Standard Chartered To Shut Down 50% Of Nigerian Branches – Report

Standard Chartered Plc is planning to close 50 percent of its branches in Nigeria to embrace digital banking, according to a report by Bloomberg.

The report read that Nigerian subsidiary started closing down some offices in December and may drop it from 25 to 13 branches.

Citing an industry document, the platform also reported that the bank concluded the plans due to the pressure from mobile money providers.

Standard Chartered Bank is aiming at strengthening its mobile banking services and recruiting agents to reach new customers and handle cash deposits and withdrawals across the country.

The report added that some insiders said the development is part of the company’s strategy to join other First Bank and Zenith Bank in agent banking.

Prime Business Africa is aware that Nigerian banks are currently embracing digital banking to compete with fintech products across Africa and tap into the outbreak of mobile money services.

PBA Reporter

+ postsBio

• PBA Reporter

  https://www.primebusiness.africa/author/oladele/

  CBN Releases Guidelines On Bank Neutral Cash Hubs
• PBA Reporter

  https://www.primebusiness.africa/author/oladele/

  FIRS Moves After States Over Failure To Remit Tax Deductions
• PBA Reporter

  https://www.primebusiness.africa/author/oladele/

  CBN Retains 5% Interest Rate For Power Sector, Others
• PBA Reporter

  https://www.primebusiness.africa/author/oladele/

  Debt Servicing May Gulp 100% Of FG’s Revenue By 2026 – IMF