Standard Chartered Bank has announced that it will close all Nigerian customer accounts with balances below ₦7.5 million by January 15, 2026 and shut several local branches as part of a broad operational overhaul.
In a statement emailed to customers, the bank said the decision follows an internal review aimed at aligning its Nigerian business with global efficiency targets and a sharper focus on high-value retail and corporate segments.
The lender explained that the rationalisation supports its ongoing digitisation programme, which has been underway for several years, to streamline processes, channels, and product offerings.
According to the communication, Standard Chartered intends to concentrate future activity on digital platforms and wealth-management clients while maintaining full compliance with the Central Bank of Nigeria’s ₦200 billion minimum-capital requirement for national commercial banks.
The bank assured customers that digital banking and relationship-manager services would remain unaffected.
Industry observers view the move as part of a wider consolidation trend among foreign banks operating in Nigeria, many of which are trimming branch networks and tightening client thresholds in response to currency volatility, inflationary pressures, and rising compliance costs.
The policy could, however, reduce access to formal banking for lower-income customers and small businesses, potentially pushing more transactions toward microfinance institutions and fintech platforms.
Analysts said it underscores the growing divide between premium banking and mass-market financial inclusion as lenders chase profitability in a difficult macroeconomic environment.
Standard Chartered joins a list of multinationals scaling back physical operations in the country since 2023, citing the need to optimise resources amid Nigeria’s reform-driven but challenging economy.
