Standard Chartered Bank Nigeria has notified customers that it will close all personal banking accounts with less than N7.5 million in Assets Under Management (AUM) effective February 28, 2026. The bank is also set to close several branches starting January 15, 2026.
In an internal notice titled “Important Notice: Branch Network and Segment Update,” the bank announced it is phasing out its Personal Banking segment and transitioning to a new Emerging Affluent segment. Only customers maintaining a minimum AUM of N7.5 million (or equivalent) will continue to receive services.
“If you are unable to meet the minimum balance for this upgrade, kindly transfer your funds to an alternate bank of your choice before the deadline or visit any of our branches for assistance,” the bank stated.
Key Details:
- Minimum requirement: N7.5 million AUM across deposits, investments, and other products.
- Account closure deadline: February 28, 2026.
- Branch closures: Effective January 15, 2026; only select branches in Lagos, Abuja, and Port Harcourt will remain operational.
- Digital services: Online and mobile banking platforms will remain fully functional.
- Capital compliance: The bank confirmed it has already met the Central Bank of Nigeria’s (CBN) N200 billion minimum capital requirement for national commercial banks ahead of the 2026 recapitalisation deadline.
The restructuring is part of ongoing efforts to “optimise services, improve customer value through digitisation, and streamline operations,” according to the bank
