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Credit Manager Average Salary in Kenya 2024

How much money does a person working as Credit Manager make in Kenya?


Average Monthly Salary
226,000 KES
( 2,710,000 KES yearly)

LOW
117,000
KES
AVERAGE
226,000
KES
HIGH
345,000
KES
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Credit Manager in Kenya typically earns around 226,000 KES. Salaries range from 117,000 KES (lowest) to 345,000 KES (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Credit Manager salaries in Kenya vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Credit Manager Pay Scale and Salaries in Kenya

Median and salary distribution Kenya Credit Manager monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
204,000 KES or more
10% of people earn
182,000 to 204,000 KES
20% of people earn
133,000 KES or less
65% of people earn
133,000 to 182,000 KES
Minimum Salary
117,000 KES
Median
205,000 KES
Maximum
345,000 KES




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Credit Manager in Kenya range from 117,000 KES (starting salary) to 345,000 KES (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 205,000 KES, half of the professionals who work as Credit Manager in Kenya earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Credit Manager in Kenya earn less than 170,000 KES, while 75% earn more. Similarly, the chart shows that 75% earn less than 233,000 KES while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Credit Manager in Kenya compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 133,000 KES to 182,000 KES. About 20% of salaries are below the 133,000 KES mark, while 10% fall within the range of 182,000 KES to 204,000 KES. Only 5% of individuals have salaries exceeding 204,000 KES.

Salary Comparison by Years of Experience / Credit Manager / Kenya

How do experience and age affect pay?

0 - 2 Years
133,000 KES
2 - 5 Years+34%
179,000 KES
5 - 10 Years+30%
233,000 KES
10 - 15 Years+21%
282,000 KES
15 - 20 Years+9%
308,000 KES
20+ Years+5%
324,000 KES
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Kenya Credit Manager
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Credit Manager and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 133,000 KES.

While someone with an experience level between two and five years is expected to earn 179,000 KES, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 233,000 KES, 30% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 282,000 KES, 21% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 308,000 KES, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 324,000 KES, 5% more than people with fifteen to twenty years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Credit Manager / Kenya

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Credit Manager.

Certificate or Diploma
158,000 KES
Bachelor's Degree+52%
240,000 KES
Master's Degree+42%
341,000 KES
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Kenya Credit Manager
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Credit Manager in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 158,000 KES.


Level 2: Bachelor's Degree

At this level, the average salary becomes 240,000 KES, 52% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 341,000 KES, 42% more than the previous level.



Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Kenya costs anywhere from 737,000 KES to 2,210,000 KES and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Salary and Compensation Comparison By Gender / Credit Manager / Kenya

Salary comparison by gender Kenya Credit Manager monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Credit Manager in Kenya, the average difference between the salary of male and female employees is 10%.

Male
238,000 KES
Female-9%
217,000 KES
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Kenya for all Careers

Salary comparison by gender monthly Kenya
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Average Annual Salary Increment Percentage / Credit Manager / Kenya

How much are annual salary increments in Kenya for individuals working as Credit Manager? How often do employees get salary raises?

Individuals working as Credit Manager in Kenya are likely to observe a salary increase of approximately 8% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Kenya Credit Manager
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Kenya / All Professions

Annual Salary Increment Rate Kenya
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in Kenya is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Credit Manager / Kenya

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Kenya Credit Manager
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39% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 61% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.

Received Bonus
61%
No Bonus
39%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Average Hourly Wage / Credit Manager / Kenya


1,300 KES per hour

The average hourly wage (pay per hour) for individuals working as Credit Manager in Kenya is 1,300 KES.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Credit Manager in Kenya is 680 KES. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Accounting and Finance-100%
Account Examiner79,700 KES-65%
Account Executive135,000 KES-40%
Accountant108,000 KES-52%
Accounting Analyst135,000 KES-40%
Accounting Assistant85,100 KES-62%
Accounting Associate80,100 KES-65%
Accounting Clerk64,800 KES-71%
Accounting Coordinator95,700 KES-58%
Accounting Head213,000 KES-6%
Accounting Manager219,000 KES-3%
Accounting Officer82,600 KES-63%
Accounting Specialist153,000 KES-32%
Accounting Supervisor142,000 KES-37%
Accounting Technician71,700 KES-68%
Accounting Unit Controller186,000 KES-18%
Accounts Executive135,000 KES-40%
Accounts Officer80,800 KES-64%
Accounts Payable and Receivable Specialist111,000 KES-51%
Accounts Payable Assistant89,900 KES-60%
Accounts Payable Associate102,000 KES-55%
Accounts Payable Clerk77,400 KES-66%
Accounts Payable Manager208,000 KES-8%
Accounts Receivable Administrator160,000 KES-29%
Accounts Receivable Clerk79,100 KES-65%
Accounts Receivable Financial Analyst148,000 KES-34%
Accounts Receivable Manager209,000 KES-7%
Accounts Receivable Team Leader164,000 KES-27%
Algorithmic Trading Specialist193,000 KES-15%
Assistant Accountant84,600 KES-63%
Assistant Accounting Manager202,000 KES-11%
Assistant Auditor106,000 KES-53%
Assistant Corporate Controller140,000 KES-38%
Assistant Finance Manager224,000 KES-1%
Assistant Financial Controller153,000 KES-32%
Audit Director245,000 KES+9%
Audit Supervisor188,000 KES-17%
Auditing Clerk80,800 KES-64%
Auditing Manager224,000 KES-1%
Billing Clerk83,400 KES-63%
Billing Coordinator101,000 KES-55%
Billing Specialist109,000 KES-52%
Billing Supervisor170,000 KES-25%
Bookkeeper73,900 KES-67%
Bookkeeping Specialist97,800 KES-57%
Budget Analyst177,000 KES-22%
Budget Manager214,000 KES-5%
Business Support Analyst119,000 KES-47%
Capital Markets Associate167,000 KES-26%
Cash Flow Analyst158,000 KES-30%
Cash Management Manager210,000 KES-7%
Cash Management Officer123,000 KES-46%
Cashbook Clerk76,100 KES-66%
Chartered Accountant138,000 KES-39%
Chief Accountant160,000 KES-29%
Chief Financial Technology Officer232,000 KES+3%
Collections Clerk63,400 KES-72%
Collections Representative96,700 KES-57%
Collections Specialist106,000 KES-53%
Corporate Controller177,000 KES-22%
Corporate Treasurer198,000 KES-12%
Cost Accountant107,000 KES-53%
Cost Accounting Manager208,000 KES-8%
Cost Accounting Supervisor165,000 KES-27%
Cost Analyst169,000 KES-25%
Credit and Collection Manager207,000 KES-8%
Credit and Collection Staff81,400 KES-64%
Credit and Loans Officer77,500 KES-66%
Credit Controller154,000 KES-32%
Credit Manager226,000 KES+0%
Debt Adviser180,000 KES-20%
Debt Collector88,700 KES-61%
Debtors Clerk73,800 KES-67%
Debtors Controller82,600 KES-63%
Deputy CFO291,000 KES+29%
Deputy Head of Finance297,000 KES+32%
Derivative Trader176,000 KES-22%
Director of Finance326,000 KES+44%
E-commerce Accountant107,000 KES-53%
Economist243,000 KES+8%
Equity Analyst195,000 KES-14%
Escrow Assistant97,800 KES-57%
Executive Accountant123,000 KES-46%
External Auditor152,000 KES-33%
Finance Administrator121,000 KES-46%
Finance Analyst187,000 KES-17%
Finance Associate91,100 KES-60%
Finance Data Analyst180,000 KES-20%
Finance Director312,000 KES+38%
Finance Executive231,000 KES+2%
Finance Licensing Clerk78,200 KES-65%
Finance Licensing Manager209,000 KES-7%
Finance Licensing Specialist120,000 KES-47%
Finance Manager300,000 KES+33%
Finance Officer105,000 KES-53%
Finance President301,000 KES+33%
Finance Relationship Manager258,000 KES+14%
Finance Release Analyst129,000 KES-43%
Finance Specialist179,000 KES-21%
Finance Team Leader 239,000 KES+6%
Financial Accountant111,000 KES-51%
Financial Actuary156,000 KES-31%
Financial Administrator183,000 KES-19%
Financial Advisor198,000 KES-12%
Financial Analyst192,000 KES-15%
Financial Applications Specialist141,000 KES-38%
Financial Assistant82,900 KES-63%
Financial Associate83,600 KES-63%
Financial Claims Analyst148,000 KES-34%
Financial Claims Manager198,000 KES-12%
Financial Claims Supervisor186,000 KES-18%
Financial Clerk79,200 KES-65%
Financial Commercial Analyst159,000 KES-30%
Financial Compliance Analyst166,000 KES-26%
Financial Compliance Officer162,000 KES-28%
Financial Consultant145,000 KES-36%
Financial Controller177,000 KES-22%
Financial Coordinator99,300 KES-56%
Financial Customer Service Manager200,000 KES-11%
Financial Data Scientist192,000 KES-15%
Financial Dealer and Broker114,000 KES-49%
Financial Director322,000 KES+43%
Financial Encoder94,400 KES-58%
Financial Manager285,000 KES+26%
Financial Modelling Analyst188,000 KES-17%
Financial Operations Manager272,000 KES+20%
Financial Policy Analyst164,000 KES-27%
Financial Project Manager216,000 KES-4%
Financial Quantitative Analyst180,000 KES-20%
Financial Reporting Consultant156,000 KES-31%
Financial Reporting Manager202,000 KES-11%
Financial Section Head195,000 KES-14%
Financial Services Manager283,000 KES+25%
Financial Services Sales Agent118,000 KES-48%
Financial Technology Consultant166,000 KES-26%
Financial Wellness Coach219,000 KES-3%
FinTech Analyst186,000 KES-18%
Fixed Assets Administrator111,000 KES-51%
Forensic Accountant130,000 KES-42%
Fraud Detection Supervisor136,000 KES-40%
Fraud Prevention Manager228,000 KES+1%
Fund Accountant97,900 KES-57%
Grants Coordinator82,400 KES-63%
Green Finance Analyst158,000 KES-30%
Group Financial Manager311,000 KES+38%
Internal Auditor147,000 KES-35%
Internal Control Adviser174,000 KES-23%
Internal Control Officer97,500 KES-57%
International Tax Director257,000 KES+14%
Inventory Accountant114,000 KES-49%
Investment Advisor277,000 KES+23%
Investment Analyst207,000 KES-8%
Investment Associate171,000 KES-24%
Investment Broker178,000 KES-21%
Investment Fund Manager230,000 KES+2%
Investment Operations Manager239,000 KES+6%
Investment Underwriter88,800 KES-61%
Investor137,000 KES-39%
Investor Relations Manager216,000 KES-4%
KYC Team Leader215,000 KES-5%
Loan Processor91,300 KES-60%
Management Accountant117,000 KES-48%
Management Economist250,000 KES+11%
Paymaster88,800 KES-61%
Payroll Administrator147,000 KES-35%
Payroll Benefits Coordinator114,000 KES-49%
Payroll Billing Manager190,000 KES-16%
Payroll Clerk89,100 KES-61%
Payroll Manager189,000 KES-16%
Payroll Officer91,600 KES-59%
Payroll Specialist111,000 KES-51%
Payroll Supervisor133,000 KES-41%
Pensions Administrator114,000 KES-49%
Personal Financial Advisor152,000 KES-33%
Pricing Analyst172,000 KES-24%
Private Equity Analyst185,000 KES-18%
Project Accountant118,000 KES-48%
Proposal Development Coordinator95,500 KES-58%
Quantitative Trader153,000 KES-32%
Receivables Accountant100,000 KES-56%
Regulatory Accountant116,000 KES-49%
Retirement Plan Analyst177,000 KES-22%
Revenue Management Specialist186,000 KES-18%
Revenue Recognition Analyst191,000 KES-15%
Risk Management Director263,000 KES+17%
Risk Management Supervisor218,000 KES-3%
Staff Accountant97,600 KES-57%
Tax Accountant105,000 KES-53%
Tax Administrator116,000 KES-49%
Tax Advisor166,000 KES-26%
Tax Analyst168,000 KES-26%
Tax Associate95,300 KES-58%
Tax Consultant177,000 KES-22%
Tax Director259,000 KES+15%
Tax Examiner114,000 KES-49%
Tax Manager228,000 KES+1%
Tax Research Manager208,000 KES-8%
Teller61,500 KES-73%
Treasury Accountant112,000 KES-50%
Treasury Analyst178,000 KES-21%
Underwriter73,500 KES-67%
Underwriting Assistant69,900 KES-69%
Vice President of Finance304,000 KES+35%

Salary Comparison By City

CityAverage Salary
Mombasa230,000 KES
Nairobi234,000 KES

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Kenya is 14% on average across all career fields.

Private Sector
140,000 KES
Public Sector+14%
159,000 KES
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Credit Manager in Kenya?

A good and competitive compensation would range anywhere between 205,000 KES and 233,000 KES. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Credit Manager in Kenya ranges from 117,000 KES to 170,000 KES. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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