Standard Chartered Bank has announced that it will begin closing customer accounts with balances below N7.5 million starting February 28, 2026. The move, the bank said, aligns with its new “Emerging Affluent Segment” strategy.
In a notice titled “Important Notice: Branch Network and Segment Update,” the bank explained that customers who fail to meet the Assets Under Management (AUM) threshold by the deadline will have their accounts closed.
The notice added that the bank is restructuring its operations by discontinuing the “Personal Banking” segment and introducing a new model focused on wealthier clients.
As part of this restructuring, the bank will also shut down several of its branches from January 15, 2026, as it continues efforts to optimise operations and improve customer value through digital banking.
“These closures also build on our digitisation efforts, which commenced a few years ago, to streamline our processes, operating channels, products, and service solutions, and efficiently utilise resources to suit the expectations and evolving needs of our clients,” the notice read in part.
Despite the restructuring, Standard Chartered reaffirmed its strong financial position and full compliance with the Central Bank of Nigeria’s (CBN) new ₦200 billion minimum capital requirement for national commercial banks.
The bank assured customers that it remains well-capitalised and committed to supporting their financial goals, noting that its online and mobile banking platforms will continue to function smoothly for convenient transactions and services.
According to the notice, only branches located in Lagos, Abuja, and Rivers State will remain open after the consolidation.
Standard Chartered, one of Nigeria’s oldest international banks, began operations in 1894, initially financing trade during the colonial period. It was incorporated locally in 1971, sold a majority of shares to Nigerian investors in 1979, and later returned in 1999 as a wholly owned subsidiary of the global Standard Chartered Group.
Today, the bank operates as Standard Chartered Bank Nigeria Limited, providing retail, corporate, and institutional banking services with a focus on digital innovation and international trade.
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