The Standard Chartered Bank has announced that effective February 28, 2026, it would discharge customers in Nigeria with less than N7.5 million in their account balance.
This, the bank said, was in line with its new Emerging Affluent Segment.
In a notice to customers titled: “Important notice: Branch network and segment update,” the bank said, “Accounts without the minimum balance by the deadline will be closed.”
According to the bank, it would be restructuring its operations and closing the personal banking segment under which customers are banked and would instead be introducing the Assets Under Management (AUM).
Effective January 15, 2026, the bank said, it would be closing some of its branches in furtherance of ongoing efforts to optimize services and customer value propositions.
The bank listed branches in Lagos, Abuja and Rivers State as those that will remain operational.
“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.
The bank assured that following the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion, for national commercial banks, it remained adequately equipped to serve and support its customers in the fulfillment of their financial goals and aspirations.
It said its online and mobile banking platforms remained fully operational, allowing customers to manage accounts, make transactions and access a wide range of services from the comfort of their homes or offices.
