The London based bank, Standard Chartered Bank, is closing 12 of its 25 branches in Nigeria. The bank says that it is doing this to embrace digital banking.
The Big Picture.
In the report filed by news outlet, Standard Chartered Bank is leveling up by improving its mobile banking services and recruiting agents to increase its customer base to fight for a spot as a major competitor amongst the financial technology giants in Nigeria.
An anonymous source as reported by Bloomberg said that the bank is also lining up a lending mobile service. Lending service has become a major financial sector in Nigeria. Reports say there are about 38 million adults categorized here. Dataphyte also says from January to November 2021, this sector was worth N26.2 trillion.