Standard Chartered Bank Nigeria has announced that it will begin closing accounts that do not meet its new minimum Assets Under Management (AUM) requirement of ₦7.5 million, effective February 28, 2026.
The bank disclosed this in an official notice titled “Important Notice: Branch Network and Segment Update,”explaining that the decision aligns with its transition to a new Emerging Affluent Segment strategy.
According to the notice, customers who fail to meet the required balance by the deadline will have their accounts closed.
“Accounts without the minimum balance by the deadline will be closed,” the statement read.
Standard Chartered explained that the move is part of a broader restructuring plan that includes discontinuing its personal banking segment and introducing an AUM-based client model.
In addition, the bank announced that from January 15, 2026, it will close several of its branches nationwide as part of its service optimization plan.
“These closures also build on our digitisation efforts, which commenced a few years ago, to streamline our processes, operating channels, products and service solutions, and efficiently utilise resources to suit the expectations and evolving needs of our clients,” the bank stated.
Branches in Lagos, Abuja, and Rivers State will remain operational, while other locations will be consolidated or shut down.
The financial institution highlighted that it remains committed to providing quality service to its customers through enhanced digital platforms.
The statement reassured clients that online and mobile banking services remain fully functional, allowing users to perform all essential banking transactions from home or the office.
“Our online and mobile banking platforms remain fully operational, allowing customers to manage accounts, make transactions and access a wide range of services from the comfort of their homes or offices,” the bank added.
Despite the changes, the bank emphasized that it is well-capitalized and positioned to support its customers, aligning with the Central Bank of Nigeria’s (CBN) new ₦200 billion minimum capital requirement for national commercial banks.
“Standard Chartered Bank remains adequately equipped to serve and support its customers in the fulfillment of their financial goals and aspirations,” the statement read.
However, some customers have expressed concern that the new AUM policy could sideline middle-income earners who have banked with Standard Chartered for years.
