Standard Chartered Bank’s decision to discontinue accounts holding less than ₦7.5 million by January 15, 2026 has sparked widespread debate over the future of financial inclusion in Nigeria.
The move, which forms part of the bank’s new operational structure and digital banking strategy, effectively sidelines small depositors, many of whom make up Nigeria’s growing mass retail banking market.
Industry analysts have warned that the policy could widen the gap between high-income clients and everyday account holders who rely on traditional banking services for daily transactions.
Critics argue that while efficiency and digital transformation remain critical for global banks, a minimum threshold of ₦7.5 million risks excluding millions of low and middle-income earners from mainstream banking. They note that the Central Bank of Nigeria (CBN) has consistently promoted financial inclusion as a national priority, targeting at least 95 percent inclusion by 2025.
According to experts, the development could shift large segments of Nigeria’s population toward microfinance banks, mobile money operators, and fintech platforms offering lower barriers to entry and easier onboarding.
This shift could accelerate digital adoption but also expose customers to institutions with limited consumer protection frameworks compared to traditional banks.
The bank, however, maintains that its restructuring aims to optimise resources, enhance digital efficiency, and meet evolving customer needs, assuring that online and mobile channels will continue to serve existing clients.
Still, observers believe the action underscores the broader trend of foreign banks consolidating their Nigerian operations in response to currency volatility, inflation, and tightening regulatory demands.
As these institutions pivot toward wealth management and corporate banking, the question remains whether Nigeria’s financial ecosystem can bridge the inclusion gap for the millions left behind.