Standard Chartered Nigeria Announces Major Branch Closures Amid Digital Transformation
Standard Chartered Bank Nigeria Limited has revealed plans for significant branch closures nationwide, scheduled to take effect from January 15, 2026, as the bank accelerates its digital transformation strategy.
In a weekend statement titled “Branch network update,” the bank outlined its decision to streamline operations while enhancing its digital banking capabilities. The move represents a crucial step in the bank’s ongoing modernization efforts that began several years ago.
“These closures build on our digitisation efforts, which commenced a few years ago, to streamline our processes, operating channels, products, and service solutions; and efficiently utilise resources to suit the expectations and evolving needs of our clients,” the bank stated in its announcement.
The financial institution has also demonstrated its strong market position by meeting the Central Bank of Nigeria’s N200 billion minimum capital requirement ahead of schedule. This early compliance places Standard Chartered among an elite group of banks that have already met the new regulatory standards.
Dalu Ajene, Chief Executive Officer of Standard Chartered Bank Nigeria Limited, expressed confidence in the country’s economic prospects, stating, “Delivering on the CBN’s recapitalisation directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy.”
The bank has assured its clientele that service quality will remain unaffected by the branch consolidation. Corporate, institutional, and affluent customers will continue to benefit from the bank’s extensive international network spanning Asia, Africa, and the Middle East.
In its communication to customers, Standard Chartered emphasized its commitment to maintaining high-quality financial services: “Please be assured that we remain adequately equipped to serve and support you in the fulfilment of your financial goals and aspirations. We are steadfast in our commitments to you and assure you that we will continue to provide best-in-class financial service solutions for both our corporate and retail clients.”
This strategic shift comes at a time of significant changes in Nigeria’s banking sector, including the recent merger between Union Bank and Titan Trust Bank, with the combined entity operating under the historic Union Bank brand name following CBN approval.
The transition reflects a broader trend in Nigeria’s banking sector toward digital transformation and operational efficiency, as financial institutions adapt to changing customer preferences and technological advances in banking services.
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