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Standard Chartered Targets Retail Banking for Nigerian Expansion

  • Plans to increase retail customers to 500,000 from 100,000
  • Retail banking seen contributing to 15% of revenue from 6%
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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.