Absa announces strategic executive changes to enhance Pan-African growth

Absa Group on Wednesday announced a series of executive leadership changes following the finalisation of its refocused Pan-African strategy, signalling a renewed emphasis on customer-led growth, stronger governance and deeper leadership capacity across the organisation.

Absa's share price rose 0.12% to R260.01 in morning trade on the JSE after the news broke.

The banking group confirmed the appointment of Sitoyo Lopokoiyit as chief executive for Personal and Private Banking, effective April 1, 2026. The move is seen as a strategic step to strengthen Absa’s retail and private banking operations while advancing integrated, customer-centric solutions and unlocking new growth opportunities.

Lopokoiyit joins Absa from Safaricom, where he most recently served as managing director of M-PESA Africa and chief financial services officer. During his tenure, he led the strategy and expansion of M-PESA, Africa’s largest fintech platform, which serves more than 56 million customers and over 5 million businesses. He was appointed to head M-PESA Africa, a joint venture between Safaricom and Vodacom, with a mandate to expand its footprint across the continent.

With more than 12 years’ experience in fintech, Lopokoiyit has played a key role in scaling digital financial services across Africa. Since joining Safaricom in 2011, he has held several senior leadership positions, including Head of M-PESA Strategy and Business Development, and has overseen operations in Tanzania. He also led the launch of innovations such as the M-PESA Super App, Fuliza and partnerships with global platforms including PayPal and AliPay.

His contribution to advancing financial inclusion has earned international recognition, including induction into the 11:FS Hall of Fame, which honours leaders who have significantly improved the financial services ecosystem through innovation and resilience.

Absa group CEO Kenny Fihla said the appointment underscores the bank’s strategic priorities. “This appointment demonstrates Absa’s strategic focus on delivering integrated, customer-centric solutions across our Personal and Private Banking franchise while unlocking new growth opportunities,” Fihla said.

In a parallel governance restructuring, Absa announced that Prabashni Naidoo, currently group chief internal audit executive, will assume the newly expanded role of group chief governance officer from March 1, 2026. The role will incorporate legal, compliance and group secretariat functions. Naidoo brings extensive experience in audit, risk, regulatory engagement and organisational assurance, and is expected to strengthen governance standards across the group.

Rushdi Solomons has been promoted to group chief internal audit officer, also effective March 1, 2026. He previously served as managing executive for Compliance Strategy, Regulatory Relations and Governance. Prior to that, he was chief operating officer in Group Internal Audit after joining Absa in 2020. Solomons’ earlier career includes senior roles at Deloitte Risk Advisory, the Auditor-General of South Africa and PwC.

Fatima Newman has been appointed chief compliance officer, effective  March 1, 2026. With 28 years of experience across risk, compliance, regulatory and governance disciplines, Newman has held senior roles at Absa, EasyHQ, EOH and MTN South Africa. She previously served as Chief Risk Officer at EOH Group Limited and is recognised for her systems-thinking approach to navigating regulatory complexity.

Commenting on the broader leadership changes, Fihla said the appointments reflect both the depth of internal talent and the deliberate introduction of external expertise to strengthen critical capabilities.

“We are building a future-fit leadership team, deepening our bench strength, and ensuring the right capabilities are in place to deliver on our strategic ambitions,” Fihla said. “I am confident that our newly appointed leaders will play a significant role in driving the Group forward.”

The changes form part of Absa’s efforts to align leadership capability with its refreshed strategy and reinforce its commitment to strong governance and sustainable growth across its African operations.

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