Last year was marked by high interest rates, rising loan defaults, and a credit freeze for small businesses, yet, despite these challenges, Kenya’s top bank executives got richer in 2024 and enjoyed a sharp rise in compensation, totaling nearly $9.3 million (KES 1.2 billion) for the year.
Leading the pack was KCB Group’s CEO, Paul Russo, whose total pay surged 40.8% to $1.9 million (KES 250.2 million), making him the highest-paid bank executive in Kenya.
Kenya’s top bank executives got richer in 2024
| Bank | CEO | Total Compensation (USD) | KES Equivalent | % Change from 2023 |
|---|---|---|---|---|
| KCB Group | Paul Russo | $1.9 million | KES 250.2 million | +40.8% |
| NCBA | John Gachora | $1.6 million | KES 208.4 million | — |
| Co-operative Bank | Gideon Muriuki | $1.3 million | KES 172.5 million | +11.7% |
| Standard Chartered Kenya | Kariuki Ngari | $1.3 million | KES 174.4 million | +43.5% |
| Equity Bank | James Mwangi | $1.2 million | KES 166.3 million | +4.7% |
| Absa Bank Kenya | Abdi Mohammed | $852,126 | KES 109.8 million | +39.8% |
| Stanbic Bank Kenya | Patrick Mweheire | $741,148 | KES 95.5 million | +12.8% |
| I&M Bank | Kihara Maina | $537,817 | KES 69.3 million | –9.7% |
| DTB | Nasim Devji | $488,148 | KES 62.9 million | –4.2% |
While top executives were enjoying raises, ordinary Kenyans and small businesses were locked out of lending as commercial banks prioritized low-risk, high-return government securities. The Central Bank of Kenya (CBK) warned that this behavior was starving the productive economy of much-needed credit.
“All we are asking is for banks to be fair… If they continue on this path, it will be a no-win for anyone and the economy will not be able to perform,” – CBK Governor Kamau Thugge, December 2024.
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