StanChart Plans to Shut Half of Nigeria Branches in Digital Push
- Lender to operate 13 branches, build agent networks in Nigeria
- Banks offer digital products to grow customers and curb costs
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Standard Chartered Plc is closing about half its Nigerian branches in a pivot to digital banking, according to people familiar with the matter, as the finance industry comes under pressure from mobile money providers.
The London-listed lender’s local unit has already started to shut some offices in December and will eventually operate only 13 branches in the West African nation, a document seen by Bloomberg News showed, down from about 25 previously.