Eric Muriuki has left NCBA. He now takes up a new post at Absa Group in Johannesburg. His job: Managing Executive for Pan-African Growth Strategy, Platforms and Digital Ventures. The move puts him at the center of a fast-changing digital banking scene across Africa.
Approximately 77.5% of NCBA shareholders accepted Nedbank's offer, with the remaining shares set to continue trading on the Nairobi Securities Exchange.
Digital banking leadership and legacy
Muriuki built his name by launching digital products that changed banking in East Africa. At NCBA, he was Group Director, Digital Business, and CEO of LOOP DFS. LOOP is a banking app for younger and salaried customers. Muriuki joined Commercial Bank of Africa in 2007. That bank later merged with NIC Group to form NCBA. Earlier, he worked at Citi and Co-operative Bank of Kenya.
He led the launch of M-Shwari in 2012. This mobile savings and loan product spread to Tanzania as M-Pawa, and to Uganda, Rwanda, and Ivory Coast as MoKash. Muriuki also helped develop Fuliza, a digital overdraft service built by Safaricom with KCB and CBA (now NCBA). Fuliza is huge. By the end of 2024, it had 33.4 million users. In 2025, NCBA’s share of Fuliza disbursements hit KES 1.25 trillion. LOOP DFS’s next leader has not been named yet. Muriuki’s exit leaves that question open.
Absa’s digital ambitions and strategic hires
Absa Group is adding more than just Muriuki. In February, the bank named Sitoyo Lopokoiyit, former Managing Director of M-Pesa Africa at Safaricom, as Chief Executive of Personal and Private Banking. He starts in April 2026. Both Muriuki and Lopokoiyit helped create and scale Fuliza. Absa is building a strong digital team. On 25th September, Absa launched Absa Next. This app lets users save, invest, and borrow without needing an Absa account. Absa plans to use it as a model for digital banking in other countries. The bank has not said which markets or when.
The Central Bank of Kenya justified its approval of Nedbank's acquisition by stating the deal would support stability, resilience, and competition in the banking sector. Nedbank, for its part, said the acquisition would strengthen its presence in Southern and East Africa.
Industry impact and what to watch
Muriuki’s move comes as NCBA’s ownership is about to change. The timing is no accident. The digital finance sector in Africa is in flux. Key questions remain. Who will lead LOOP DFS? When will Nedbank close the NCBA deal? How will Absa use its new digital leaders? Absa now has top talent from both Safaricom and NCBA. The bank is making a clear push for pan-African digital banking. Details are still missing. But the fight for digital banking in Africa is heating up. Absa wants to be at the front.
An official regulatory update confirms the Central Bank of Kenya approved Nedbank's acquisition of up to 66% of NCBA Group on August 28, 2026, under Section 13(4) of the Banking Act. As of early October 2026, the deal was not fully closed. Nedbank is still waiting for final regulatory clearances.
NCBA’s reach goes beyond Kenya. It operates in Uganda, Tanzania, Rwanda, and Côte d’Ivoire. This gives Nedbank a base for more growth in East Africa. NCBA CEO John Gachora says the group plans to enter the Democratic Republic of Congo and Ethiopia after the deal, as reported by TechTrendsKE.
