Standard Chartered To Close Accounts Below N7.5 Million
Standard Chartered Bank has announced plans to close customer accounts with balances below N7.5 million from February 28, 2026, as part of a major restructuring under its new “Emerging Affluent Segment” strategy.
In a notice titled Important Notice: Branch Network and Segment Update, the bank said customers who do not meet the Assets Under Management (AUM) threshold by the deadline will have their accounts closed.
The statement explained that the bank is phasing out its “Personal Banking” segment to focus on higher-value clients while introducing a new operational model tailored to their financial needs.
As part of this shift, several Standard Chartered branches will be permanently shut down beginning January 15, 2026. The bank said the decision supports its ongoing digitisation drive aimed at optimising efficiency and improving customer experience through online channels.
“These closures build on our digitisation efforts over the past few years, designed to streamline operations, products, and services while better aligning with our clients’ evolving expectations,” the bank stated.
Despite the sweeping changes, Standard Chartered assured customers that it remains financially strong and fully compliant with the Central Bank of Nigeria’s new ₦200 billion minimum capital requirement for national commercial banks.
The bank reaffirmed its commitment to helping customers achieve their financial goals, noting that its mobile and internet banking platforms will continue to operate seamlessly for transactions and account management.
Following the consolidation, only branches in Lagos, Abuja, and Rivers State will remain open.
Founded in 1894, Standard Chartered is one of Nigeria’s oldest international banks. It was locally incorporated in 1971, sold majority ownership to Nigerian investors in 1979, and later re-entered the market in 1999 as a wholly owned subsidiary of the global Standard Chartered Group. Today, it continues to serve retail, corporate, and institutional clients with a strong focus on digital banking and international trade.
