Standard chartered bank plc a British banking group has planned to close down half of its physical bank branches with the intent of focusing more on digital banking.
In November 2021, the CBN approved payment service bank licenses to MTN, Airtel Africa as an aim of enhancing the payment system over the country. This telecoms move to participate in digital payment with mobile banking, has proven to make the financial sector more competitive with over 250 companies in the niche. Now, everyone wants to go digital with their banking.
According to a report from Bloomberg, the British company has already reduced its branches in December and there is still moves to reduce her branches from 25 to just 13. An insider who remained anonymous said the move for this new strategy by the standard chattered bank is to strengthen his mobile Banking service.
So instead of opening more branches, the British bank is cutting costs by building a network of authorised agents or with the people within to sell its products and services. The question is with this good move of making future payment digital, what is the hope of employment for workers and staff at various standard bank branches??