Nigerian Bank To Shut Down Low-Balance Accounts Below N7.5 Million by 2026

In a surprising move that has sparked widespread discussion across the banking industry, Standard Chartered Bank Nigeria has announced that it will begin closing accounts of customers who have less than N7.5 million balance by February 28, 2026. The directive, according to the bank, is part of its new operational strategy aimed at introducing a fresh segment known as the Emerging Affluent category, while phasing out its existing Personal Banking segment. This development means that many ordinary account holders will have to either upgrade their accounts or transfer their funds to other banks before the stated deadline.

The announcement of Standard Chartered Bank’s plan to close accounts of customers with less than N7.5 million balance was contained in a notice titled “Important Notice: Branch Network and Segment Update.” The circular, which has been shared widely among customers, clearly outlines that any account which fails to meet the new Assets Under Management (AUM) requirement will be closed permanently by the end of February 2026. The bank emphasized that the decision was taken to streamline its operations and deliver more targeted services to a specific category of clients.

According to reports by Legit.ng, the restructuring move is also accompanied by plans to shut down several bank branches starting from January 15, 2026. Standard Chartered Bank explained that this step is part of its ongoing efforts to digitize operations and focus more on technology-driven customer service. However, it reassured customers that its online and mobile banking platforms will remain fully active, allowing users to carry out all essential transactions, check balances, transfer funds, and access support services seamlessly from anywhere.

While some customers have expressed shock at the new policy, the bank clarified that only a few of its physical branches will continue operating in Lagos, Abuja, and Rivers States, as the institution focuses on a more digital banking model. This implies that customers in other regions who may not meet the balance requirement will need to withdraw or transfer their funds before their accounts are closed.

Confirming the update to Legit.ng, a representative from Standard Chartered Bank Nigeria advised clients to ensure that their Assets Under Management meet the N7.5 million threshold in order to remain in the system. Those who cannot meet this balance are encouraged to move their funds to another financial institution or visit any of the remaining branches for guidance on how to close their accounts properly.

The notice from the bank 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.”

Industry analysts suggest that Standard Chartered Bank’s decision to close accounts with less than N7.5 million balance reflects a growing trend among international banks operating in Nigeria, who are seeking to concentrate their resources on wealthier clients while automating services for general users. The move is also seen as part of the bank’s global restructuring strategy aimed at improving efficiency and profitability amid economic challenges.

For now, customers affected by this policy are advised to make the necessary adjustments before February 2026 to avoid disruptions. As the countdown continues, Nigerian Bank To Close Accounts of Customers With Less Than N7.5 Million Balance remains a key topic of debate, raising questions about the future of traditional banking and inclusivity in Nigeria’s financial sector.