Safaricom CEO and CFO Boost Shareholdings After Strong FY2025 Performance
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Safaricom PLC has reported substantial increases in the shareholdings of its top executives for the fiscal year ended March 2025.
Safaricom Chief Executive Officer Peter Ndegwa raised his stake in the company to 8.7 million shares, up from 6.2 million in 2024. Chief Financial Officer Dilip Pal increased his shareholding to 2.2 million shares, from 1.34 million the previous year.
Ndegwa’s 2025 shareholding reflects a 40% year-on-year increase. In 2023, he held 895,000 shares, meaning his current stake represents a nearly tenfold increase over two years.
The additional 2.5 million shares acquired between 2024 and 2025 are valued at approximately KSh 150.8 million, based on Safaricom’s share price of KSh 17.30 as reported in 2024.
In comparison, his 6.2 million shares in 2024 were worth about KSh 107.4 million, while the 895,000 shares in 2023 had an estimated value of KSh 15.5 million.
Pal’s shareholding increased by 878,000 shares over the same period. His 1.34 million shares in 2024 were valued at around KSh 23.4 million, while the 2.2 million shares recorded in 2025 are worth about KSh 38.6 million at the same share price, an increase of approximately KSh 15.2 million. The growth represents a 65% year-on-year change.
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Safaricom’s executive compensation framework includes a share-based award plan in which the company buys shares on the Nairobi Securities Exchange (NSE) and allocates them to eligible employees. These allocations are typically tied to performance and subject to a three-year vesting period.
While senior executives have historically been among the beneficiaries, Ndegwa and Pal, who joined Safaricom in 2020, did not receive awards in earlier cycles such as 2021 and 2022.
In those years, Safaricom awarded 15.28 million shares worth KSh 390 million (2022) and 16.4 million shares valued at KSh 700 million (2021) to senior managers.
The shareholding updates follow Safaricom’s announcement of its FY2025 financial results. Total revenue rose by 11.2% to KSh 388.7 billion, while net income increased by 10.8% to KSh 69.8 billion.
M-PESA was the largest contributor to revenue growth, rising 19.4% to KSh 139.91 billion. The company also reported gains in mobile data and fixed services.
In Ethiopia, where Safaricom launched operations in October 2022, revenue tripled to 7.2 billion birr, and the customer base reached 8.8 million by March 2025.
Peter Ndegwa has served as Safaricom’s CEO since April 1, 2020. He is the first Kenyan to hold the role and previously worked as Managing Director for Continental Europe and Russia at Diageo.
Prior to that, he served as Managing Director at East African Breweries Limited (EABL), where he led various commercial initiatives. Ndegwa holds an MBA from the London Business School and a Bachelor’s degree in Economics from the University of Nairobi and is a Certified Public Accountant.
Dilip Pal joined Safaricom as CFO in November 2020. He has over 29 years of experience in finance, having previously served as CFO at DTAC Thailand and Grameenphone Bangladesh, both under the Telenor Group.
He also held senior finance roles at Vodafone India and has worked in financial services and FMCG sectors.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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