Standard Chartered Bank has announced that it will close all customer accounts with balances below ₦7.5 million by February 28, 2026.
In a notice titled “Important Notice: Branch Network and Segment Update,” the bank explained that the move is part of its new Emerging Affluent Segment strategy. According to the statement, customers who fail to meet the minimum Assets Under Management (AUM) requirement by the deadline will have their accounts terminated.
Standard Chartered said it is phasing out its existing personal banking segment and restructuring its services to focus on higher-value clients. The bank also disclosed that effective January 15, 2026, it will close several branches as part of an ongoing effort to optimise operations and strengthen digital banking efficiency.
“These closures are part of our broader digitisation strategy to enhance client experience, streamline processes, and align with the evolving expectations of our customers,” the notice stated.
The bank reaffirmed that it remains financially strong and fully compliant with the Central Bank of Nigeria’s new minimum capital requirement of ₦ 200 billion for national commercial banks. It assured customers that it is well-capitalised and committed to supporting their financial growth.
Standard Chartered also confirmed that while some physical branches will be closed, its mobile and internet banking platforms will continue to run smoothly, allowing customers to carry out transactions easily and securely.
Under the new structure, only branches in Lagos, Abuja, and Rivers State will remain open during the consolidation period.
Standard Chartered Bank began operations in Nigeria in 1894, making it one of the oldest international banks in the country. It was locally incorporated in 1971, sold majority shares to Nigerian investors in 1979, and re-entered Nigeria in 1999 as a wholly owned subsidiary of its global group.
Today, the bank operates as Standard Chartered Bank Nigeria Limited, offering retail, corporate, and institutional banking services with a strong focus on digital innovation and international trade facilitation.
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