FRESH: Standard Chartered Bank To Close Accounts With Less Than N7.5 Million Balance In 2026, Give Reasons

FRESH: Standard Chartered Bank To Close Accounts With Less Than N7.5 Million Balance In 2026, Give Reasons

Financial services provider, Standard Chartered Bank has announced that effective February 28, 2026, it will no longer continue its relationship with customers who do not meet its Assets Under Management (AUM) requirement of N7.5 million.

This, the bank said, is in line with its new Emerging Affluent Segment.

In a notice to it’s customers titled:

“Important notice: Branch network and segment update,” the bank said

“accounts without the minimum balance by the deadline will be closed.”

The bank stated that under its refreshed structure, it is closing the personal banking segment under which customers are banked and introducing the AUM.

It further said effective January 15, 2026, it would be closing some of its branches in furtherance of ongoing efforts to optimize services and customer value propositions.

“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 notice read in part.

The bank assured that following the Central Bank of Nigeria’s (CBN) minimum capital requirement or N200 billion, for national commercial banks, it remains adequately equipped to serve and support it’s customers in the fulfillment of their financial goals and aspirations.

It said its 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 listed branches in Lagos, Abuja and Rivers State as those that will remain operational