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Standard Chartered Bank Revs Up Digitalisation Drive

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…Scales Down On Brick And Mortar Operations In Nigeria By 50%

Standard Chartered Bank to close half of its branches in Nigeria

In a move aimed at revving up its digitalisation drive and operations in the country, Standard Chartered Bank Nigeria, a part of London-headquartered multinational banking and financial services firm Standard Chartered Plc, is discontinuing operations in about 50 percent of its branches in Nigeria, according to a report from Bloomberg, an international news platform.

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The closure commenced last year in December, which means just 13 branches of the bank will be up and running ultimately, compared to around 25 operating before the move.

According to a report from Bloomberg, the Nigerian subsidiary of the London-listed bank has already shut down some of its offices in December and will eventually reduce its branches to only 13 in the country from about 25.

The report pointed out that some insiders who wanted to remain anonymous said that as part of its strategy in the new dispensation, Standard Chartered Bank will be strengthening its mobile banking services and recruit agents to reach new customers and handle cash deposits and withdrawals across the country.

The new focus of Standard Chartered Bank is a reflection of efforts by Nigerian banks to embrace digital banking amid a fintech boom that has put much of Africa on the cutting edge of the revolution in mobile money.

Instead of opening more physical branches, Nigerian banks are also cutting costs by building networks of authorized agents, or people within communities to sell their products and services.

According to the report, 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.

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