Safaricom CEO Peter Ndegwa pocketed a staggering KES 294.2 million ($2.2 million) in total compensation for the financial year ending March 2025 — a 17% jump from the previous year — as Kenya’s largest telco ramped up executive pay on the back of renewed profitability.
Ndegwa’s earnings, the highest for any CEO listed on the Nairobi Securities Exchange (NSE), included a KES 98.7 million ($765,100) base salary, a KES 116.7 million ($904,600) performance bonus, KES 33.5 million ($259,187) in non-cash benefits, and KES 45.3 million ($351,155) through Safaricom’s Employee Performance Share Award Plan (EPSAP).
While the company doesn’t itemize the perks, such benefits typically include housing, club memberships, school fees, and cars.
In comparison, KCB Group CEO Paul Russo earned KES 250.2 million ($1.9 million) — a 40.8% increase that made him the top-paid bank executive in the country.
The rise in executive compensation comes at a time when most Kenyans are grappling with rising living costs, frozen salaries, and job cuts. Across corporate Kenya, hiring remains subdued, making Safaricom’s generous payouts stand in stark contrast to the broader economic climate.
Safaricom’s C-suite earnings didn’t stop with Ndegwa. Chief Financial Officer Dilip Pal earned KES 132 million ($986,000), up from KES 113.8 million ($882,152) the previous year — buoyed by a larger bonus and stock-based rewards. In total, Ndegwa and Pal took home KES 426.7 million ($3.2 million), up 16.5% from the KES 366.1 million ($2.8 million) paid the previous year.
Chairman Adil Khawaja received KES 24.5 million ($189,918), while non-executive directors shared KES 84.7 million ($655,319). Total director remuneration hit KES 511.4 million ($3.8 million), a 10% increase — reinforcing Safaricom’s status as one of the most lucrative boardrooms in corporate Kenya.
The pay hikes come on the back of a financial turnaround. For the year ending March 2025, Safaricom posted an 11% increase in net profit to KES 69.8 billion ($540 million), fueled by growth in mobile money, data services, and improved performance in Ethiopia.
This marks a return to growth after two sluggish years, largely due to the company’s capital-intensive expansion into Ethiopia. Despite the initial losses, Safaricom remains bullish on the long-term potential of East Africa’s most populous nation.
Safaricom continues to dominate Kenya’s telecommunications and mobile payments sectors and retains its position as the most profitable publicly traded firm in East and Central Africa.
