CBN: Banks shut 476 branches, cash centres from 2022 to 2025
Nigeria’s Deposit Money Banks reduced their physical banking presence by 476 branches and cash centres between 2022 and 2025. According to data contained in the Central Bank of Nigeria’s 2025 Statistical Bulletin for the Financial Sector, the reduction represents an 8.8 per cent decline in the number of banking locations across the country during the […]
Between 2022 and 2025, Nigeria's Deposit Money Banks decreased their physical banking presence by 476 branches and cash centres, a 8.8% reduction from 5,410 to 4,934 locations nationwide. The number of banking locations fell most significantly after 2023, with 37 sites closing in 2023, followed by 229 in 2024 and 210 in 2025. Lagos experienced the largest absolute decline, losing 158 locations, while Ekiti State and Enugu recorded the most significant percentage declines at 46.7% and 44%, respectively.
Some northern states, including Kano and Kaduna, saw increases before experiencing declines in later years. Despite the overall reduction, some states expanded their banking networks, such as Delta and Edo. The disparity in banking infrastructure is evident, with Lagos housing the majority of physical locations, while Yobe had only 23.
The decline in physical banking locations coincides with the growing emphasis on alternative payment channels to enhance financial inclusion and access to financial services, particularly for those with limited access to traditional banking facilities.
Written by urgent.news from Daily Trust's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
