Standard Chartered Plc’s Nigerian unit is joining the rush to grab a larger share of the consumer-banking market in Africa’s most populous nation, targeting a five-fold increase in customers over the next two years.
“Retail is where we’re going to see exponential growth,” Lamin Manjang, the chief executive officer for Standard Chartered’s Lagos-based subsidiary, said in an interview. “It’s just a logical expansion of our portfolio” so the company can be diversified should there be a downturn in other parts of the business, he said.