Job Loss Looms as Standard Chartered Plans to Shut down 50 Percent Branches

Standard Chartered Plc is planning to close 50 percent of its branches in Nigeria to embrace digital banking.

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, the platform 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 is part of the company’s strategy to join other First Bank and Zenith Bank in agent banking.

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