₦airaland Forum

This is why no major financial institutions from the West is branching out into Nigeria. Tinubu and Buhari have rendered Nigerians too poor that 95% of Nigérians don't have up to 500k in their accounts

na Bank wey Rich and wealthy go get this kind mind.

Also, why not Open a subSidiary and transfer them rather than Loose them / Anyway sha. I presume they are a memeber of Stanbic group

Omihanifa:
https://21stcenturychronicle.com/standard-chartered-to-close-accounts-with-less-than-n7-5m-balance-from-feb-2026/

If only Tinubu and APC didn’t destroy our economy with fake promises, would the bank give this kind of instruction

How did we allow Tinubu to confuse us a decade ago, to replace PDP deregulation and privatisation prosperity with APC extreme poverty shege of palliative distribution?

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

7.5m minimum balance or we would close your account

those wey get over 6 Million naira go just go add up the difference even if na make total balance read 7.6-million naira

dawnomike:
More banks will follow this route and the common man may have to port fully to fintechs.

Some other banks will welcome those customers with open arms.
Some banks did something like that in early 2000s and they lost most of their their customers to GT bank.

Freshandfitpod:
My assets with them is running into billions.....

Are u a banditry practitioner? Asking for trump

Well, as someone said above, SCB is not really into retail banking. Their business model fits better for the high net worth individuals.

Nazgul:
These people are really funny. Sometimes I think the people making decisions in Nigeria don’t actually live here. Maybe they’re just visiting us through Zoom.

How can a country where most people are earning less than 500k a month be talking about having 7.5 million naira minimum balance to keep your account active? Like are you for real.

Let’s even be honest; how many Nigerians have seen 7.5 million at once in their account before? Some people’s total life savings, business capital, and village land inheritance isn't even up to that.

At this rate, when you enter the banking hall, they might soon start checking your account balance before allowing you to sit on their chair or drink water from their dispenser.

No wonder people are running to OPAY and PalmPay like it’s Noah’s Ark. When you have sense, you adapt, but when you have greed, you lose customers. And trust Nigerians, once they see free transfers and zero balance, loyalty changes immediately.

But to be honest, 2026 no go funny at all. The economy is tightening like a new shoe. Food, rent, fuel, now even bank accounts want to join the suffering.

We really need to plan financially. Cut unnecessary expenses. Save where you can. Invest small, even if it’s in your local hustle. Because the way things are going, it's not looking funny anymore.

No need for long epistle, the bank was never meant for average Nigerian. Their client base are high class... Do you know minimum requirements to open account with them?

Standard Chartered Bank, that’s where I started my corporate career after I graduated from School. More than 10 years ago.

I worked as Contract Staff; Marketer and operating from Broad Street, Marina, Lagos Island.

As at then my target was to open minimum of 6 accounts in a month with 3 million deposit. The minimum amount a Customer can credit his/ her with after opening back then was 250k, if any customer pay in 249k the account will not be counted, it must be 250k upward before it counted.

So the Bank is a bank of Class and I’m not surprise with this news . You don’t see crowd in Standard Chartered Bank Branches.

The pay was very small for me then, I only earned basic salary because I don’t meet up with monthly targets that could have fetched me some commission and bonus.

I resigned just within one year and I later got another job with one Micro Finance Bank where I worked for few years also.

The pay at Standard Chartered was very small like I said but the experience was so great, the experience is still working for me till today even as I’m now into real estate.

So, Standard Chartered is for the affluent.

Nazgul:
These people are really funny. Sometimes I think the people making decisions in Nigeria don’t actually live here. Maybe they’re just visiting us through Zoom.

How can a country where most people are earning less than 500k a month be talking about having 7.5 million naira minimum balance to keep your account active? Like are you for real.

Let’s even be honest; how many Nigerians have seen 7.5 million at once in their account before? Some people’s total life savings, business capital, and village land inheritance isn't even up to that.

At this rate, when you enter the banking hall, they might soon start checking your account balance before allowing you to sit on their chair or drink water from their dispenser.

No wonder people are running to OPAY and PalmPay like it’s Noah’s Ark. When you have sense, you adapt, but when you have greed, you lose customers. And trust Nigerians, once they see free transfers and zero balance, loyalty changes immediately.

But to be honest, 2026 no go funny at all. The economy is tightening like a new shoe. Food, rent, fuel, now even bank accounts want to join the suffering.

We really need to plan financially. Cut unnecessary expenses. Save where you can. Invest small, even if it’s in your local hustle. Because the way things are going, it's not looking funny anymore.

Not every bank is into RETAIL BANKING. If you like, let the country be poorer than South Sudan. Zenith bank was originally not into retail banking, na peer pressure make them start am. As for Standard Chartered, they have always been a niche bank. If their money was coming from poor Nigerians, they wouldn't be alive today because I can't point you to one of their branches for 5m.

anonimi:
If only Tinubu and APC didn’t destroy our economy with fake promises, would the bank give this kind of instruction
How did we allow Tinubu to confuse us a decade ago, to replace PDP deregulation and privatisation prosperity with APC extreme poverty shege of palliative distribution?

Unfortunately,you are known to focus your attention on Falsehoods and dance to gaulible audiences, without making any sense!
When your Emefiele - was spending over NTillion - In Ways and Means-CBN Accounts and was promising Naira denominations Change,some of you were saluting him!
Tinubu 2- yrs of Changing Nigeria Economy From Almost Bankrupt Economy - where we were Borrowing to Pay Salaries - since GEJ Era and Mama Okonjo-Iweala was warning on the Spend Free of OIL 🪔 Money then,fell into your Politicians deaf ears,which you are now a footsoldiers- shouting Tinubu this,APC that '
Continue to live in self dinia .
I'm sure some of you love IMPORTATIONS - whereby we work for Other Countries - through FOREX Manipulation!
We Must Be Exports Oriented Economy and Pursue it with vigor.

Nazgul:
These people are really funny. Sometimes I think the people making decisions in Nigeria don’t actually live here. Maybe they’re just visiting us through Zoom.

How can a country where most people are earning less than 500k a month be talking about having 7.5 million naira minimum balance to keep your account active? Like are you for real.

Let’s even be honest; how many Nigerians have seen 7.5 million at once in their account before? Some people’s total life savings, business capital, and village land inheritance isn't even up to that.

At this rate, when you enter the banking hall, they might soon start checking your account balance before allowing you to sit on their chair or drink water from their dispenser.

No wonder people are running to OPAY and PalmPay like it’s Noah’s Ark. When you have sense, you adapt, but when you have greed, you lose customers. And trust Nigerians, once they see free transfers and zero balance, loyalty changes immediately.

But to be honest, 2026 no go funny at all. The economy is tightening like a new shoe. Food, rent, fuel, now even bank accounts want to join the suffering.

We really need to plan financially. Cut unnecessary expenses. Save where you can. Invest small, even if it’s in your local hustle. Because the way things are going, it's not looking funny anymore.

No need to rant bro, they have redefined their clientele threshold, if you don't belong bank with UBA or Opay

There are still many banks to bank with in Nigeria, Zenith Bank did this sometime and later opened their account base to everyone

Standard Chartered has always been a bank for the affluent right from time

Bank of international civil servants

Nazgul:
These people are really funny. Sometimes I think the people making decisions in Nigeria don’t actually live here. Maybe they’re just visiting us through Zoom.

How can a country where most people are earning less than 500k a month be talking about having 7.5 million naira minimum balance to keep your account active? Like are you for real.

Let’s even be honest; how many Nigerians have seen 7.5 million at once in their account before? Some people’s total life savings, business capital, and village land inheritance isn't even up to that.

At this rate, when you enter the banking hall, they might soon start checking your account balance before allowing you to sit on their chair or drink water from their dispenser.

No wonder people are running to OPAY and PalmPay like it’s Noah’s Ark. When you have sense, you adapt, but when you have greed, you lose customers. And trust Nigerians, once they see free transfers and zero balance, loyalty changes immediately.

But to be honest, 2026 no go funny at all. The economy is tightening like a new shoe. Food, rent, fuel, now even bank accounts want to join the suffering.

We really need to plan financially. Cut unnecessary expenses. Save where you can. Invest small, even if it’s in your local hustle. Because the way things are going, it's not looking funny anymore.

Standard Chartered isn't for people with your type of thinking. 7.5M is less than 6k USD.

Firstly, they don't approach random customers to open accounts, they provide banking services to MNCs and HNIs.

Go and find out how they performed excellently during the Meffy madness. Their customers had ready access to cash while others were stranded.

They are focusing on niche banking. If you don't deserve their services or you can't afford it, there are other options to choose from.

Always remember, the least paying customers are usually the most troublesome.

Omoboricash:
What about me with just 10k naira balance

No same person will keep more than 10m idle in his account. You push money to get money. We talk of cash flow, not cash in account. The richest billionaires do not have their entire wealth domiciled in an account. It's mainly in tangible assets and investments for returns. 10k balance in your account doesn't make you poor. We do not know your off-bank assets.

anonimi:
If only Tinubu and APC didn’t destroy our economy with fake promises, would the bank give this kind of instruction

As at 2014, the minimum balance for SCB Corporate was 5M. I was a customer of thir Opebi branch in Ikeja.

Your problem isn't politics, your problem is that you're not exposed and you are in the lower rung of the ladder of life.

Hope other banks won't be adopting this criteria?

Freshandfitpod:
My assets with them is running into billions.....

Maybe you should borrow your State government some billions

yemmit90:
Nigeria banks are gradually moving away from traditional templates. Banking jobs are seriously at risk now. With this new method, they may not need more than just 15 branches and few workers all over Nigeria.

Na Opay cause am.
How I wish these fintechs can accept cash/cheque deposits. We would have abandoned the deposit money banks completely.

VillagePipu:
Standard Chartered isn't for people with your type of thinking. 7.5M is less than 6k USD.

Firstly, they don't approach random customers to open accounts, they provide banking services to MNCs and HNIs.

Go and find out how they performed excellently during the Meffy madness. Their customers had ready access to cash while others were stranded.

They are focusing on niche banking. If you don't deserve their services or you can't afford it, there are other options to choose from.

Always remember, the least paying customers are usually the most troublesome.

Lol… @ my type of thinking.
Do you even know how much I have sitting in my GTBank and Access USD account?

It’s funny how some of you rush to defend these banks like you’re on their payroll.

Honestly, I can count how many times I’ve seen a Standard Chartered branch in real life. I doubt if they’re even up to ten across all the places I’ve been. Their presence in Nigeria is almost like a unicorn sighting; you just hear about them, but you rarely ever see them.

And that’s fine, really. They can focus on their “high net-worth individuals” all they want. But it still doesn’t change the fact that Nigeria is a developing country, and the majority of people here don’t even earn anywhere close to that 7.5m minimum balance.

I already bank with stronger and more reliable institutions, and they’ve never failed me. So honestly, I don’t even care about Standard Chartered’s policies. Their decisions don’t affect me, because I barely even remember that they exist until threads like this pop up.

pocohantas:
Not every bank is into RETAIL BANKING. If you like, let the country be poorer than South Sudan. Zenith bank was originally not into retail banking, na peer pressure make them start am. As for Standard Chartered, they have always been a niche bank. If their money was coming from poor Nigerians, they wouldn't be alive today because I can't point you to one of their branches for 5m.

Lol… I get your point, but you’re missing mine.

Nobody is saying every bank must do retail banking. But when you operate in a country where the majority of the citizens are struggling to make ends meet, and then you suddenly announce 7.5m minimum balance or we close your account, it’s only natural for people to talk.

Standard Chartered can decide to serve only billionaires and oil moguls, no wahala. But let’s not act like the policy is normal in a place where people are still budgeting garri and transport money.

And truth be told, if not for topics like this, half of us wouldn’t even remember that Standard Chartered still exists in Nigeria. Their branches are rarer than PHCN light during rain.

This is big boys bank... The bank that has levels in doings ....

Just like Providus also ...to an extent that

Nazgul:
Lol… I get your point, but you’re missing mine.

Nobody is saying every bank must do retail banking. But when you operate in a country where the majority of the citizens are struggling to make ends meet, and then you suddenly announce 7.5m minimum balance or we close your account, it’s only natural for people to talk.

Standard Chartered can decide to serve only billionaires and oil moguls, no wahala. But let’s not act like the policy is normal in a place where people are still budgeting garri and transport money.

And truth be told, if not for topics like this, half of us wouldn’t even remember that Standard Chartered still exists in Nigeria. Their branches are rarer than PHCN light during rain.

Go open Opay account or Palmpay or Moniepoint

Not everyone will drive Toyota! Some will drive Benz while others will drive w or Bentley

Nazgul:
Lol… I get your point, but you’re missing mine.

Nobody is saying every bank must do retail banking. But when you operate in a country where the majority of the citizens are struggling to make ends meet, and then you suddenly announce 7.5m minimum balance or we close your account, it’s only natural for people to talk.

Standard Chartered can decide to serve only billionaires and oil moguls, no wahala. But let’s not act like the policy is normal in a place where people are still budgeting garri and transport money.

And truth be told, if not for topics like this, half of us wouldn’t even remember that Standard Chartered still exists in Nigeria. Their branches are rarer than PHCN light during rain.

Their target is not poor citizens. Jeez!
Must every service be for the poor? There are enough retail banks. Way more than the likes of Standard Chartered. Some are even in loss and struggling to get into Tier 1. Patronise those ones.

Nigerians probably started crowding their banks and elite customers that used to come in and go out in 5mins, began to stay on queue. Some might come inside just to shit and collect AC. That is not their target market.

They want to refocus on their core. HNIs and corporate entities.

Nazgul:
These people are really funny. Sometimes I think the people making decisions in Nigeria don’t actually live here. Maybe they’re just visiting us through Zoom.

How can a country where most people are earning less than 500k a month be talking about having 7.5 million naira minimum balance to keep your account active? Like are you for real.

Let’s even be honest; how many Nigerians have seen 7.5 million at once in their account before? Some people’s total life savings, business capital, and village land inheritance isn't even up to that.

At this rate, when you enter the banking hall, they might soon start checking your account balance before allowing you to sit on their chair or drink water from their dispenser.

No wonder people are running to OPAY and PalmPay like it’s Noah’s Ark. When you have sense, you adapt, but when you have greed, you lose customers. And trust Nigerians, once they see free transfers and zero balance, loyalty changes immediately.

But to be honest, 2026 no go funny at all. The economy is tightening like a new shoe. Food, rent, fuel, now even bank accounts want to join the suffering.

We really need to plan financially. Cut unnecessary expenses. Save where you can. Invest small, even if it’s in your local hustle. Because the way things are going, it's not looking funny anymore.

Go and make money. Until then, continue using your OPAY

Nazgul:
Lol… @ my type of thinking.
Do you even know how much I have sitting in my GTBank and Access USD account?

It’s funny how some of you rush to defend these banks like you’re on their payroll.

Honestly, I can count how many times I’ve seen a Standard Chartered branch in real life. I doubt if they’re even up to ten across all the places I’ve been. Their presence in Nigeria is almost like a unicorn sighting; you just hear about them, but you rarely ever see them.

And that’s fine, really. They can focus on their “high net-worth individuals” all they want. But it still doesn’t change the fact that Nigeria is a developing country, and the majority of people here don’t even earn anywhere close to that 7.5m minimum balance.

I already bank with stronger and more reliable institutions, and they’ve never failed me. So honestly, I don’t even care about Standard Chartered’s policies. Their decisions don’t affect me, because I barely even remember that they exist until threads like this pop up.

Empty barrels make the most noise. How much do you have in your GTB and Access kobo accounts that you're making noise.

The fact that you can't afford something doesn't make it bad. Stick to your GTB and Access but don't rubbish Standard chartered because you can't afford to bank there.
I have accounts in both of them too. I have corporate and dorm accounts in GTB.

Gtbank and Access are not in the league of Standard Chartered. Don't forget SCB Nigeria is subsidiary of SCB Global.

As at last year, Standard Chartered had a global asset of $848 Billion.
Nigeria's total economy which includes all banks plus the CBN was worth $478 billion in 2022 and was estimated to be around $364 billion in 2023.

Standard chartered is spending $1.5B in marketing cost aimed at growing it's affluent banking segment. Just a small business line o.

Bro, just stick to what you know.

pocohantas:
Their target is not poor citizens. Jeez!
Must every service be for the poor? There are enough retail banks. Way more than the likes of Standard Chartered. Some are even in loss and struggling to get into Tier 1. Patronise those ones.

Nigerians probably started crowding their banks and elite customers that used to come in and go out in 5mins, began to stay on queue. Some might come inside just to shit and collect AC. That is not their target market.

They want to refocus on their core. HNIs and corporate entities.

Lol… calm down, Pocohantas. I'm not dragging Standard Chartered with you. 😅

We understand that not every bank is meant for the masses, and that’s fine. Every brand has its target market. But truth be told, once your business operates in Nigeria, you automatically become part of the general economic conversation.

If they say 7.5m minimum balance, people will naturally react. Not because they want to bank there, but because it’s simply out of touch with the reality of 95% of Nigerians.

It’s not about jealousy or poverty mentality; it’s just shock at how disconnected some policies are from the environment they operate in.

And lol @ people entering the bank to shit and collect AC. 😂

Let’s not act like the elites are angels either. Some of them will park Prado, enter the bank, and still price 10,000 service charge like okrika.

At the end of the day, they can do their niche banking. No wahala. But people are also free to talk about how ridiculous it sounds in a country where minimum wage is still 70k.

That’s not hate; that’s just reality. 🤷🏽‍♂️

VillagePipu:
Empty barrels make the most noise. How much do you have in your GTB and Access kobo accounts that you're making noise.

The fact that you can't afford something doesn't make it bad. Stick to your GTB and Access but don't rubbish Standard chartered because you can't afford to bank there.
I have accounts in both of them too. I have corporate and dorm accounts in GTB.

Gtbank and Access are not in the league of Standard Chartered. Don't forget SCB Nigeria is subsidiary of SCB Global.

As at last year, Standard Chartered had a global asset of $848 Billion.
Nigeria's total economy which includes all banks plus the CBN was worth $478 billion in 2022 and was estimated to be around $364 billion in 2023.

Standard chartered is spending $1.5B in marketing cost aimed at growing it's affluent banking segment. Just a small business line o.

Bro, just stick to what you know.

Lol… empty barrels, really? That’s cute. 😂

My guy, calm down. Nobody is attacking your beloved Standard Chartered. You’re the one acting like their PR officer on commission.

You keep throwing figures around like you’re reading their financial report to shareholders. $848 billion asset, $1.5B marketing spend. Bro, relax. None of that changes the fact that they have fewer branches in Nigeria than some fast-food chains.

I’m not rubbishing them. I only said their policy doesn’t make sense for a country where the average person is hustling to make 200k monthly. Whether they’re a global brand or a Martian bank doesn’t change that fact.

And for the record, I’m perfectly fine with my GTB and Access kobo accounts. They’ve served me well, my transactions go through, and I don’t need to keep 7.5m parked somewhere just to prove class.

The funny thing is, people like you defend these brands more passionately than their own employees.

At the end of the day, let’s be honest 99% of Nigerians don’t care about Standard Chartered because 99% of Nigerians have never needed them. It’s not pride, it’s just the truth.

So yes, I’ll “stick to what I know.”
Because at least what I know doesn’t require me to have Lagos rent money for 10 years sitting idle before they say good morning to me.

Omihanifa:
https://21stcenturychronicle.com/standard-chartered-to-close-accounts-with-less-than-n7-5m-balance-from-feb-2026/

Nigerians banks are useless, since I started using Fintech online banks ,I have never had issue where my debited withdrawal is not paid it takes two weeks to resolve in fidelity bank, now even opay let's say I make a payment it didn't go I lodge a complain under few hours I get my money reversed back ,same with kuda , palmpay and moniepoint am at peace with these Fintech banks I forget I get accounts with Nigerian banks .

If not for Opay, Nigerian banks for don use people eyes see Cameroon pepper