In 2024, the pay gap between Kenya’s corporate boardrooms and ordinary workers widened further. Bank executives continued to dominate the top of the earnings pyramid, with the country’s highest-paid CEOs taking home hundreds of millions of dollars in salaries, bonuses, stock options, and benefits, even as many companies trimmed staff or froze junior pay to preserve profits amid high interest rates, sluggish credit growth, and mounting economic uncertainty.
An analysis by of the 12 highest-paid CEOs in Kenya’s listed companies shows just how lucrative corporate leadership remains. It also reflects how banks—buying government securities and cutting lending to the real economy—have stayed highly profitable and richly rewarding for their top management.
Financial sector chiefs took home Kenya’s lion’s share of corporate pay. Bank CEOs pocketed nearly KES1.2 billion ($9.3 million), led by Paul Russo, John Gachora, and Gideon Muriuki. Safaricom’s Peter Ndegwa, however, out-earned them all, further cementing the telecom giant’s dominance of the East African market.
The earnings packages, disclosed in annual reports, come amid a growing mismatch between executive compensation and economic performance. While the Central Bank of Kenya (CBK) warned repeatedly that banks were not directing credit to the productive economy, compensation for senior bank leaders continued to rise sharply, in some cases by over 40%.
Kenya’s banking sector recorded KES262.3 billion ($2 billion) in pre-tax profits in 2024. Yet much of that came from locking into high-yield government securities rather than lending to the real economy.
1. Peter Ndegwa, Safaricom — KES 294.2 million ($2,284,516)
Safaricom’s chief executive, Peter Ndegwa, is the highest-paid CEO in corporate Kenya for the fiscal year ending March 2025, earning KES 294.2 million in total compensation, a 17% increase from the previous year.
His pay package included KES 98.7 million ($766,423) in salary, a bonus of KES 116.7 million ($906,200), non-cash benefits valued at KES 33.5 million ($260,133), and KES 45.3 million ($351,700) in performance shares under the company’s Executive Performance Share Award Plan (EPSAP).
The payout came as the telecoms giant returned to growth, reporting an 11% rise in net profit to KES 69.8 billion ($542 million), driven by strong performances in mobile money, data services, and narrowing losses in its Ethiopia operations. Safaricom remains East Africa’s most profitable company and one of its most generous boardrooms.
2. Paul Russo, KCB Group — KES 250.2 million ($1,942,850)
KCB Group CEO Paul Russo’s total compensation soared by 40.8% in 2024, making him the highest-paid bank executive in the country. His KES 250.2 million payout came in a year when KCB reported KES 60 billion ($466 million) record profits, primarily from risk-free lending to the government through Treasury instruments.
The bank, however, also raised its loan-loss provisions to buffer against rising defaults, a nod to the financial strain facing many households and SMEs. Despite Russo’s windfall, KCB cut its directors’ compensation by 20%, a rare move in an otherwise lucrative boardroom year.
3. John Gachora, NCBA Group — KES 208.4 million ($1,618,264)
NCBA Group CEO John Gachora earned KES 208.4 million in 2024—a 25.7% increase from the previous year. While his pay placed him third among NSE-listed executives, NCBA’s boardroom was the most expensive, with directors pocketing a record KES 660.2 million ($5,126,883)— up 54.4%.
The bank’s KES 22 billion ($171 million) profitability was primarily driven by investments in Treasury bills and bonds, with cautious private-sector lending still in play.
4. Gideon Muriuki, Co-operative Bank — KES 172.5 million ($1,339,509)
Gideon Muriuki, Co-operative Bank’s long-serving CEO, took home KES 172.5 million in 2024, a 11.7% increase from 2023. The lender’s profitability remained strong, reporting KES 25.4 billion ($197 million) in 2024, giving directors a 28.1% jump in total remuneration to KES 473.4 million ($3,676,036).
But the windfall at the top contrasted sharply with a freeze in junior staff salaries and an ongoing push to reduce operating costs by migrating services to digital channels.
5. Kariuki Ngari, Standard Chartered Kenya — KES 174.4 million ($1,354,250)
Standard Chartered CEO Kariuki Ngari saw one of the steepest pay raises among banking bosses — a 43.5% jump — after the bank posted KES 28.2 billion ($219 million) record earnings in 2024. His KES 174.4 million package stood out in a year when the bank continued restructuring through attrition and digitisation.
Directors’ compensation also rose 17.4% to KES 378 million ($2,935,100), reinforcing the perception that executive and boardroom rewards remain insulated from broader belt-tightening.
6. James Mwangi, Equity Group — KES 166.3 million ($1,291,350)
James Mwangi, the long-time CEO of Equity Bank, saw his compensation rise modestly by 4.7% to KES 166.3 million. Despite the slower growth in its pay, Equity remains Kenya’s second most profitable bank and a major player in the regional financial sector. In 2024, Equity reported a 10.8% increase in net profit to KES 46.5 billion ($361 million).
He holds a direct stake of about 3.38% in the bank, making him one of its top individual shareholders, further linking his wealth to the group’s fortunes.
7. Abdi Mohammed, Absa Bank Kenya — KES 109.8 million ($852,555)
Absa Bank Kenya CEO Abdi Mohammed earned KES 109.8 million ($852,555) in 2024, marking a substantial 39.8% increase in pay. The bank saw strong growth in both interest and non-interest income, allowing it to reward its top brass handsomely.
At the same time, Absa has quietly trimmed operational expenses, suggesting an efficiency drive underpinning its performance.
8. Patrick Mweheire, Stanbic Bank Kenya — KES 95.5 million ($741,600)
Stanbic Bank CEO Patrick Mweheire earned KES 95.5 million ($741,600) in 2024, a 12.8% increase from the year before. Like many of his peers, Mweheire presided over a year of cautious lending, focusing on blue-chip clients and government securities.
The bank’s board also saw its pay rise by 17.4%, adding to an industry-wide pattern of reward concentration at the top.
9. Jane Karuku, EABL — KES 83.49 million ($648,323)
EABL managing director Jane Karuku earned KES 83.49 million ($648,323) in 2024, with her salary accounting for nearly 66% of the total. The rest comprised bonuses and stock options. The brewer’s profit grew 20% to KES 8.1 billion ($63 million), amid a challenging consumer environment.
Karuku remains one of the few women leading a top NSE-listed company, underlining the enduring gender gap in Kenya’s executive suites.
10. Kihara Maina, I&M Bank — KES 69.3 million ($538,127)
I&M Bank CEO Kihara Maina was among only two bank bosses to see a pay cut in 2024. His compensation dropped by 9.7% to KES 69.3 million ($538,127), and the bank also trimmed board pay.
I&M reported a profit of KES 15.3 billion ($119 million) for the year, with a continued focus on high-net-worth clients and conservative risk management.
11. James Mworia, Centum Investment Company — KES 64.52 million ($501,000)
Centum CEO James Mworia received KES 64.52 million ($501,000) in total compensation in 2024. While modest compared to his peers in banking and telecoms, his pay still outpaces average Kenyan earnings by several orders of magnitude.
Mworia’s remuneration came in a year when Centum reported KES 812 million ($6.3 million) in net profits, a 68% drop from 2023.
12. Nasim Devji, Diamond Trust Bank (DTB) — KES 62.9 million ($488,430)
Veteran DTB chief executive Nasim Devji also saw a decline in her compensation — a 4.2% drop to KES 62.9 million ($488,430). DTB’s strategy focused on regional integration, conservative lending, and cost controls. Despite her longstanding tenure and influence in the sector, Devji’s pay remained among the lowest in the top tier of Kenya’s banking elite. The bank reported a net profit of KES 7.64 billion ($59 million).
Mark your calendars! Moonshot by is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot..com
