Standard Chartered Bank Nigeria has issued a fresh notice to its customers, announcing that the bank will no longer offer banking services to clients whose account balances fall below ₦7.5 million, effective February 28.
The message from the bank is direct:
If your funds do not meet the new minimum threshold of ₦7.5 million, you are no longer part of the bank’s target customer category.
Customers Below ₦7.5m Must Move Their Funds
According to the memo circulated to customers, individuals who cannot maintain the new minimum balance are advised to:
- Move their money to another bank,
or - Risk having their accounts closed automatically by Standard Chartered.
The bank made it clear that this policy is not personal—it is strategic.
Why the Bank Is Making This Move
Standard Chartered Nigeria says it is restructuring its retail banking model to focus on what it calls the “Emerging Affluent Segment.”
This shift is part of a larger corporate strategy aimed at:
- Streamlining operations
- Accelerating digital transformation
- Prioritizing more profitable client relationships
- Strengthening focus on corporate, institutional, and affluent customers
In simple terms:
The bank wants fewer low-income accounts and more high-value customers.
Who Are the “Emerging Affluent Segment”?
For those unfamiliar with the term, the Emerging Affluent Segment refers to:
- Individuals on a rising financial trajectory
- Young, upwardly mobile professionals
- Digital-savvy entrepreneurs
- People with increasing disposable income
- Clients with strong investment potential and higher purchasing power
This group represents the bank’s desired customer base going forward.
Public Reaction
The announcement has sparked strong discussions online, with many Nigerians questioning the timing and fairness of the policy—especially during a period of economic hardship. Others argue that banks are free to redefine their client base based on profitability and operational efficiency.
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