Peter Ndegwa, CEO of Safaricom, tops the list of highest-paid executives at the Nairobi Stock Exchange (NSE), with an estimated annual salary of $2.2 million for the 2024 fiscal year. This amount places the head of the Kenyan telecom operator far ahead of other listed executives, confirming Safaricom’s position as one of the most successful and influential companies in the region.
Mr. Ndegwa’s compensation, equivalent to approximately 283 million Kenyan shillings, includes base salary, bonuses, non-monetary benefits, and performance incentives. This increase is mainly due to the company’s strong performance, both in Kenya and in Ethiopia, where Safaricom is actively expanding its telecom and mobile money services.
According to available data, Safaricom remains one of the few listed companies on the NSE to transparently disclose details of its executives’ compensation. In comparison, most other listed companies remain discreet on this subject, making comparative analysis difficult.
The CEO’s high compensation comes at a time when Safaricom has shown sustained revenue growth, driven by M-Pesa, mobile data, and digital financial services. The group has also increased its investments in Ethiopia, a strategic market for its long-term prospects.
This publication comes as debates on corporate governance, salary transparency, and pay equity intensify in Kenya. For many analysts, Peter Ndegwa’s position reflects both the demands of his role in a regionally dominant group and the growing expectations of shareholders in terms of performance.
