Standard Chartered Plc is closing about half its Nigerian branches in a pivot to digital banking, according to people familiar with the matter, as...

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.

The London-listed lender’s local unit has already started to shut 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.

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.

A spokeswoman for the bank declined to comment and said it would address future plans at the “appropriate time.”

The shift by StanChart mirrors efforts by Nigerian lenders to embrace digital banking amid a fintech boom that’s put much of Africa at the cutting edge of the revolution in mobile money. Instead of opening more physical branches, banks including Access Bank Plc and First Bank of Nigeria are also curbing costs by building networks of authorized agents, or people within communities to sell their products and services.

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.

The lender also plans to start digital lending to process small loans quicker and increase the volume of retail credit, according to the people.

With a population of over 200 million people, of which more than a third have no access to financial services, Nigeria has seen an explosion in demand for payment solutions and lending outside traditional banking as businesses build on the rapid spread of mobile phones. Financial-technology companies have also benefited as customers sought to reduce physical contact during the pandemic.

https://dailytrust.com/standard-chartered-to-shut-half-of-nigerian-branches

good,i saw this coming long time ago

joceey:
good

What's good about it?

People are going to loose their jobs!

This is 2022 every transaction can be carried out outside a physical branch.

Cc lalasticlala

And some people are expecting twitter to come and open office in Nigeria, when I heard that news I was just laughing....

Workers about to loose their jobs en masse


Sad


But then the bank is no longer that popular these days

Buharinomics economy has hit them!

The excuse of course is digital banking expansion, lie lie. You don’t close physical branches, you still need your brick and mortar stores to keep your brand on the minds of everyday business people. Banks abroad have branches all over, but in those branches, you may see less than 5 people in a whole branch. They are there for a reason, it's part of advertising. They are even buying properties on the metaverse now to continue advertising

dre11:
Standard Chartered Plc is closing about half its Nigerian branches in a pivot to digital banking, according to people familiar with the matter, as...





https://dailytrust.com/standard-chartered-to-shut-half-of-nigerian-branches

Joblessness loading!

B

This wan na double wahala

Wetin kwansign me?

The buhari bear market effect.


Nothing that Buhari cannot destroy doesn't exist

More opportunities for IT savvy Nigerians.

We are in for a serious job lost massively!

T-A-X-A-T-I-O-N....you wouldn't understand what business owners go through in Nigeria until you run your own.

What a bad way to start a new year, for those that will be affected....

The cost of doing business in Nigeria is too damn high

Jobs lose Loading ���

neutralmind:
This is 2022 every transaction can be carried out outside a physical branch.

You said every transaction as if it is your father that provides the consistent internet service required for the transactions.

B

Physical banking going extint. Online banking the way.

How many them get before?

They only have one branch that I know in Abuja.

One of the disadvantages of banking technologies.

H

Other banks will learn from this.

Massive job loss in the banking sector loading....

They have fully gone online since last year.

You can even open operate their account online.

Yahoo boys bank

izzy4shizzy:
Yahoo boys bank

Standard chartered is the only bank have the low charges. Thier ATM is free and they never charger me up to 1000 since I open account with them.

Since Federal Government believe on borrowing up and down and embezzle it all on the name of fake project. Now they want all Nigerians and those innocent continue to come and pay Chinese by taxing them heavily.

Let see who will lose.

More youths to lose Job and be expecting more criminals and ritualist (yahoo boys and girls)

Standard Chartered wey be Bureau de Change wey de call imself bank! Butterfly calling itself bird! Bathroom calling itself river! Abeg, make we hear word.