Standard Chartered Bank Nigeria Limited has revealed plans to shut down several of its physical branches across Nigeria beginning January 15, 2026, as part of a comprehensive digital transformation initiative.
The bank communicated this significant operational shift to its clients through an official statement titled "Branch network update" over the weekend, emphasizing that the decision resulted from careful evaluation and aligns with ongoing efforts to optimize services and enhance customer value propositions.
Digital Transformation Strategy
According to the bank's announcement, the branch closures represent a continuation of Standard Chartered's digitization strategy that commenced several years ago. The primary objective is to streamline processes, operating channels, products, and service solutions while efficiently utilizing resources to meet evolving client expectations.
The bank assured customers that the branch rationalization would not compromise service delivery or its commitment to clients, particularly corporate, institutional, and affluent customers who will continue benefiting from its extensive international network spanning Asia, Africa, and the Middle East.
Meeting Regulatory Requirements
In a related development, Standard Chartered confirmed it has successfully met the Central Bank of Nigeria's N200 billion minimum capital requirement for national commercial banks ahead of schedule.
Chief Executive Officer of Standard Chartered Bank Nigeria Limited, Dalu Ajene, stated that early compliance with the CBN's recapitalization directive demonstrates the bank's unwavering confidence in Nigeria's economic resilience and growth potential.
"Delivering on the CBN's recapitalisation directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy," Ajene emphasized.
Commitment to Nigerian Market
The bank reassured customers of its strong financial position and continued dedication to the Nigerian market, stating: "Please be assured that we remain adequately equipped to serve and support you in the fulfilment of your financial goals and aspirations."
Standard Chartered joins a select group of financial institutions that have demonstrated strong capitalization and regulatory compliance ahead of the central bank's deadline, reinforcing its position as a trusted financial partner to both individual and corporate clients in Nigeria.
The bank emphasized its commitment to fostering sustainable growth, supporting clients, and contributing meaningfully to Nigeria's financial and economic transformation through its restructured operational model.
