Safaricom CEO Peter Ndegwa earned a total compensation of KES 294.2 million ($2.2 million) for the financial year ending March 2025 — a 17% increase from the previous year. This record-setting pay rise comes as the telecoms giant rewards its top executives following a return to growth.
Ndegwa’s compensation package breaks down as follows:
| Component | KES (Million) | USD (Approx.) |
|---|---|---|
| Salary | 98.7 | $765,100 |
| Bonus | 116.7 | $904,600 |
| Non-Cash Benefits* | 33.5 | $259,187 |
| Employee Performance Share Award | 45.3 | $351,155 |
| Total Compensation | 294.2 | $2.2 million |
Non-cash benefits may include perks such as school fees, housing, club memberships, and company vehicles. This makes Ndegwa the highest-paid CEO among firms listed on the Nairobi Securities Exchange (NSE).
By comparison, KCB Group CEO Paul Russo received KES 250.2 million ($1.9 million) during the same period — a 40.8% rise, earning him the title of Kenya’s highest-paid banking executive.
Executive pay vs. economic realities
While Safaricom’s board approved the significant pay hikes, the increases stand in sharp contrast to Kenya’s broader economic environment. Many companies are freezing hiring and salaries, while ordinary workers face rising living costs and shrinking disposable incomes.
Other key Safaricom executives also saw substantial raises:
| Executive | FY2025 Compensation (KES) | FY2025 Compensation (USD) | Change from Previous Year |
|---|---|---|---|
| Dilip Pal (CFO) | 132 million | $986,000 | Up from KES 113.8M ($882,152) |
| Peter Ndegwa (CEO) | 294.2 million | $2.2 million | Up 17% |
| Total (CEO + CFO) | 426.7 million | $3.2 million | Up 16.5% from KES 366.1M ($2.8M) |
Boardroom compensation
Safaricom’s boardroom payouts also grew:
| Position | FY2025 Compensation (KES) | FY2025 Compensation (USD) |
|---|---|---|
| Chairman (Adil Khawaja) | 24.5 million | $189,918 |
| Non-Executive Directors (Combined) | 84.7 million | $655,319 |
| Total Director Remuneration | 511.4 million | $3.8 million |
This cemented Safaricom’s position as one of Kenya’s most generous boardrooms.
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Financial performance driving rewards
The surge in executive pay reflects Safaricom’s improved financial performance. For the year ended March 2025, the company reported:
| Financial Metric | Value (KES) | Value (USD) | Change |
|---|---|---|---|
| Net Profit | 69.8 billion | $540 million | Up 11% |
The rebound was driven by strong growth in mobile money and mobile data, alongside reduced losses in its Ethiopian operations.
This marks a return to growth after two years of subdued earnings linked to Safaricom’s costly expansion into Ethiopia. Despite initial hurdles, the telco remains optimistic about its long-term prospects in East Africa’s most populous market.
As Kenya’s leading telecom and digital payments provider, Safaricom retains its crown as the most profitable listed company in East and Central Africa.
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