British multinational banking and monetary providers firm, Commonplace Chartered Plc is reported planning to close down half of its branches in Nigeria.

In accordance with Bloomberg, the financial institution has closed 12 of its places of work final yr December and can finally function solely 13 branches within the nation on account of alleged stress from cellular cash suppliers.

A supply who spoke with the newspaper stated the British financial institution has began strengthening its cellular banking unit and planning to start out digital lending to course of small loans faster and enhance the quantity of retail credit score.

The supply added that the lender is planning to recruit brokers to succeed in new prospects and deal with money deposits and withdrawals throughout Africa’s largest economic system.

He added that the restructuring of the financial institution follows the transfer by Entry Financial institution Plc and First Financial institution of Nigeria to construct networks of approved brokers, or individuals inside communities to promote their services and products.

Naija Information studies that Commonplace Chartered has centered on company banking since establishing a presence in Nigeria in 1999.

Nonetheless, the financial institution just lately regarded to develop its retail base and outlined a goal in 2019 to develop the variety of its prospects fivefold from 100,000 in about two years through the use of digital know-how to onboard shoppers sooner.

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