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Standard Chartered Bank has announced a major shift in its retail banking strategy, confirming that customers will be required to maintain a minimum balance of ₦7.5 million by February 28, 2026 to continue accessing its services.
The clarification came via the bank’s official Facebook page in response to customer inquiries, following reports that the bank is scaling back its traditional personal banking offering to focus on higher-value clients.
According to the bank, the existing Personal Banking segment will be discontinued and replaced by a new Emerging Affluent segment, which requires customers to meet a minimum Assets Under Management (AUM) threshold of ₦7.5 million or equivalent.
Standard Chartered noted:
“To continue enjoying our services, please ensure your Assets Under Management meet the new minimum balance requirement by February 28, 2026. Accounts that do not meet the requirement will be closed. Customers who cannot meet the threshold are advised to move their funds to another bank or visit a branch for support.”
The move aligns with the bank’s broader strategic repositioning in Nigeria, where it has focused increasingly on wealth management and corporate clients.
Meanwhile, Standard Chartered Bank Nigeria confirmed that it has already met the Central Bank of Nigeria’s N200 billion minimum capital requirement for national commercial banks, well ahead of the 2026 deadline.
Commenting on the development, CEO Dalu Ajene said the early compliance reflects the bank’s long-term commitment to the Nigerian market:
Delivering on the recapitalisation directive ahead of schedule underscores our confidence in the resilience and potential of the Nigerian economy. We remain committed to supporting sustainable growth and contributing to the country’s financial and economic advancement.
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