Business
Standard Chartered bank closes more branches in Nigeria
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.
READ ALSO: Standard Bank rewards customers with Bank More Score More initiative
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.
-
Latest7 days agoLagos NURTW organising secretary Toba Ajiboye dies after gunmen attack
-
Aviation1 week agoNCAA, NAMA disagree over proposed revenue sharing formula
-
Business5 days agoCBN targets $12bn annual Diaspora inflows to boost FX liquidity
-
Business1 week agoNCC unveils cost-sharing framework to boost broadband rollout, end repeated road excavations
-
Maritime1 week agoLicensed port agents back FG’s Green Tax on imported vehicles
-
Business5 days agoSEC launches nationwide campaign to help investors recover unclaimed dividends
-
Politics1 week agoAjeromi: NDC vows even distribution of prosperity amongst Nigerians
-
Latest1 week agoAPC unveils Lagos Assembly candidates, leaves out 12 incumbent lawmakers