Nigerian Banks Shut 476 Branches, Cash Centres in Three Years — CBN

Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, cutting their physical presence across the country by 8.8 per cent, data from the Central Bank of Nigeria (CBN) has shown.

Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that bank branches and cash centres fell from 5,410 in 2022 to 4,934 in 2025.

The contraction gathered pace after a relatively modest decline in 2023. The number of locations dropped by 37 that year, before falling by another 229 in 2024 and 210 in 2025.

About 92 per cent of the total 476-location reduction therefore occurred during the final two years of the period, despite the number of banks operating in Nigeria increasing from 32 in 2022 to 35 in 2024 before easing to 34 in 2025.

Lagos recorded the largest absolute decline, with its branches and cash centres falling from 1,602 in 2022 to 1,444 in 2025. The 158-location reduction represented a 9.9 per cent contraction, although Lagos still accounted for about 29 per cent of all physical banking locations nationwide.

The Federal Capital Territory also recorded a decline, dropping from 400 locations in 2022 and 2023 to 391 in 2024 and 362 in 2025. Ekiti experienced one of the sharpest contractions, losing 50 locations as its network fell from 107 to 57 over the same period, a 46.7 per cent decline.

Other states that recorded notable reductions included Enugu, which fell from 162 locations to 118; Oyo, from 237 to 196; Ondo, from 127 to 105; Plateau, from 80 to 61; Osun, from 113 to 96; Cross River, from 83 to 67; and Rivers, from 290 to 275.

Northern banking centres also experienced mixed trends. Kano expanded from 164 locations in 2022 to 183 in 2024 before dropping sharply to 157 in 2025. Kaduna followed a similar pattern, rising from 148 to 164 before falling to 146 at the end of the period.

Not every state recorded a decline. Delta added 23 banking locations between 2022 and 2025, while Edo increased from 155 to 165. Jigawa rose from 31 to 37, while Kogi moved from 63 to 68.

The figures also highlighted significant disparities in access to physical banking infrastructure. While Lagos had 1,444 branches and cash centres in 2025, Yobe had 23, Taraba 26 and Zamfara 28, with Bayelsa and Gombe recording 31 each and Ebonyi 32.

The continued reduction in physical locations comes as the banking industry increasingly shifts towards digital and alternative payment channels. The CBN has encouraged wider adoption of such platforms, particularly to improve financial access for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional bank branches.