenue, Customers, Employees, Agents, Taxes, Dividend, Subscribers

Joshua Oigara’s move from KCB Group to a regional role at Stanbic created the vacancy that Mutiga will fill, while leadership transitions at other major banks have also opened opportunities for experienced executives with digital finance expertise.

Safaricom has increasingly become a proving ground for executives seeking broader regional leadership roles, particularly as financial institutions prioritize digital innovation.

Whether Waititu follows the path taken by her former colleagues remains to be seen. However, her experience leading one of Africa’s largest mobile financial services businesses is expected to make her a strong contender for senior executive positions in Kenya and across the region.

For now, Safaricom has not disclosed her next destination, leaving the market watching closely for her next move.
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A photo Safaricom Plc’s Chief Financial Services Officer Esther Masese Waititu