Standard Chartered Bank Nigeria has announced the closure of its Personal Banking segment and the launch of a new Emerging Affluent segment, aimed at clients with higher assets.
The bank confirmed the change via its official Facebook page on Monday.
This move is part of Standard Chartered Nigeria’s strategy to cater to more affluent customers.
Under the new structure, customers must maintain a minimum Assets Under Management (AUM) of N7.5 million or equivalent by 28 February 2026. Accounts that do not meet this threshold will be closed, and clients are advised to transfer funds to another bank if necessary or visit branches for assistance.
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The bank had previously signalled plans to restructure its services, including focusing on high-net-worth individuals and potentially closing some branches.
Standard Chartered Nigeria also confirmed that it has met the Central Bank of Nigeria’s N200 billion minimum capital requirement for national commercial banks ahead of the 2026 deadline. The bank described this as a demonstration of its confidence in Nigeria’s economic growth.
CEO Dalu Ajene said the early compliance “underscores our unwavering confidence in the resilience and potential of the Nigerian economy” and reaffirms the bank’s commitment to supporting sustainable growth and client needs in the country.
The Emerging Affluent segment is expected to provide enhanced banking services and investment opportunities tailored for clients in this category, marking a strategic shift from mass-market retail banking to wealth-focused services.
