Sitoyo Lopokoiyit has been appointed as managing director at M-Pesa Africa, effective 1 April 2021.
Lopokoiyit is a mobile financial services expert who has directly managed mobile money in two of the largest markets in the world – Kenya and Tanzania.
Sitoyo joined Safaricom in 2011 as head of M-Pesa strategy and business development.
He moved to Vodacom Tanzania in 2016 as director of m-commerce, before re-joining Safaricom in 2018 as leader of the financial services division, and more recently, chief financial services officer.
He has been serving as interim CEO at M-Pesa Africa from April 2020.
At Safaricom he will responsible for managing and growing M-Pesa, which has revenues of over $1 billion with service revenue growing at double digits.
Lopokoiyit will be reporting to the M-Pesa Board and Chairman of the Board Shameel Joosub.
M-Pesa is the continent’s largest mobile payments platform, with 430,00 active agents and 42 million users across the Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique and Tanzania.
It allows users to send and receive money, top-up airtime, make bill payments, receive salaries, and get short-term loans.
In 2019, over 12 billion transactions were recorded on the platform.
It was originally launched by Safaricom in 2007, when the company was still part of Vodafone.
Its ownership was transferred to Vodacom as part of a consolidation of Vodafone subsidiaries in sub-Saharan Africa in 2017.
In April 2020, M-Pesa was acquired by Vodacom and its Kenyan subsidiary Safaricom in a joint venture to continue growing mobile payments in Africa.
According to Vodacom’s latest quarterly update, average monthly M-Pesa transactions grew by 57.8% to $24.2 billion year-on-year.
Revenues from M-Pesa increased 10.1%, largely as the result of a 7.7% increase in customers.