Nigerians Reacts As Standard Chartered Reportedly Sets ₦7.5 Million Minimum Balance

• A viral social-media post claims that Standard Chartered Bank will stop providing services to customers who have less than ₦7.5 million in their accounts starting from February.
• The alleged policy has caused widespread reactions online, as many Nigerians say the threshold is too high for the average customer.

A trending post on social media has sent many Nigerians into panic mode after claiming that Standard Chartered Bank will stop serving customers who have less than ₦7.5 million in their accounts starting from February.

The screenshot, which has spread across X (Twitter), has sparked thousands of reactions as Nigerians question how an international bank can set such a high benchmark in today’s economy.

What the Viral Post Claims

According to the message, the bank is reportedly restructuring and will now focus only on “premium customers.”
This means anyone who cannot maintain at least ₦7.5 million may lose access to their Standard Chartered account.

Although the bank has not issued an official public announcement to confirm this, the rumour alone has been enough to cause serious online debate.

Why Would a Bank Set Such a High Threshold?

Financial experts have suggested a few possible reasons:

1. Rising Costs

Banks are dealing with high operational costs, inflation, and regulatory pressures. Serving low-balance accounts may no longer be profitable.

2. Shift Toward Wealth Banking

Many global banks are abandoning mass retail customers and focusing on high-net-worth and affluent clients.

3. Digital Restructuring

Standard Chartered has been moving toward digital banking, which often involves closing branches and reducing the size of its retail customer base.

Nigerians React: “Who Get ₦7.5 Million Just to Keep in a Bank?”

The reactions online have been wild:

Some users say the policy shows the bank is “no longer for the average Nigerian.”

Others argue it may push people toward fintech apps with zero minimum balance.

A few joked that even their entire life savings plus destiny cannot reach ₦7.5 million.

What Should Affected Customers Do?

• Until Standard Chartered releases an official explanation, customers should:
• Look out for SMS or email updates from the bank
• Contact customer care for clarification
• Prepare to move their funds if necessary
• Explore other banks that allow lower or zero minimum balances