Safaricom has appointed Esther Masese Waititu (pictured) the new Chief Financial Services Officer which puts her in charge of its popular mobile money transfer service, M-Pesa. This means Masese could play a key role in steering M-Pesa as a standalone business if the split is actualised.

However, it is not yet clear whether Safaricom had the separation in mind when appointing her to the position. Her appointment takes effect in three weeks’ time, February 21, subject to regulatory approval.

Reporting to the Chief Executive Officer, Esther will be responsible for providing strategic leadership and oversight to Safaricom’s financial services business.

Internal memo

“She will lead financial services tribes and teams, through the development of financial products, services and solutions for consumers and enterprises,” reads an internal memo announcing her appointment.

Her appointment coincides with pronouncements by the Central Bank of Kenya (CBK) Governor, Patrick Njoroge, on Tuesday that the plan to split M-Pesa from Safaricom’s telecommunications business are still intact.

Financial products directly under her stewardship will include the conventional M-Pesa and all Safaricom’s money lending services such as Fuliza, KCB M-Pesa, and M-Shwari.

Others are Safaricom’s International Money Transfer service, M-Pesa Global, and the telco’s money transfer service for teens, M-Pesa Go.

Masese has 15 years’ experience in financial sector and has served as the Director, Corporate Banking at KCB Group since 2021. Prior to that she worked at Stanbic Bank for 10 years.

The University of Liverpool alumni replaces Boniface Mungania who has been holding the position in an acting capacity.

Mungania has been appointed the Director – Public Sector Digital Transformation and will now be in charge of developing partnerships within the public sector to drive digital transformation for the national and county governments.

Long-serving Chief Financial Services Officer at Safaricom, Sitoyo Lopokoiyit, has since been promoted to Managing Director, M-Pesa Africa, a position he took up in April 2021.

–Lewis Njoka