Standard Chartered Bank Nigeria has announced that it will discontinue banking services for customers whose account balances fall below N7.5 million, effective February 28, in a move that has sparked debate across the financial sector.
According to an internal memo sent to customers, the bank said it is restructuring its retail business to focus on what it calls the “Emerging Affluent Segment”—a category of upwardly mobile, digitally savvy professionals and entrepreneurs with growing income levels and stronger purchasing and investment power.
The new directive means customers who do not meet the minimum balance requirement will need to move their funds to another institution or risk having their accounts closed.
In the memo, the bank explained that the decision is part of a broader strategy to streamline operations, accelerate digital transformation, and concentrate on client relationships that are “more profitable and aligned with the bank’s long-term priorities.”
Financial analysts say the move reflects a growing trend among international banks operating in Nigeria, many of which are shifting away from mass-market retail banking due to rising operational costs, regulatory pressures, and reduced margins.
But the announcement has sparked mixed reactions among customers. Critics say the policy sidelines lower-income earners at a time when many Nigerians are struggling with inflation and economic hardship. Supporters argue that Standard Chartered has always positioned itself as a premium banking institution and is simply clarifying its target market.
Industry experts note that Standard Chartered’s new focus on the “Emerging Affluent Segment” places emphasis on customers who are experiencing upward financial mobility—typically young, tech-forward professionals and business owners with growing disposable incomes and investment portfolios.
As the February 28 deadline approaches, affected customers are expected to receive follow-up notifications outlining the steps for account migration or closure.
Standard Chartered Nigeria has not yet issued further public comment beyond the customer advisory.
