Is Standard Chartered Bank Leaving Nigeria?

Standard Chartered is Shutting Down its Operational Offices, What this Means for Customers.

         

Standard Chartered Bank Nigeria has been serving its customers since September 15th, 1999, offering full commercial banking services and investment management services to its customers nationwide.

How did Standard Chartered Bank Nigeria start its operation in Nigeria? 

Here's what Kustomers research team was able to gather from the SC bank website.

"In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa.

Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. In 1971, 13% of the share capital was placed with Nigerian investors. The end of the civil war saw a major economic upturn and as a consequence, the military government sought to increase local control of the retail-banking sector, hence the Bank’s investment in Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was reduced to 38%. Standard Chartered remained a shareholder of First Bank of Nigeria until 1996.

Standard Chartered re-entered Nigeria in 1999 and opened to customers on 15 September 1999 as a wholly-owned subsidiary of Standard Chartered Bank Plc, headquartered in the United Kingdom.

Today, the Bank offers a wide range of products and services in Retail; Wealth Management; Commercial; Corporate and Institutional; Private, Digital, and Transaction Banking business. Standard Chartered employs over 900 staff and sees Nigeria as a growth centre. 

There are about 22 branches, with ATMs in each branch, located in Lagos, Port Harcourt, and Abuja. The new ultra-modern Nigeria Head Office was opened in 2014."

However, in a recently development, it was gathered that the bank would be shutting down most of its operational offices in Nigeria, this brings up a glaring question - What would be the fate of the customers who already trust the bank with their finances.

Kustomers chief content creator spoke with a staff of the bank who cleared the misinformation about Standard Chartered Bank leaving Nigeria and shutting down full services. 

When approached at the Apapa branch in Lagos, the staff whose name is undisclosed said the bank wasn't shutting down banking services in Nigeria, however, there are plans to shut down major operational offices. 

What is the difference? Shutting down banking operations vs shutting down the major operational offices, isn't that the same thing? 

The staff responded to this question by stating that Standard Chartered Bank is only replacing its gigantic offices with agents who'd carry out normal banking activities, just like you would experience at any banking hall. 

These agents will be strategically positioned in locations where the main office has been moved - Meaning, you can easily locate these agents when you want to make the usual banking transactions. 

What can these agents do? 

Just as every sector is evolving and switching to a full digital approach in running their businesses, Standard Chartered Bank is adopting this model too, they've completely digitized their banking system. Both new or old customers do not need to walk into any banking hall to fill any paperwork or to have physical contact with a staff to resolve technical issues or report any difficulties they may be facing. 

Standard Chartered Bank has successfully launched a robust mobile app that handles everything, from registering as a new customer, to submitting necessary documentation, all can be done via the mobile app which is available for Android & Apple phone users. 

Also, there is a toll-free line that customers can call and speak to real human customer service agents who are well trained. The line is available 24 hours and 7 days a week. You can call at your convenience and never have the fear that your airtime is burning at an alarming rate, unlike other banks.

The reason for agents

These agents are there to help attend to customers who are used to the conventional banking model that requires physical experience. Agents would help customers withdraw cash, deposit cash, make transfers, and do all the banking services. Plus, they'll be well trained to answer questions customers may have concerning their accounts.

Amidst the global struggle with strange diseases breaking out, and the current global pandemic challenges that is changing the workforce ecosystem - Standard Chartered Bank has decided to fully adopt technology to drive its banking operations while still being very efficient and flexible.

Read our next article coming soon, on the benefits of opening a Standard Chartered Bank - And what you will get from SC Bank that you will never get elsewhere - It's a deep dive into how the SC banking model works.

Read Now => Is Standard Chartered a Futuristic Bank?