Salary of Safaricom CEO Peter Ndegwa: KSh324.5m a Year, About KSh8.8m Basic Pay a Month (FY2026)

Updated 31 October 2026

Safaricom CEO Peter Ndegwa earned total pay of KSh324.5 million in the financial year to March 2026, including a basic salary of KSh105.4 million, which works out to about KSh8.8 million a month. Counting bonuses, benefits and share awards, his package averages roughly KSh27 million a month. The figures come from Safaricom’s 2026 remuneration report, as reported by The Kenya Times and The Kenyan Wall Street.

Safaricom CEO salary breakdown (FY2025/26)

Monthly figures are our division of the annual amounts by 12; Safaricom reports pay annually. Amounts are before tax.

How the Safaricom CEO’s pay has changed

Ndegwa’s total pay rose 10.3% from KSh294.2 million in FY2025. Over a longer period, it has climbed from KSh288.9 million in FY2022 to KSh324.5 million in FY2026. Most of the latest rise came from share awards: his Employee Performance Share Award Plan (EPSAP) award jumped 52.8% to KSh69.2 million.

What the CFO earns

Chief Financial Officer Dilip Pal’s pay rose 11.3% to KSh147.5 million. Together, the two executive directors were paid KSh472 million, up 10.6%, in a year when Safaricom reported a record KSh95.61 billion profit attributable to shareholders.

How much of the package is cash?

Of the KSh324.5 million, about KSh223.9 million was paid in cash as salary and bonuses. The rest was KSh31.4 million in non-cash benefits, such as medical cover and other employment benefits, and KSh69.2 million in shares that vest under EPSAP. Bonuses alone (KSh118.5 million) were larger than the basic salary, showing how much of the package depends on hitting performance targets.

Tax on the Safaricom CEO’s pay

All of these amounts are employment income in Kenya. Salary, bonuses and taxable benefits are subject to PAYE, and almost all of it falls in the highest individual band. Shares received under employee share schemes are also treated as employment income when they vest. Our PAYE tax bands table shows how the bands work for ordinary salaries.

How the share awards work

Under EPSAP, eligible staff receive Safaricom shares once vesting conditions, tied to performance, are met. The company buys the shares through an employee benefit trust and transfers them when awards vest. The aim is to tie part of executive pay to long-term shareholder returns. Ndegwa’s personal shareholding rose to 12.10 million shares at the end of March 2026, from 8.74 million a year earlier.

Why Safaricom CEO pay matters to shareholders

Safaricom is the largest company on the Nairobi Securities Exchange, and its pay disclosures are a benchmark for executive pay in Kenya. Shareholders vote on the remuneration report at the AGM. Critics question large packages when ordinary pay growth is slow; supporters point to record profits and Safaricom’s expansion, including M-Pesa products such as the plan to sell T-bills and bonds on the Safaricom app. The company also reports its wider impact; see Safaricom’s value to Kenyan society.

Who is Peter Ndegwa?

Peter Ndegwa became Safaricom CEO in April 2020, joining from Diageo, where he led Guinness Ghana Breweries and later Diageo Continental Europe. He took over from interim CEO Michael Joseph, who had stepped in after Bob Collymore’s death in 2019.

FAQ

How much does the Safaricom CEO earn per month?

Basic salary is about KSh8.8 million a month (KSh105.4m a year). Total pay including bonuses and shares averages about KSh27 million a month.

What was Peter Ndegwa’s total pay in 2026?

KSh324.5 million for the year to March 2026.

Where is Safaricom CEO pay disclosed?

In the remuneration report section of Safaricom’s annual report.

Updated October 2026.