Safaricom Chief Executive Peter Ndegwa earned a record KES 294.2 million ($2.2 million) in total compensation for the year ending March 2025, making him the highest-paid CEO on the Nairobi Securities Exchange.

The payout marks a 17% increase from the previous year, as the telecoms giant returned to growth and raised executive pay.

According to the company’s annual disclosures, Ndegwa’s compensation included a KES 98.7 million ($765,100) salary, a KES 116.7 million ($904,600) performance bonus, KES 33.5 million ($259,187) in non-cash benefits, and KES 45.3 million ($351,155) through Safaricom’s Employee Performance Share Award Plan. While the specifics of non-cash benefits were not detailed, such perks often cover housing, education, vehicles, and club memberships in Kenya.

The pay hike comes amid a tough economic climate, where many companies are freezing salaries and hiring, and households continue to grapple with rising living costs. Safaricom’s generous payouts have nonetheless cemented its reputation as one of Kenya’s most lucrative boardrooms.

Chief Financial Officer Dilip Pal also saw his pay rise, earning KES 132 million ($986,000), up from KES 113.8 million ($882,152) the previous year. Together, Ndegwa and Pal took home KES 426.7 million ($3.2 million), a 16.5% jump year-on-year. Board chairman Adil Khawaja earned KES 24.5 million ($189,918), while non-executive directors shared KES 84.7 million ($655,319), pushing total director compensation to KES 511.4 million ($3.8 million), a 10% increase.

The pay increases follow an 11% rise in Safaricom’s net profit to KES 69.8 billion ($540 million) for the year, driven by mobile money and data growth, alongside reduced losses in Ethiopia. After two years of muted earnings linked to its costly Ethiopia expansion, Safaricom has returned to solid footing and remains the most profitable listed company in East and Central Africa.