Standard Chartered to Shut Accounts Below ₦7.5m Balance Starting February 2026

 Standard Chartered Bank has announced that it will discontinue banking relationships with customers who fall below its newly introduced Assets Under Management (AUM) threshold of ₦7.5 million, effective February 28, 2026.

According to the bank, this decision aligns with the launch of its new Emerging Affluent Segment, which aims to restructure how retail clients are managed.

In an official notification to customers titled “Important Notice: Branch Network and Segment Update,” the bank explained that any account that does not meet the minimum AUM requirement by the stated deadline will be closed.

As part of the restructuring, the bank is phasing out its existing personal banking category and transitioning customers to the updated AUM-based model. Additionally, beginning January 15, 2026, several branches will be shut down as part of efforts to enhance operational efficiency and improve customer experience.

The notice emphasized that the closure of select branches ties into the bank’s long-term digital transformation initiative, which focuses on streamlining processes, consolidating service channels, optimizing products, and improving resource utilization to better meet evolving customer expectations.

Standard Chartered further reassured clients that it remains financially strong and compliant with the Central Bank of Nigeria’s ₦200 billion minimum capital requirement for national commercial banks. It reiterated its commitment to supporting customers in achieving their financial objectives.

The bank also highlighted that its digital channels—online banking and mobile platforms—will remain fully functional, enabling users to manage accounts, conduct transactions, and access essential services remotely.

Branches located in Lagos, Abuja, and Rivers State are among those that will continue to operate beyond the restructuring exercise.