Popular Nigerian Bank to close accounts of Nigerians with less than N7.5 million
Popular Nigerian Bank to close accounts of Nigerians with less than N7.5 million
Standard Chartered Bank has announced that starting from February 28, 2026, it will no longer continue its relationship with customers who do not meet its Assets Under Management (AUM) requirement of N7.5 million.
This, the bank said, is in line with its new Emerging Affluent Segment.
The financial institution in a notice to its customers titled, “Important notice: Branch network and segment update,” the bank said, “accounts without the minimum balance by the deadline will be closed.”
The bank stated that under its refreshed structure, it is closing the personal banking segment under which customers are banked and introducing the AUM.
The statement added that, effective from January 15, 2026, it would be closing some of its branches in furtherance of ongoing efforts to optimise services and customer value propositions.
“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 has reaffirmed its financial strength and compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirement of ₦200 billion for national commercial banks.
In a statement, the institution assured customers that it remains well-capitalised and committed to supporting their financial goals. It also noted that its online and mobile banking platforms continue to operate seamlessly, enabling customers to perform transactions and access services conveniently.
According to the bank, only its branches in Lagos, Abuja, and Rivers State will remain operational during the ongoing consolidation process.
Standard Chartered Bank began operations in Nigeria in 1894, making it one of the oldest international banks in the country. It initially focused on financing trade and commerce during the colonial era.
In 1971, the bank incorporated locally to comply with Nigerian laws, and in 1979, it sold a majority of its shares to Nigerian investors, becoming Standard Bank of Nigeria.
However, after several ownership changes, Standard Chartered re-entered Nigeria in 1999 as a wholly owned subsidiary of the global group.
The bank currently operates as Standard Chartered Bank Nigeria Limited, offering retail, corporate, and institutional banking services, with a strong focus on digital banking and international trade.
