Kenya’s Esther Waititu to exit Safaricom after steering M-PESA’s financial services

Kenyan executive Esther Waititu is stepping down as Safaricom’s chief financial services officer, ending more than three years leading the business behind M-PESA, the mobile money platform that has become central to Kenya’s digital economy. She will leave the telecommunications and technology company at the end of July.

Her departure comes on the same day Safaricom will hold its Annual General Meeting, where shareholders are expected to formally approve governance changes that will give Vodacom greater control following its acquisition of a majority stake in the company.

Veteran banker behind M-PESA’s growth

While her title is often mistaken for that of a chief financial officer, Waititu was responsible for Safaricom’s financial services business rather than the company’s overall finances. She oversaw M-PESA and its growing portfolio of digital products, including the Fuliza overdraft service, M-Shwari, KCB M-PESA, and the Ziidi investment platform.

Waititu joined Safaricom in February 2023 after a long career in banking. She holds a Bachelor of Business Administration from the University of Eastern Africa, Baraton, an MBA from the University of Liverpool, and is an AoEC-accredited executive coach. At Safaricom, she led the financial services division with a focus on expanding digital financial products and improving access to financial services for consumers and businesses.

She brought years of experience in banking and financial services to the role, having held senior positions at Commercial Bank of Africa, Standard Chartered Bank, Stanbic Bank and KCB Group. Before joining Safaricom, she served as director of corporate banking at KCB Group. Her experience in corporate banking, product development and business leadership helped shape the next phase of M-PESA’s growth as Safaricom broadened its digital financial services offering.

Expanded access through digital finance

During her time at Safaricom, M-PESA grew well beyond its roots as a mobile payments platform. The company introduced the M-PESA Super App, which now hosts more than 80 mini apps, rolled out the Ziidi investment platform, including Ziidi Shariah and Ziidi MMF, and launched M-PESA Ratiba, a mobile money standing order service. The business also expanded its credit offerings for individuals, businesses, and public sector institutions.

Those products added to M-PESA’s role in everyday financial life, giving millions of users more ways to save, borrow, invest, and make payments through a single platform. By the time Waititu announced her departure, M-PESA had strengthened its position as one of Africa’s leading digital financial services platforms, extending its reach beyond payments into savings, lending, and investments while supporting broader access to formal financial services across Kenya.