Nigerian banks closed a net 476 branches and cash centres between 2022 and 2025, representing an 8.8 per cent decline in their physical presence across the country, according to data from the Central Bank of Nigeria.
Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres fell from 5,410 in 2022 to 4,934 in 2025.
The contraction accelerated significantly in the last two years of the period. While the number of locations declined by 37 between 2022 and 2023, another 229 were lost in 2024, followed by a further 210 in 2025.
As a result, about 92 per cent of the total 476-location reduction occurred in 2024 and 2025.
The CBN said the figures covered branches and cash centres operated by commercial, merchant and non-interest banks, with the data sourced from the apex bank and the Nigeria Deposit Insurance Corporation.
The decline in physical banking infrastructure occurred despite an increase in the number of banks operating in Nigeria. The number rose from 32 in 2022 to 33 in 2023 and 35 in 2024 before dropping slightly to 34 in 2025. The number of bank branches operated abroad remained at two throughout the period.
Lagos recorded the largest decline in absolute terms. The number of branches and cash centres in the state dropped from 1,602 in 2022 to 1,444 in 2025, representing a net loss of 158 locations or 9.9 per cent.
The reduction in Lagos accounted for about one-third of the nationwide decline. Despite the contraction, the state remained the country’s dominant banking hub, accounting for about 29 per cent of the 4,934 branches and cash centres nationwide in 2025.
The Federal Capital Territory also recorded a decline, from 400 locations in 2022 to 362 in 2025, a reduction of 38 locations or 9.5 per cent.
Ekiti recorded one of the steepest declines, with its branch network falling from 107 locations in 2022 to 57 in 2025, a 46.7 per cent reduction.
Enugu lost 44 locations, falling from 162 to 118, while Oyo declined by 41, from 237 to 196. Other states with notable reductions included Ondo, which fell 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.
Some northern states also recorded declines after initial growth. Kano’s banking locations rose from 164 in 2022 to 183 in 2024 before falling to 157 in 2025. Kaduna similarly increased from 148 in 2022 to 164 in 2024 but dropped to 146 in 2025.
However, a number of states expanded their physical banking networks. Delta recorded the largest increase among them, rising from 173 locations in 2022 to 196 in 2025. Edo increased from 155 to 165, while Jigawa rose from 31 to 37 and Kogi from 63 to 68.
The distribution of banking infrastructure remained uneven across the country. While Lagos had 1,444 locations in 2025, Yobe had 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 each, while Ebonyi recorded 32.
The figures point to an accelerating shift from traditional brick-and-mortar banking to electronic and alternative payment channels.
The development comes as the CBN continues to encourage greater adoption of alternative payment systems to expand financial inclusion and support economic activity.
Acting Director, Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, recently made the call at the 2026 CBN Fair in Lokoja, Kogi State.
Represented by the Branch Controller of the CBN Lokoja Branch, Zubairu Salihu, Sidi-Ali said alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.
