Safaricom Chief Executive Peter Ndegwa earned a total of Ksh.294.2 million ($2.2 million) for the year ending March 2025—a 17% increase from the previous year, making him the highest-paid boss on the Nairobi Securities Exchange (NSE).
The record earnings came as Safaricom’s net profit rose by 11% to Ksh.69.8 billion ($540 million), due to strong performance in mobile money and data services, along with reduced losses from its Ethiopia operations.
Ndegwa’s package included:
- Ksh 98.7 million salary
- Ksh 116.7 million bonus
- Ksh 33.5 million in non-cash benefits
- Ksh 45.3 million from the company’s Employee Performance Share Award Plan (EPSAP).
Also Read: Peter Ndegwa’s 2024 Pay Down 19.4% to Ksh.252.3 Million
He is trailed by KCB Group CEO Paul Russo, who earned Ksh.250.2 million ($1.9 million) during the same period.
Safaricom CFO Dilip Pal earned Ksh.132 million ($986,000), contributing to a total executive payout of Ksh.426.7 million ($3.2 million) for the CEO and CFO combined—a 16.5% year-on-year increase.
Overall, director compensation rose 10% to Ksh.511.4 million ($3.8 million).
The surge in executive pay comes at a time when many Kenyans are grappling with salary freezes, inflation, and reduced disposable income, raising concerns about income inequality and pay equity.
While Safaricom remains Kenya’s most profitable listed company, the board’s decision to approve substantial pay hikes for top executives points to performance-linked rewards.
However, it also brings attention to the optics of executive compensation in an economy under pressure.
Ndegwa, who holds a minor stake of about 0.016% (or 6,208,543 shares) in Safaricom, remains central as the company navigates a rapidly evolving telecommunications market.
His focus on innovation and digital inclusion positions Safaricom to tap into emerging opportunities across East Africa, advancing its mission to bridge the region’s digital and financial access gaps.
