Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, according to data from the Central Bank of Nigeria (CBN).
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The CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres declined from 5,410 in 2022 to 4,934 in 2025, representing an 8.8 per cent reduction.
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The contraction took place despite a rise in the number of banks operating in the country during most of the period, indicating a gradual reduction in the industry’s physical presence.
The number of branches and cash centres fell by 37 in 2023, from 5,410 to 5,373. The decline became sharper in 2024 when another 229 locations were lost, bringing the figure to 5,144. A further 210 locations were closed in 2025, leaving 4,934 nationwide.
This means about 92 per cent of the total 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 obtained from the apex bank and the Nigeria Deposit Insurance Corporation.
The number of banks increased from 32 in 2022 to 33 in 2023 and 35 in 2024 before falling slightly to 34 in 2025. The number of Nigerian bank branches operating outside the country remained at two throughout the period.
Lagos recorded the largest decline in physical banking locations. The state had 1,602 branches and cash centres in 2022, but the figure dropped to 1,532 in 2023, 1,521 in 2024 and 1,444 in 2025.
The reduction of 158 locations represented a 9.9 per cent decline in Lagos and accounted for about one-third of the national contraction.
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Despite the closures, Lagos remained the leading state for physical banking services, with its 1,444 locations representing about 29 per cent of the national total in 2025.
The Federal Capital Territory also recorded a reduction. Abuja had 400 branches and cash centres in both 2022 and 2023, before the number declined to 391 in 2024 and 362 in 2025. This amounted to a net loss of 38 locations, representing a 9.5 per cent decline.
Ekiti recorded one of the sharpest reductions, losing 50 locations as its total fell from 107 in 2022 to 57 in 2025, representing a 46.7 per cent contraction.
Enugu lost 44 locations, falling from 162 to 118, while Oyo declined by 41, from 237 to 196. Ondo dropped 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 experienced reductions after initially recording increases. Kano’s physical banking network rose from 164 locations in 2022 to 175 in 2023 and 183 in 2024, but dropped sharply to 157 in 2025.
Kaduna followed a similar pattern, increasing from 148 locations in 2022 to 156 in 2023 and 164 in 2024 before falling to 146 in 2025.
Not all states recorded declines. Delta added 23 locations, increasing from 173 in 2022 to 196 in 2025. Edo rose from 155 to 165, while Jigawa increased 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 branches and cash centres in 2025, Yobe had 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 each, while Ebonyi recorded 32.
The continued reduction in physical banking locations comes as financial services increasingly shift towards electronic and alternative payment channels.
The CBN has also encouraged greater use of alternative payment systems to expand financial access and support economic activities, particularly among farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking facilities.
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