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Standard Chartered Bank Nigeria Limited will discontinue banking relationships with personal‐banking customers whose Assets Under Management (AUM) fall below N7.5 million by February 28, 2026, according to multiple internal notices and bank-confirming news reports.
In a communication titled, ‘Important notice: Branch network and segment update,’ the bank states that accounts failing to meet the new minimum will be closed.
It further confirms that the bank is phasing out its “Personal Banking” segment and introducing an “Emerging Affluent Segment” designed to serve higher-value customers.
Additionally, the bank will begin closing select branches from January 15, 2026, as part of its optimisation effort to streamline services and bolster digital channels.
Branches remaining open will be narrowed to locations in Lagos, Abuja and the Rivers (Port Harcourt) area.
Standard Chartered says the move aligns with its global strategy “to optimise our services, build on digitisation efforts and align with evolving client expectations”.
In the same vein, the bank announced it had met the Central Bank of Nigeria’s N200 billion minimum capital requirement ahead of the March 2026 deadline, a milestone emphasising its financial strength in the Nigerian market.
Retail clients currently holding accounts beneath the new threshold have been advised either to migrate their funds to other banks or to meet the N7.5 million AUM requirement before the deadline.
The bank confirmed to media outlets that affected customers who cannot upgrade their balance should seek an alternate banking partner.
Industry analysts say the announcement reflects broader shifts in the Nigerian banking sector, including growing segmentation of services, a push toward digital channels, and increased pressure on banks to focus on higher-yield clients amid regulatory and capital burdens.
The minimum threshold effectively signals that Standard Chartered is moving away from traditional mass-market retail banking.
Customers and consumer advocates, however, are raising concerns about the forced exclusion of middle-income savers and whether such a move might accelerate migration of customers toward fintech alternatives offering lower entry thresholds.
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