Nigerian banks closed a net 476 branches and cash centres between 2022 and 2025, representing an 8.8 per cent reduction in their physical presence across the country.
Data from the Central Bank of Nigeria’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 gathered pace despite an increase in the number of banks operating in the country during much of the period, pointing to a gradual shift away from traditional brick-and-mortar banking.
The number of locations declined by 37 in 2023, dropping from 5,410 to 5,373. A further 229 locations were lost in 2024, when the figure fell to 5,144, while another 210 disappeared in 2025.
Consequently, about 92 per cent of the 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 data sourced from the apex bank and the Nigeria Deposit Insurance Corporation.
The decline occurred despite the number of banks rising from 32 in 2022 to 33 in 2023 and 35 in 2024. The figure subsequently dropped slightly to 34 in 2025.
Branches operated by Nigerian banks outside the country remained unchanged at two throughout the period.
Lagos recorded the largest decline in absolute terms. The commercial hub had 1,602 branches and cash centres in 2022, but the number fell to 1,532 in 2023, 1,521 in 2024 and 1,444 in 2025.
The Federal Capital Territory also recorded a notable decline. Abuja had 400 locations in both 2022 and 2023 before the figure dropped to 391 in 2024 and 362 in 2025. That amounted to a net reduction of 38 locations, or 9.5 per cent, over the period.
Ekiti recorded a rude contraction, with its physical banking network falling from 107 locations in 2022 to just 57 in 2025. The 50-location decline represented a 46.7 per cent reduction.
Enugu followed, losing 44 locations as its total dropped from 162 to 118, while Oyo recorded a reduction of 41, from 237 to 196.
Other states with significant declines included Ondo, where locations 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.
The contraction was also recorded in some of northern Nigeria’s major commercial centres.
Kano increased its physical banking locations from 164 in 2022 to 175 in 2023 and 183 in 2024. However, the number fell sharply to 157 in 2025, leaving the state with seven fewer locations than it had in 2022.
Kaduna followed a similar trajectory, rising from 148 locations in 2022 to 156 in 2023 and 164 in 2024 before declining to 146 in 2025.
Some states, however, bucked the trend and expanded their banking networks.
Delta added 23 locations, increasing from 173 in 2022 to 196 in 2025. Edo also recorded growth, with its total rising from 155 to 165, while Jigawa increased from 31 to 37 and Kogi from 63 to 68.
The figures further revealed wide disparities in the distribution of physical banking infrastructure across Nigeria.
While Lagos had 1,444 branches and cash centres in 2025, Yobe had only 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 locations each, while Ebonyi recorded 32.
The shrinking branch network comes as Nigerian banks continue to expand digital channels, with mobile and electronic banking increasingly replacing routine transactions that previously required customers to visit physical branches.
