Safaricom Names New Chief Financial Services Officer

Safaricom PLC has appointed Boniface Mungania as its new Chief Financial Services Officer, effective November 1, following the receipt of all relevant regulatory approvals.

In a statement on Friday, November 6, Safaricom highlighted Mungania's extensive experience within the telecommunications and financial services sectors.

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"Mungania brings close to two decades of experience spanning financial services, digital transformation, customer care and business development, alongside a deep understanding of Safaricom's business, customers and the evolving financial services landscape," the statement read.

According to the statement, Mungania joined Safaricom in 2007 as a Customer Care Representative, where he developed a strong foundation in customer-centric service delivery. 

He subsequently rose through the organisation, holding several leadership positions that exposed him to different aspects of its financial services operations.

His previous roles included Senior Manager, M-PESA Business Development, Mobile Financial Services Consultant at Vodafone Qatar, Head of M-PESA Products and Services Development, Payments Tribe Lead and, most recently, Director - Public Sector Digital Transformation.

Throughout his career, Mungania played a significant role in developing and expanding innovations that transformed how customers conducted transactions, saved money and accessed financial services through Safaricom's platforms.

Beyond product development, he championed organisational changes aimed at improving efficiency and accelerating the delivery of new solutions across the company.

"He has also championed the adoption of agile ways of working, driving innovation and operational excellence across the business," the statement added.

In his most recent position as Director of Public Sector Digital Transformation, Mungania led several nationwide initiatives that supported the advancement of Kenya's digital infrastructure.

The programmes covered key economic sectors, including agriculture, healthcare, micro, small and medium enterprises (MSMEs) and public finance, as the country continued expanding the adoption of digital services.

His work also extended to developing essential digital infrastructure designed to improve connectivity and service delivery across different sectors.

"His work has also supported the development and maturity of critical digital utilities, including application programming interfaces (APIs), digital identity and national payments systems," the statement further read.

Mungania's contributions to Safaricom and Kenya have earned him several accolades, including the prestigious Order of the Grand Warrior (OGW).

Academically, he holds a Bachelor of Science degree and is currently pursuing a Master of Science in Entrepreneurship at Jomo Kenyatta University of Agriculture and Technology (JKUAT).

Safaricom congratulated Mungania on his appointment, expressing confidence in his ability to lead the financial services function as the company continues expanding its digital financial services portfolio.

"Safaricom congratulates Boniface Mungania on his appointment and wishes him success as he takes on the leadership of the financial services function," the statement further read.

His appointment followed the resignation of Esther Waititu, who previously served as Safaricom's Chief Financial Services Officer and announced plans to leave the telecommunications company to pursue other opportunities.

In announcing her departure, Safaricom's CEO Peter Ndegwa said Waititu had requested to leave the company in July 2026, with the management agreeing to her proposed exit date.

"I wish to announce that Esther Waititu, our Chief Financial Services Officer, will be leaving Safaricom to pursue other opportunities. At her request, the Company has agreed that her last working day will be 31st July 2026," he wrote.

Waititu joined Safaricom in February 2023 and played a central role in accelerating the transformation of M-PESA from a mobile payments platform into a broader digital financial services ecosystem.

During her tenure, M-PESA recorded sustained growth in revenue and customer adoption while expanding its offerings to include savings, insurance, credit, investment and payments solutions serving millions of customers across Kenya.

One of her major achievements was the modernisation of M-PESA's technological infrastructure through the migration to Fintech 2.0, a cloud-native architecture designed to strengthen the platform's reliability and support the expansion of the Daraja developer ecosystem.

The technological transformation also opened up opportunities for partnerships and the development of additional financial products, allowing M-PESA to evolve beyond its traditional mobile money services.

"This digital switch-over transformed M-PESA into an open, collaborative financial hub, enabling the expansion of the credit and insurance services, including the launch of the Safaricom Insurance Agency," Ndegwa added.

Waititu also championed solutions targeting micro-merchants and small businesses, particularly initiatives designed to help entrepreneurs manage their finances and access digital financial services.

Among the initiatives was Pochi la Biashara, which enabled millions of merchants to separate their business and personal finances while benefiting from the convenience of mobile-based financial transactions.

She also served as a Safaricom Foundation Trustee, participating in the company's broader community transformation agenda.

As she prepared to exit the company, Ndegwa acknowledged her contribution to the growth of its financial services business and wished her well in her future endeavours.

"As she embarks on the next phase of her career, I would like to thank Esther for her service, transformative vision, and the energy that she brought to Safaricom. Please join me in wishing Esther the very best in her next chapter," he further said.