Shockwave in Banking Sector: Standard Chartered Nigeria to Close Accounts Below ₦7.5 Million Balance by February 2026
Shockwave in Banking Sector: Standard Chartered Nigeria to Close Accounts Below ₦7.5 Million Balance by February 2026
By Dr. Odimientimi Agbedeyi
Global Egberi Media International
In a major development that has sent ripples through Nigeria’s financial sector, Standard Chartered Bank Nigeria has announced that, effective February 28, 2026, all customer accounts holding less than ₦7.5 million in total assets under management (AUM) will be closed permanently.
The decision, confirmed by the bank to Legit.ng, marks a decisive shift in its operational strategy — moving away from its long-standing Personal Banking segment to a new category dubbed the Emerging Affluent segment.
A New Era for Standard Chartered Customers
In an official notice to customers titled “Important Notice: Branch Network and Segment Update,” the bank stated that accounts that fail to meet the ₦7.5 million threshold by the deadline will be automatically closed.
The statement read in part:
“Please be informed that we are restructuring our services and will be closing the Personal Banking segment while introducing the Emerging Affluent segment.To continue enjoying our services, please ensure that your Assets Under Management (AUM) meet the new minimum balance requirement of NGN 7.5 million or its equivalent by February 28, 2026.Accounts that do not meet this requirement by the deadline will be closed.”
Customers unable to meet the new requirement are advised to transfer their funds to another bank before the February deadline or visit any of the bank’s remaining branches for assistance.
Branch Closures and Digital Transformation
The restructuring comes with another sweeping change — the closure of several Standard Chartered branches nationwide starting January 15, 2026.
According to the notice, only select branches in Lagos, Abuja, and Rivers State will remain open as the bank transitions toward full-scale digital operations.
The bank explained that the move is part of a broader effort to streamline services, improve efficiency, and enhance digital banking experiences for its high-value customers.
While many customers expressed concern about accessibility, the bank assured that its online and mobile platforms will remain fully operational, offering full service for transactions, transfers, and customer support.
Customer Reactions and Economic Implications
The policy has sparked intense public debate, with many Nigerians questioning the timing and fairness of the move amid widespread economic hardship, inflation, and a depreciating naira.
Analysts, however, interpret the move as part of a global banking trend where traditional institutions focus more on wealth management and digital efficiency while scaling down services to low-deposit customers.
A Lagos-based financial analyst told Global Egberi Media International:
“What Standard Chartered is doing may look harsh, but it’s a business repositioning move. They are moving toward an elite client base — high-net-worth individuals and investors. This aligns with global banking trends but leaves small savers behind.”
CBN Compliance and Capital Strength
Meanwhile, Standard Chartered Nigeria reaffirmed that it has already met the Central Bank of Nigeria (CBN) minimum capital requirement of ₦200 billion for national commercial banks — well ahead of the 2026 regulatory deadline.
The bank’s Chief Executive Officer, Dalu Ajene, described the milestone as a reflection of the bank’s confidence in the Nigerian economy and its commitment to financial growth and client support.
“Our compliance with the CBN’s recapitalisation directive shows our faith in Nigeria’s long-term economic potential. We are aligning our services with a more digitally driven, high-value customer base to strengthen our footprint in the market,” Ajene said.
Industry Trends and Broader Context
According to data from the Nigerian Exchange Group (NGX), customer deposits across commercial banks in Nigeria rose to ₦150.3 trillion in the first half of 2025, up from ₦137.5 trillion in 2024 — a testament to the resilience of the banking sector despite economic turbulence.
However, with many banks adopting stricter account management policies and adjusting to new CBN regulations, smaller depositors could soon find themselves migrating toward microfinance and digital banks, which cater better to the lower-income and emerging middle-class segments.
The Bigger Picture
The Standard Chartered move signals a broader realignment in Nigeria’s banking landscape — one where elite banking, digital efficiency, and global investment trends may begin to outweigh traditional mass-market operations.
As February 2026 approaches, thousands of Nigerians may need to rethink their banking relationships or risk losing access to their accounts entirely.
This development, while controversial, may also push the nation’s financial system closer to a future defined by technology, high-value service, and economic stratification in the banking sector.
Source: Legit.ng
Author: Dr. Odimientimi Agbedeyi
Publisher: Global Egberi Media International
Tags: #StandardCharteredBank #BankingReform #NigerianEconomy #FinancialNews #DigitalBanking
Facebook Caption:
💥 Breaking News: Standard Chartered Bank Nigeria to shut accounts with less than ₦7.5 million by February 2026!
The bank says it’s restructuring to serve “emerging affluent” clients only.
Is this the future of Nigerian banking — or the end of accessible finance for average customers?
👉 Read full report on Global Egberi Media International.
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