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The Digest:

Standard Chartered Bank Nigeria is restructuring its services to focus on wealthier clients. The bank will close its Personal Banking segment and introduce an Emerging Affluent category, requiring a minimum balance of N7.5 million.

Key Points:
  • Standard Chartered confirms the closure of its Personal Banking segment.
  • A new Emerging Affluent segment is being introduced.
  • The move requires a minimum balance of N7.5 million by February 2026.
  • Accounts not meeting the requirement will be closed after the deadline.
  • The bank advises clients to transfer funds if they cannot meet the new threshold.
  • This shift coincides with the bank meeting the CBN's N200bn capital requirement early.
  • The CEO stated this reflects the bank's "unwavering belief in Nigeria’s growth story."
This strategic pivot highlights the evolving landscape of Nigerian banking, where institutions are navigating regulatory demands and economic realities by focusing on high-value customers.


Sources: The PUNCH