Safaricom CEO is not Kenya’s highest-paid executive: List of top earners
By Mustafa Juma, July 11, 2026Safaricom Chief Executive Officer Peter Ndegwa earned a record Ksh324.5 million in total remuneration during the financial year ended March 2026 after steering the telecommunications giant to its highest-ever profit.
However, newly published remuneration disclosures show he is not Kenya’s highest-paid corporate executive.
That title continues to belong to Co-operative Bank Managing Director and CEO Gideon Muriuki, whose compensation package reached Ksh474.8 million, nearly Ksh150 million more than Ndegwa’s, following another strong year for the lender.
The figures, drawn from annual reports and remuneration disclosures by listed companies, highlight how Kenya’s banking sector continues to dominate executive compensation, with performance bonuses accounting for a significant portion of CEO pay.
Gideon Muriuki remains Kenya’s highest-paid CEO
According to Co-operative Bank’s latest remuneration disclosures, Muriuki received a total package worth Ksh474.8 million, comprising a basic salary of Ksh172.5 million and a performance bonus of Ksh302.3 million.
The package cements his position as Kenya’s best-paid corporate executive, a title he has held in recent years as Co-operative Bank continued posting strong financial results.
The bank’s consistent profitability and shareholder returns have enabled its board to maintain one of the country’s most lucrative executive compensation packages.
Peter Ndegwa follows after record Safaricom performance
Safaricom’s FY2026 Annual Report shows Ndegwa earned Ksh324.5 million, up from Ksh284.2 million the previous year.
Ndegwa’s pay package for FY2026 comprised a salary of Ksh105.4 million, a bonus of Ksh118.5 million, non-cash benefits of Ksh31.4 million, and an employee Performance Share Award Plan (EPSAP) of Ksh69.2 million.
The increase was largely driven by a higher performance bonus after Safaricom delivered one of the strongest financial performances in its history.
Kenya’s highest-paid corporate bosses
Based on the latest publicly disclosed remuneration by listed companies, Kenya’s top earners include Gideon Muriuki of Co-operative Bank, who took home Ksh474.8 million, Peter Ndegwa of Safaricom, who took home Ksh324.5 million; James Mwangi of Equity Group, who earned about Ksh275.7 million; Paul Russo of KCB Group, who earned about Ksh250.2 million, and John Gachora of NCBA Group who earned about Ksh208.4 million.
The rankings illustrate the growing trend of linking executive compensation to financial performance, with bonuses forming a substantial share of total remuneration.
Record year for Safaricom
Ndegwa’s pay increase came after Safaricom posted record financial results for the year ended March 2026.
The company reported Service revenue of Ksh400.8 billion, net income of Ksh119.1 billion, up 24.7 per cent, EBITDA of Ksh233.9 billion, and operating free cash flow of Ksh173.6 billion.
Much of the growth was driven by M-PESA, which generated Ksh182.7 billion in revenue and processed Ksh41.68 trillion in transactions during the year.
Safaricom also disclosed that it now contributes approximately 5 per cent of Kenya’s Gross Domestic Product (GDP), supports more than 1.3 million jobs, and has generated Ksh242.3 billion in cumulative value for the Government of Kenya over the past 18 years.
Banks dominate executive compensation
While Safaricom remains Kenya’s most valuable listed company by market capitalisation, the latest remuneration disclosures suggest the banking sector continues to offer the country’s most generous executive pay packages.
Performance bonuses, rather than fixed salaries, account for the largest share of remuneration for many of Kenya’s highest-paid chief executives.