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Kenyan executive Peter Ndegwa pockets $2.3 million salary from Safaricom

Kenyan CEO Peter Ndegwa received $2.3 million from Safaricom, reflecting growth in share-based awards despite profit declines.

Kenyan executive Peter Ndegwa pockets $2.3 million salary from Safaricom
Peter Ndegwa, CEO of Safaricom, Kenya's top telecom provider

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Key Points

  • Peter Ndegwa’s total 2025 compensation rose 16.61 percent, driven by a significant 20.81 percent increase in long-term share-based incentives.
  • Despite Safaricom’s revenues climbing 47.22 percent since 2021, net profit fell by 33.37 percent as total comprehensive income reversed to a substantial loss.
  • Ndegwa’s tenure since 2020 has seen Safaricom expand digital access while he retains a minority stake of 0.017 percent, underscoring his vested commitment.

Kenyan business executive Peter Ndegwa, CEO of Safaricom Plc, East Africa's leading telecommunications service provider and the architect behind the mobile payment platform M-PESA, earned Ksh294.2 million ($1.95 million) in total compensation for the 2025 fiscal year.

This represents a 16.61 percent increase over last year’s earnings of Ksh252.3 million ($1.95 million), largely driven by a 20.81 percent rise in the value of share-based awards. Meanwhile, Safaricom’s total comprehensive income came under pressure, reversing from a profit of Ksh35.4 billion ($273.5 million) in 2024 to a loss of Ksh108.03 billion ($835.21 million).

Breakdown of Peter Ndegwa's compensation

Ndegwa's total compensation for Safaricom's 2025 fiscal year includes a base salary of Ksh98.7 million ($763,060) and a performance-based short-term incentive of Ksh33.5 million ($258,992).

A noteworthy component of his compensation is the long-term incentive award of Ksh162 million ($1.25 million), acknowledging his unwavering commitment to Safaricom and his extensive experience in the telecommunications industry.

Financial stability under Peter Ndegwa

Ndegwa, a seasoned executive with over three decades of experience in general management, commercial and business strategy, sales, and finance operations within the financial services and fast-moving consumer goods (FMCG) sectors in Africa and Europe, has played a pivotal role in Safaricom’s recent success.

Since Peter Ndegwa took over as CEO in April 2020, Safaricom has maintained financial stability while pursuing strategic expansion. The company’s total assets edged up by 1.19 percent, from Ksh509.2 billion ($3.94 billion) to Ksh515.28 billion ($3.98 billion).

Revenue growth was more pronounced, surging by 47.22 percent over four years, from Ksh264.03 billion ($2.04 billion) in 2021 to Ksh388.69 billion ($3.01 billion) in 2025. However, profitability faced headwinds, with net profit declining by 33.37 percent during the same period, falling from Ksh68.68 billion ($531.56 million) to Ksh45.76 billion ($353.75 million).

Ndegwa's stake in Safaricom

Ndegwa holds a minority 0.017 percent stake in Safaricom, which translates to 8,740,477 shares. His leadership is crucial as the company navigates the evolving telecommunications landscape, demonstrating resilience and strategic foresight that position Safaricom for future success.

As Ndegwa and his team aim to seize emerging opportunities in the East African market, his experience, and commitment to innovation will be key to advancing Safaricom’s mission of enhancing digital access and financial inclusion in the region.

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