Safaricom chief executive Peter Ndegwa earned KES 294.2 million ($2.2 million) in total compensation for the year ended March 2025, a 17% increase from the previous year, as the telecoms giant raised executive pay after a return to growth.
Ndegwa’s record compensation included a KES 98.7 million ($765,100) salary, a KES 116.7 million ($904,600) bonus, KES 33.5 million ($259,187) in non-cash benefits, and KES 45.3 million ($351,155) through Safaricoma’s Employee Performance Share Award Plan (EPSAP). While Safaricom’s disclosures do not specify the details, such non-cash perks could cover school fees, housing, club memberships, and cars in Kenya.
The increase makes Ndegwa the highest-paid chief executive at the Nairobi Securities Exchange (NSE). By comparison, KCB Group CEO Paul Russo received KES 250.2 million ($1.9 million) in the same period — a 40.8% rise that made him the highest-paid bank executive in the country.
The executive pay hikes are out of step with the country’s economic reality, where most companies have frozen hiring or salaries and workers are struggling with rising costs and shrinking disposable incomes.
Safaricom’s board also approved higher payouts across its C-suite. Chief Financial Officer Dilip Pal earned KES 132 million ($986,000), up from KES 113.8 million ($882,152) the previous year, driven by a larger bonus and EPSAP. The CEO and CFO pocketed KES 426.7 million ($3.2 million), a 16.5% increase from the KES 366.1 million ($2.8 million) paid out the previous year.
Chairman Adil Khawaja received KES 24.5 million ($189,918), while Safaricom’s non-executive directors shared KES 84.7 million ($655,319). Total director remuneration rose 10% to KES 511.4 million ($3.8 million), cementing Safaricom’s position as one of Kenya’s most generous boardrooms.
The surge in pay follows a recovery in Safaricom’s financial performance. In the year ended March 2025, the company posted an 11% rise in net profit to KES 69.8 billion ($540 million), driven by strong performance in mobile money and mobile data, and narrowing losses in Ethiopia.
The performance marks a return to growth after two years of muted earnings, mainly linked to Safaricom’s costly expansion into Ethiopia. Despite early hurdles, the telco remains bullish on its long-term prospects in East Africa’s most populous market.
Safaricom continues to dominate Kenya’s telecoms and digital payments sectors and remains the most profitable listed company in East and Central Africa.
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