- Standard Chartered Managing Director and CEO Kenya and Africa, Kariuki Ngari, alongside Standard Chartered Head of Human Resources, Evans Munyori, and Standard Chartered Bank Kenya Pensions Fund Chairman, David Ongoro engaging former Standard Chartered staff during a pensions verification process in Nairobi following the Supreme Court ruling.
Standard Chartered Bank Kenya has begun processing pension payouts for 629 former employees, following the Supreme Court ruling of September 5, 2025. The ruling reaffirmed earlier findings by the Retirement Benefits Tribunal, the High Court, and the Court of Appeal regarding actuarial factors applied during the transition from the Defined Benefit to the Defined Contribution Scheme in 1999.
The payout process officially started on September 22, 2025, at Almary Green Business Park in Nairobi, where the bank has set up a dedicated centre to verify documents and collect bank account details from eligible former staff.
“We have officially launched the verification process for our former colleagues to ensure payments are accurate, secure, and timely,” said Kariuki Ngari, Chief Executive Officer & Managing Director, Standard Chartered Kenya. “While the turnout has been larger than initially expected, we have increased resources to make the process smooth and efficient.”
The settlement, estimated at KSh 7 billion, is a significant financial undertaking for the bank but one it says reflects its commitment to honouring obligations and ensuring closure for affected employees.
Despite issuing a profit warning due to the expected impact on its 2025 results, Standard Chartered emphasised its strong capital position, with KSh 56.2 billion in core capital as of June 2025, giving it sufficient capacity to absorb the payouts without compromising financial stability.
“Our first priority is to comply fully with the court directive and complete payments to the 629 former employees,” Mr. Ngari added. “For others who may have outstanding claims, we will seek to resolve these matters amicably and fairly.”
In a statement to the Capital Markets Authority, the bank explained that the provisions for pension liabilities were made in line with international accounting standards, highlighting its commitment to compliance and transparency.
Board Chairperson Kellen Kariuki reassured stakeholders that the bank remains on a solid growth trajectory despite the one-off financial impact.
“We are adequately capitalised to meet these obligations, and we remain focused on delivering value through our long-term strategy built on cross-border expertise, wealth management, and sustainability,” she said.
By approaching the matter with openness and care, Standard Chartered Bank Kenya has signalled its intention to resolve the issue responsibly while maintaining the confidence of its employees, clients, and shareholders.
