Banks shut 476 branches in three years – CBN

Between 2022 and 2025, Nigeria's Deposit Money Banks closed a total of 476 branches and cash centres, reducing their physical presence by 8.8 per cent, according to Central Bank of Nigeria (CBN) data. The number of bank branches and cash centres dropped from 5,410 in 2022 to 4,934 in 2025, despite an increase in the number of operating banks during the same period.

The decline was not uniform, with Lagos, Abuja, Ekiti, Enugu, and Oyo among the states experiencing significant reductions in their banking infrastructure. Lagos, for instance, saw a net loss of 158 locations, while Kaduna, Enugu, and Oyo recorded declines of 44, 41, and 41 locations respectively. Other states like Edo, Jigawa, and Kogi also saw slight expansions in their banking networks.

The data highlights the acceleration of banking's shift from physical to digital platforms, as highlighted by the CBN's call for increased adoption of alternative payment channels to expand financial services access and stimulate economic activity.