Standard Chartered to close accounts with less than N7.5 million balance in 2026

Standard Chartered Bank has announced its plan to close customers’ accounts with a balance of less than N7.5 million by January 15, 2026.

The bank revealed the development in an email sent to account holders, which was seen by Peoples Gazette on Tuesday.

“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 noted that the closures also build on its digitisation efforts, which “commenced a few years ago, to streamline our processes, operating channels, products, and service solutions; and efficiently utilize resources to suit the expectations and evolving needs of our clients”.

While assuring customers of its banking efficiency, the bank further noted that it had successfully fulfilled the Central Bank of Nigeria’s minimum capital requirement of N200 billion for national commercial banks.

Since the advent of President Bola Tinubu’s regime, several businesses have either left the country or closed down some of their operating branches due to economic challenges.