The bank announces a major restructuring under its “Emerging Affluent Segment,” signaling the end of low-balance personal banking accounts.
Standard Chartered Bank Nigeria has announced plans to discontinue banking relationships with customers who hold less than ₦7.5 million in their accounts, effective February 28, 2026.
The decision is part of the bank’s transition to its new “Emerging Affluent Segment” strategy, which targets high-value customers. In a customer notice titled “Important Notice: Branch Network and Segment Update,” the bank stated that accounts failing to meet the ₦7.5 million Assets Under Management (AUM) threshold will be closed by the deadline.
As part of the restructuring, the bank revealed it will phase out its Personal Banking segment and introduce a wealth-focused model to enhance service delivery. Additionally, beginning January 15, 2026, several branches will be closed to streamline operations and strengthen digital banking services.
“These closures also build on our digitisation efforts… to streamline our processes, operating channels, and service solutions,” the notice read.
Despite the changes, Standard Chartered assured customers of its financial stability and compliance with the Central Bank of Nigeria’s ₦200 billion minimum capital requirement for national banks.
Branches in Lagos, Abuja, and Rivers State will remain operational, while customers are encouraged to use the bank’s mobile and online platforms for seamless transactions.
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