Job losses loom as Standard Chartered moves to shut 50% of Nigerian branches

Standard Chartered Plc has concluded plans to close 50 percent of its branches in Nigeria as digital banking takes centre stage.

According to a report by Bloomberg News, the Nigerian subsidiary started closing down some offices in December and may drop it from 25 to 13 branches.

Citing an industry document, Bloomberg 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 was part of the company’s strategy to join others like First Bank and Zenith Bank in agent banking.

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