Nigerian Bank To Close Accounts of Customers With Less Than N7.5 Million Balance, Gives Reasons
- Standard Chartered Bank Nigeria has announced plans to close customers' bank accounts in February 2026
- The accounts that will be affected are those with less than N7.5 million in assets under management
- The bank confirmed to Legit.ng that customers are advised to transfer their funds to another bank before the deadline
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Standard Chartered Bank Nigeria has announced that, effective February 28, 2026, it will close accounts that do not meet its new minimum Assets Under Management (AUM) requirement of N7.5 million.
The move is part of the bank’s strategy to introduce its Emerging Affluent segment and phase out the Personal Banking segment.
Source: Facebook
In a notice to customers titled “Important Notice: Branch Network and Segment Update,” the bank stated that accounts failing to meet the minimum balance by the deadline will be closed.
The notice also stated that, starting January 15, 2026, several branches will be shut as part of ongoing efforts to optimise services and improve customer value through digitisation and streamlined operations.
The bank assured customers that its online and mobile banking platforms would remain fully operational, allowing them to manage accounts, make transactions, and access services remotely.
Only selected branches in Lagos, Abuja, and Rivers States will remain open, Punch reports
Standard Chartered to close bank accounts
Confirming the changes to Legit.ng, Standard Chartered Bank said that customers should ensure their AUM meets the N7.5 million minimum balance to continue using its services.
The bank advised that customers unable to meet the new requirement to transfer their funds to other banks before the deadline or visit branches for assistance.
The message reads:
"Please be informed that we are restructuring our services and will be closing the Personal Banking segment while introducing the Emerging Affluent segment.
"To continue enjoying our services, please ensure that your Assets Under Management (AUM) meet the new minimum balance requirement of NGN 7.5 million or its equivalent by 28 February 2026. Accounts that do not meet this requirement by the deadline will be closed.
"If you are unable to meet the minimum balance for this upgrade, kindly transfer your funds to an alternate bank of your choice before the deadline or visit any of our branches for assistance."
Source: Getty Images
CBN minimum capitalisation met
Also, Standard Chartered Bank 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 CEO, Dalu Ajene, said that the milestone reflects the bank’s confidence in Nigeria’s economy and its commitment to supporting clients and contributing to the country’s financial growth.
Banks with the highest customer deposits
Earlier, Legit.ng revealed the 10 commercial banks in Nigeria with the highest customer deposits.
According to data from bank filings on the Nigerian Exchange Group (NGX), customers' deposits in commercial banks rose to N150.3 trillion in the first half of 2025.
This represents a N12.8 trillion increase from N137.5 trillion recorded in the full year 2024.
Source: Legit.ng
