Reported by: Oahimire Omone Precious | Edited by: Henry Owen
Standard Chartered Bank has announced plans to close all customer accounts with balances below ₦7.5 million by January 15, 2026.
According to the bank, the decision is part of a broader restructuring strategy aimed at optimizing operations and focusing on high-value clients in Nigeria’s competitive banking sector.
The bank has begun notifying customers of the new policy, urging those affected to either increase their account balances or withdraw their funds before the deadline.
While Standard Chartered has not released a detailed explanation of the criteria, industry observers believe the move reflects the bank’s gradual shift toward digital banking and wealth management services, catering to premium and corporate clients.
Analysts say the decision may affect thousands of individual and small business account holders, potentially pushing them toward other commercial banks that serve mass-market customers.
Standard Chartered, one of Nigeria’s long-standing international banks, has in recent years scaled down its physical presence, closing several branches and expanding its digital platforms.
The policy, which takes effect January 15, 2026, marks a significant change in the bank’s retail banking model in Nigeria.
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