Peter Ndegwa, CEO of Safaricom Plc, East Africa’s telecom giant, received Ksh.252.3 million ($1.95 million) in total compensation for the 2024 fiscal year.
This marked a 19.4% decrease from the previous year’s Ksh.313.1 million ($2.42 million), largely due to a significant 31.7% reduction in share-based awards.
Safaricom’s financial performance also encountered headwinds in 2024, reporting a total comprehensive income of Ksh.35.4 billion ($273.5 million), a 43.6% dip from Ksh62.7 billion ($423 million) recorded in 2023.
Ndegwa’s 2024 compensation package comprised a Ksh.94.3 million ($729,083) base salary and a performance-based short-term incentive of Ksh.23.9 million ($184,779). A major component was the Ksh.134.1 million ($1.04 million) long-term incentive award, reflecting his commitment to Safaricom’s continued growth and his telecom expertise.
Since stepping into the CEO role in April 2020, Ndegwa has guided Safaricom toward financial stability and strategic expansion.
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Under him, total assets rose 25.9%, from Ksh.509.2 billion ($3.94 billion) to Ksh.641.2 billion ($4.96 billion).
Revenue also saw a 12.4% increase, climbing from Ksh.310.9 billion ($2.4 billion) in 2023 to Ksh.349.5 billion ($2.7 billion) in 2024.
However, profit dropped by 18.7%, down from Ksh.52.5 billion ($405.9 million) to Ksh.42.7 billion ($329.9 million).
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.
