Standard Chartered Bank has announced that it will discontinue banking relationships with customers who do not meet its minimum Assets Under Management (AUM) threshold of N7.5 million, effective February 28, 2026.
In a notice titled “Important notice: Branch network and segment update,” the bank said accounts falling below the required balance would be closed as part of its transition to a new Emerging Affluent Segment.
The bank stated that it is phasing out its personal banking segment and restructuring its services to align with evolving customer expectations and digital transformation goals.
“Effective January 15, 2026, some branches will be closed to optimise service delivery and resource utilisation,” the notice read.
Standard Chartered said the move builds on its digitisation efforts, which began several years ago, and aims to streamline operations, products, and service channels.
Despite the changes, the bank assured customers of its financial strength, noting compliance with the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion for national commercial banks.
It added that its online and mobile platforms remain fully operational, enabling customers to manage accounts and conduct transactions remotely.
Branches in Lagos, Abuja, and Rivers State will remain open to serve clients under the new structure.
Ravenewsonline reports that the bank’s restructuring comes amid broader industry shifts toward digital banking and targeted customer segmentation.
