Tech in Africa
Sitoyo Lopokoiyit now heads Safaricom’s M-PESA Africa venture as an interim Managing Director. Sitoyo has been the Head of the tech giants Financial Services Division.
Safaricom recently partnered with Vodafone South Africa to acquire the M-PESA Africa brand alongside all the intellectual property. The two African owners now have the impetus to accelerate M-PESA’s expansion across the continent. Their full control extends to product development, support services, and an avenue to expand into new markets.
In a statement released by East Africa’s largest telecoms company, Safaricom backed the appointment as part of the creation of a new leadership structure. Other members on the agenda are chief of financial services., commercial director, head of compliance and risk, finance director, and technology director.
Peter Ndegwa, Safaricom CEO hosted the Financial year 19/20 celebration in a virtual session where it was revealed that M-PESA accounted for a third of all company revenue. During his presentation, he revealed that M-PESA was now integrated with all Kenyan banks, giving their clients access to remittances from over 160 countries. Micheal Joseph, the outgoing CEO, revealed plans of expanding M-PESA Global.
Safaricom has been making strategic moves this year, recently announcing a partnership with Visa in the development of a product that will easily accommodate M-PESA users to make global payments.
