Airtel Money Kenya MD Steps Down Ahead of Planned London IPO

Anne Kinuthia Otieno has resigned as Managing Director of Airtel Money Kenya after nearly five years in the role, departing just months before Airtel Africa’s mobile money business is expected to pursue a London listing. Her exit comes during a period of significant leadership changes across Kenya’s mobile money sector. It follows the recent appointment of a new Managing Director at Airtel Kenya and the announced departure of Safaricom’s Chief Financial Services Officer.

Kinuthia Otieno announced her resignation in a LinkedIn post on Saturday, saying she was preparing for a new chapter without revealing her next destination.

Reflecting on her tenure, she said the Airtel Money team had strengthened the platform’s market position by expanding its merchant and agent network, forming new strategic partnerships and modernising its core mobile money infrastructure.

She joined Airtel in August 2021 after more than a decade in banking, where she held senior governance and sales leadership roles at Absa Group and previously spent more than seven years at Barclays.

Closing the Gap

During her leadership, Airtel Money made notable gains in Kenya’s highly competitive mobile money market. According to Communications Authority of Kenya data, the platform’s market share increased from 3.1% in September 2021, shortly after she assumed the role, to 10.9% by March 2026. Over the same period, market leader M-PESA’s share declined from 96.8% to 89.1%.

Kenya recorded 53.4 million active mobile money subscriptions by the end of March 2026, representing quarterly growth of 3.9% and pushing mobile money penetration above 100%.

IPO Plans Gather Momentum

The leadership transition comes as Airtel Africa advances plans to separately list its mobile money business. On 23 July, the company confirmed London as its preferred venue for the initial public offering, targeting a listing during the second half of 2026, subject to regulatory approvals and market conditions.

Airtel Money continues to be one of the group’s fastest-growing businesses. At the end of June, the platform served 56.5 million customers across Africa, a 23.3% increase year-on-year, while annualised transaction values exceeded US$245 billion, according to Airtel Africa’s first-quarter results.

Wider Leadership Changes

Kinuthia Otieno’s departure follows another senior leadership change within the Airtel group. Earlier this month, Djibril Tobe was appointed Managing Director of Airtel Kenya, succeeding Ashish Malhotra after leading the company’s operations in Congo Brazzaville and Chad. Malhotra has since moved to head Indus Towers’ African operations.

Airtel Money Kenya has operated as a standalone entity since 2022, when Airtel Africa transferred its mobile money business into a separate company regulated by the Central Bank of Kenya.

The changes also coincide with executive transitions at rival Safaricom. Chief Financial Services Officer Esther Waititu is due to leave the company on 31 July after nearly three years in the role. Safaricom has appointed Boniface Mungania as interim Chief Financial Services Officer following the earlier departure of former M-PESA Africa Managing Director Sitoyo Lopokoiyit, who has since joined Absa Group.

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