StanChart to close half of Nigeria’s branches as it pivots to digital banking

Standard Chartered Plc is closing down 12 branches in Nigeria in its bid to embrace digital transformation in its operations.

According to a Reuters report, the bank will operate 13 branches out of its 25 branches and build agent networks. It started shutting down some of the branches from December 2020, though no timeline has been given for it to close down all the affected branches.

The report states that “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 authorized to speak publicly. ”

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

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