By Erewunmi Peace

Standard Chartered Bank Nigeria (SCBN) has announced plans to close customer accounts with balances below ₦7.5 million as part of a major restructuring of its retail banking operations in the country.

According to multiple reports, the bank will discontinue its “Personal Banking” segment and replace it with a new “Emerging Affluent” service model, which targets clients with a minimum Assets Under Management (AUM) of ₦7.5 million. Customers who fail to meet this threshold by February 28, 2026, have been advised to move their funds to another financial institution.

In an internal notice cited by several media outlets, SCBN explained that the move is aimed at streamlining operations and focusing on a smaller group of higher-value clients. The notice reportedly states:

“We are discontinuing the Personal Banking segment and transitioning to the Emerging Affluent segment. Clients who do not meet the minimum AUM requirement of ₦7.5 million are encouraged to close their accounts before the deadline.”

The bank, however, has not issued a public statement on its official website as of the time of this report. Nonetheless, major Nigerian news outlets — including Punch, Legit.ng, and The Abuja Inquirer — have confirmed the development through verified communications sent to affected customers.

Industry analysts suggest that the move reflects Standard Chartered’s strategy to focus on wealthier clients amid rising operational costs and a shrinking retail banking market in Nigeria.

The Central Bank of Nigeria (CBN) has not issued any directive requiring other banks to adopt similar thresholds, making this decision exclusive to Standard Chartered Bank.

Customers are advised to contact their branch or customer service unit for clarification on their account status and possible transition options.