Nigerian bank to close some accounts, branches to be shut
Customers with accounts below N7.5 million could have their accounts closed from February 2026, Standard Chartered bank has revealed.
The bank informed account holders through an email, stating that customers must meet the new minimum balance requirement to continue enjoying its services.
The move affects clients whose Assets Under Management (AUM) fall below N7.5 million.
Customers are required to reach the minimum balance by February 28, 2026, or risk having their accounts closed.
In addition to account closures, Standard Chartered said it will shut some of its branches in Nigeria from January 15, 2026.
The bank explained that this step is part of its ongoing digitization strategy to improve service delivery, streamline operations, and better use its resources.
The bank assured customers that it continues to meet the Central Bank of Nigeria’s minimum capital requirement of N200 billion for national commercial banks.
“To continue to enjoy our world class services, you are required to increase your Assets Under Management (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 noted in the email sent to customers.
Standard Chartered added, “We are writing to inform you of an important change regarding our branch network in Nigeria. After careful consideration and in line with our ongoing efforts to optimize our services and customer value propositions, we have made the decision to close some of our branches effective 15th January, 2026.”.
The bank said affected customers would be contacted directly with further instructions.
Haruna Usman