Standard Chartered Bank Nigeria has announced that it will close customer accounts with balances below ₦7.5 million by January 15, 2026, as part of its strategy to optimize services for the Emerging Affluent segment.
The bank communicated the decision in an email sent to account holders, which was obtained by Fintech Insights. Customers were informed that to continue enjoying Standard Chartered’s services, they must raise their Assets Under Management (AUM) to meet the new minimum balance requirement of ₦7.5 million (or equivalent) by February 28, 2026. Accounts failing to meet this threshold will be closed.
The email also highlighted changes to the bank’s branch network. Standard Chartered stated that, after careful consideration, it will close selected branches starting January 15, 2026. The closures are part of the bank’s broader digitization strategy aimed at streamlining operations, enhancing customer service, and efficiently deploying resources to meet evolving client needs.
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“To continue to enjoy our world-class services, you are required to increase your AUM with us to meet our new Emerging Affluent segment minimum balance of NGN 7.5m (or its equivalent) by February 28, 2026. Accounts without the minimum balance by the deadline will be closed,” the bank said.
The bank emphasized that these steps also reflect its compliance with the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦200 billion for national commercial banks.
This move comes amid a challenging economic environment in Nigeria, where several businesses have scaled back operations or exited the market under President Bola Tinubu’s administration. Standard Chartered’s restructuring, including account closures and branch consolidation, is part of its efforts to adapt to these conditions while continuing to provide high-quality financial services.
By focusing on higher-value clients and enhancing its digital offerings, Standard Chartered aims to maintain efficiency and deliver tailored banking solutions to Nigeria’s Emerging Affluent population.
