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Standard Chartered Set To Close Half Of Nigeria Branches

Standard Chartered Set To Close Half Of Nigeria Branches

Standard Chartered Plc is closing about half its Nigerian branches in a pivot to digital banking, according to people familiar with the matter, as the finance industry comes under pressure from mobile money providers. DAILY TRUST reports.
The London-listed lender’s local unit has began to close some offices in December and will eventually operate only 13 branches in the West African nation, a document seen by Bloomberg News showed, down from about 25 previously. Information Guide Nigeria
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Standard Chartered is instead strengthening mobile banking and recruiting agents to reach new customers and handle cash deposits and withdrawals across Africa’s biggest economy, said the people, who asked not to be identified because they aren’t authorised to speak publicly.

Standard Chartered has focused on corporate banking since establishing a presence in Nigeria in 1999. But it’s recently looked to expand its retail base and outlined a target in 2019 to grow the number of its customers fivefold from 100,000 in about two years by using digital technology to onboard clients faster. jamb results


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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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