According to a report by TheCable, she will be earning£130,000 a year for her services to the organisation.
The bank's media specialist at the London Stock Exchange, Jon Tracey, released a statement on Thursday, July 28, 2017, saying the appointment will be effective from November 1.
The statement read, "Dr Okonjo-Iweala will receive a fee of GBP100,000 per annum for her services as an independent Non-Executive Director, with an additional fee of GBP30,000 per annum as a member of the Brand, Values and Conduct Committee.
"This is disclosed in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited."
The group's chairman, José Vinals, praised the former minister's knowledge and experience, saying, "Ngozi is a globally recognised African and international figure. She has significant geopolitical, economic, risk and development experience and expertise at a national governmental level and in international organisations, which will provide significant insight and value to the Board.
"She also has deep knowledge of Africa as well as emerging and developing markets. I am delighted to welcome her to Standard Chartered."
Okonjo-Iweala served two terms as Minister of Finance (2003-2006, 2011-2015) and was previously Managing Director of the World Bank (2007-2011).
The 63-year-old Delta state native graduated from Harvard University with a magna cum laude with an AB in Economics in 1976.