LAGOS, Nigeria (Chatnewstv.com) — Standard Chartered Bank Nigeria says it will close all customer accounts that fall below a new minimum Assets Under Management requirement of ₦7.5 million by Feb. 28, 2026, as part of a broad restructuring that phases out its Personal Banking segment.
In a notice titled “Important Notice: Branch Network and Segment Update,” the bank said the policy aligns with its strategy to introduce an Emerging Affluent segment while streamlining operations through digitization. Several branches will also shut down beginning Jan. 15, 2026, leaving only selected locations in Lagos, Abuja and Rivers State open.
“To continue enjoying our services, please ensure that your Assets Under Management meet the new minimum balance requirement of ₦7.5 million by 28 February 2026. Accounts that do not meet this requirement will be closed,” the bank said in the notice.
A bank official confirmed the development in to our reporter, adding that affected customers are advised to move their funds ahead of the deadline.
“If you are unable to meet the minimum balance for this upgrade, kindly transfer your funds to an alternate bank of your choice before the deadline or visit any of our branches for assistance,” the bank said.
Standard Chartered assured customers that its online and mobile banking platforms will remain fully functional to support remote transactions as physical operations are reduced.
The bank, one of Nigeria’s oldest international lenders, also confirmed it has met the Central Bank of Nigeria’s ₦200 billion minimum capital requirement for national commercial banks ahead of the 2026 regulatory deadline.
CEO Dalu Ajene said the bank’s recapitalization reflects “confidence in Nigeria’s economy and a commitment to supporting clients and contributing to the country’s financial growth.”
According to filings on the Nigerian Exchange Group, customer deposits across 10 commercial banks rose to ₦150.3 trillion in the first half of 2025, up from ₦137.5 trillion recorded in 2024.
Editor: Gabriel Ani
