Highest Paid Sacco CEOs

Executive compensation in Kenya’s cooperative sector varies significantly, ranging from modest stipends in community-based institutions to multi-million shilling packages in Tier-1 giants.

SACCO CEOs are typically remunerated through a mix of fixed salaries, performance bonuses, and non-cash benefits. These packages are determined by the Board of Directors, often require approval from members at an Annual General Meeting (AGM), and must comply with guidelines from the Sacco Societies Regulatory Authority (SASRA).

Here is a breakdown of how these packages are structured and what the top earners take home.

Compensation packages are designed to align the CEO’s interests with the financial success of the Sacco. The four main components include:

• Basic Salary: This is the fixed monthly or annual component providing steady income. It is usually benchmarked against similar roles in the financial sector.
• Performance Bonuses: A significant portion of a CEO’s pay is often variable. These short-term incentives are awarded annually based on meeting specific Key Performance Indicators (KPIs), such as profitability, deposit growth, and liquidity targets.
• Allowances & Non-Cash Benefits: To remain competitive, Saccos offer perks including housing, company vehicles, medical cover, club memberships, and school fees.
• Long-Term Incentives (LTIs): While less common in smaller, non-deposit-taking Saccos, larger institutions may offer stock options or restricted stock units. Additionally, CEOs who are also members earn dividends on their share capital, further supplementing their income.

Factors Influencing Compensation

Why does one CEO earn KSh 100,000 while another earns millions? Several key factors dictate the pay scale:

1. Asset Base & Revenue: There is a direct correlation between the size of the Sacco and executive pay. Tier-1 Saccos with balance sheets exceeding KSh 60 billion manage complex portfolios, justifying higher compensation for their leadership.
2. Financial Performance: Strong metrics—such as high Return on Equity (ROE) and loan book growth—trigger higher performance-based payouts.
3. Governance & Regulation: Internal bylaws and SASRA regulations play a crucial role. A transparent governance structure ensures pay is sustainable and promotes risk management.
4. Market Rates: To attract top talent, Saccos must benchmark their offers against commercial banks and other financial institutions.

How Much Do SACCO CEOs Earn?

Unlike companies listed on the Nairobi Securities Exchange (NSE), SACCOs are not always required to publicly disclose specific executive salaries in their annual reports. However, data from financial disclosures, recruitment benchmarks, and industry reports (2024–2025) offer clear insights.

1. The Benchmark
   The highest benchmark in the movement is set by the Co-operative Bank of Kenya. While it is a commercial bank, it is majority-owned by the cooperative movement.

• • Co-op Bank CEO (Dr. Gideon Muriuki): As of the 2024–2025 period, Dr. Muriuki remains one of Kenya’s highest-paid executives. His total annual compensation has previously been reported at approximately KSh 475 million

. This includes a fixed salary of roughly KSh 172.5 million and performance bonuses exceeding KSh 300 million, reflecting the bank’s massive profitability.

2. Tier-1 SACCOs (Deposit-Taking)
   For the top deposit-taking SACCOs (DT-SACCOs) that rival lower-tier banks in asset size:

• Total annual compensation for top executives often ranges between KSh 11 million and KSh 14 million.
• This places the monthly gross pay for these top CEOs between KSh 900,000 and KSh 1.2 million, exclusive of aggressive performance bonuses.
• Mid-to-senior management roles (such as Branch Managers) in these institutions typically earn between KSh 3 million and KSh 4 million annually.

3. Mid-Sized and Smaller SACCOs
   Compensation becomes significantly more modest outside the Tier-1 bracket.

• Recruitment data from the Kenya Union of Savings & Credit Co-operatives (KUSCCO) suggests that CEOs of mid-sized affiliates typically earn between KSh 250,000 and KSh 380,000 monthly.
• In smaller, non-deposit-taking SACCOs, CEO salaries can be much lower, with some executives earning between KSh 68,000 and KSh 110,000 per month.

The gap in executive pay highlights the diversity of the cooperative movement in Kenya. While the leaders of multi-billion shilling institutions command packages that rival corporate captains, the majority of Sacco executives earn modest salaries reflective of their institution’s size. Regardless of the amount, the trend is shifting toward performance-based pay, ensuring that CEOs are rewarded not just for showing up, but for delivering value to the members

Summary Table of Disclosed/Estimated 2025 Pay

Highest-paid CEOs in Kenya

The list is heavily dominated by the banking industry, with 9 of the 12 CEOs listed leading financial institutions.

1. Peter Ndegwa (Safaricom): KES 294.2M
2. Paul Russo (KCB): KES 250.2M
3. John Gachora (NCBA): KES 208.4M
4. Kariuki Ngari (Stanchart): KES 174.4M
5. Gideon Muriuki (Co-op Bank): KES 172.5M
6. James Mwangi (Equity): KES 166.3M
7. Abdi Mohammed (Absa): KES 109.8M
8. Patrick Mweheire (Stanbic): KES 95.5M
9. Jane Karuku (EABL): KES 83.49M
10. Kihara Maina (I&M): KES 69.3M
11. James Mworia (Centum): KES 64.52M
12. Nasim Devji (DTB): KES 62.9M