Paul Russo, Chief Executive Officer of KCB Group, emerged as the highest-paid bank executive in Kenya in 2024, earning KES 250.2 million (approximately $1.9 million) in total compensation. The figure reflects a 40.8% increase from the previous year and places Russo at the top of the earnings list among executives in the country’s largest banks.
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The surge in executive pay coincides with Kenya’s top nine commercial banks collectively disbursing over KES 1.2 billion (approximately $9.3 million) in CEO compensation during the year, despite tight lending conditions and elevated borrowing costs across the economy.
Other notable executive payouts include:
- John Gachora of NCBA Group, earning KES 208.4 million ($1.6 million)
- Kariuki Ngari of Standard Chartered Kenya, with KES 174.4 million ($1.3 million), reflecting a 43.5% year-on-year increase
- James Mwangi of Equity Group, receiving KES 166.3 million ($1.2 million)
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The record earnings were reported in parallel with strong financial performance across the banking sector. Kenya’s commercial banks posted combined pre-tax profits of KES 262 billion ($2 billion) for 2024, largely supported by earnings from government securities and widened interest margins.
However, the executive compensation growth has drawn criticism in light of ongoing macroeconomic pressures.
The Central Bank of Kenya has flagged banks for failing to ease lending rates despite monetary policy interventions aimed at stimulating access to credit, particularly for households and small businesses.
In terms of board-level remuneration, NCBA Group led in total director payouts, while KCB Group’s board members took a 20% pay cut, reflecting varied governance responses across institutions.
The developments spotlight growing scrutiny over compensation structures in Kenya’s banking sector, especially as economic recovery efforts hinge on equitable lending and inclusive financial practices.
