Why Esther Waititu says it is time to leave Safaricom

When Esther Waititu began her career as an analyst at CBA Group more than two decades ago, she says she never imagined she would one day lead the financial services business behind one of Kenya's biggest success stories, M-PESA.

As she announced her departure from Safaricom, Waititu reflected on the journey that took her from a young finance professional with big dreams to Chief Financial Services Officer, saying a recent mentorship session reminded her just how far she had come.

"When I started as an analyst at CBA Group over two decades ago, I could never have imagined where this journey would take me. Speaking with the children at the Hope Care Centre's Heart to Heart Mentorship Programme a few weeks ago reminded me that I once sat exactly where they are, wondering if the climb into finance was just too steep," she wrote.

She said the experience brought back memories of the uncertainty she felt at the start of her career, making her appreciate the opportunities that eventually led her to Safaricom.

"The analyst I was could not have imagined joining Safaricom PLC as Chief Financial Services Officer, leading one of Kenya's proudest achievements and a true engine of financial inclusion: M-PESA," she added.

Waititu joined Safaricom three years ago at a time when M-PESA had already established itself as Africa's leading digital payment platform.

Rather than simply maintaining its success, she said her ambition was to broaden its role in customers' financial lives.

"Three years ago, M-PESA was already Africa's leading digital payment platform. I believed we could do more. With an exceptional team, we set out to make it a lifeline platform, one that helps people save for school fees, insure against risk, borrow to grow, and build wealth for the next generation," she said.

During her tenure, Safaricom rolled out a number of financial products designed to serve both individuals and small businesses.

She highlighted Pochi la Biashara, which enabled micro-entrepreneurs including food vendors, kiosk owners and boda boda operators to separate their personal and business finances.

She also pointed to Tuunza Mapato and device insurance, saying the products helped protect both traders' income and the tools they rely on to earn a living.

Another milestone she reflected on was Ziidi, which she said has enabled more than five million customers to earn daily interest while taking their first steps into formal investing.

Waititu also described the launch of Ziidi Trader as one of the achievements she is most proud of.

"With Ziidi Trader, we did something I once thought would take a generation. We put the Nairobi Securities Exchange in the pocket of every M-PESA customer. No brokerage account, no minimum beyond a single share, just a phone and a stake in the companies that build this country," she wrote.

She noted that the initiative was developed in partnership with the Nairobi Securities Exchange, the Capital Markets Authority, KASIB Kenya and CDSC, with investor education and protection built into the platform from the outset.

Beyond launching new financial products, Waititu said her team focused on strengthening the technology powering M-PESA.

She said the Fintech 2.0 programme rebuilt the platform's core infrastructure, while Daraja 3.0 opened M-PESA's technology to developers, allowing them to build new services on top of the platform.

"Some of the products now running on M-PESA were built by people I have never met, and that is exactly the point," she said, describing it as evidence of a thriving innovation ecosystem.

After reflecting on the milestones achieved over the past three years, Waititu said she believes the foundation has now been laid for the next phase of growth, making it the right moment to move on.

"I have long believed that inclusive finance and commercial performance are mutually reinforcing. Seeing that translate into everyday progress, especially for women and girls, has been the most rewarding part of this journey," she said.

She added that with the ecosystem now firmly established, she feels her work at Safaricom has reached a natural milestone.

"With the ecosystem now firmly established, the time feels right for a new chapter. I am stepping down from Safaricom with enormous pride in what we built as a team, and with the conviction that drew me here: that finance should serve everyone," she said.

As she prepares to leave Safaricom, Waititu expressed gratitude to CEO Dr. Peter Ndegwa, the company's board, investors, colleagues and customers for supporting her throughout her journey.

"Thank you to Dr. Peter Ndegwa C.B.S for your steadfast trust and partnership, to Adil Khawaja SC, MBS, MGH and the Board, to investors for our vision, and most of all, to my incredible team and to our customers, the people who inspire us daily," she wrote.

While she did not disclose her next destination, Waititu revealed that she will soon share details about the next phase of her career.