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Banks Shut 476 Branches in Three Years as Digital Banking Grows – CBN
Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, reducing their physical presence by 8.8 per cent, according to data from the Central Bank of Nigeria.
Figures in the CBN’s 2025 Statistical Bulletin for the Financial Sector show the total number of branches and cash centres nationwide fell from 5,410 in 2022 to 4,934 in 2025. The decline happened even as the number of licensed banks rose from 32 to 35 before easing to 34 last year.
The contraction gathered pace in the last two years. Only 37 locations were shut in 2023, bringing the total to 5,373. But 229 branches closed in 2024 and another 210 in 2025.
This means 92 per cent of the entire three-year reduction occurred within 2024 and 2025 alone. The data cover commercial, merchant and non-interest banks, and were compiled with the Nigeria Deposit Insurance Corporation.
Lagos recorded the biggest drop in absolute terms. The state, Nigeria’s commercial hub, went from 1,602 branches and cash centres in 2022 to 1,444 in 2025 — a net loss of 158 locations or 9.9 per cent.
Despite the closures, Lagos still accounts for about 29 per cent of all bank branches in the country.
The Federal Capital Territory also saw a decline. Abuja had 400 branches in both 2022 and 2023, but the figure dropped to 391 in 2024 and 362 in 2025, a reduction of 38 or 9.5 per cent. Some states recorded even steeper falls in percentage terms.
Ekiti’s network almost halved, from 107 to 57. Enugu lost 44 locations and Oyo 41.
The trend was also visible in major northern commercial centres. Kano peaked at 183 branches in 2024 before falling sharply to 157 in 2025, leaving it seven fewer than three years earlier.
Kaduna followed a similar pattern, rising to 164 in 2024 before dropping to 146 last year. However, not all states declined. Delta added 23 branches, Edo 10, Jigawa 6 and Kogi 5.
The data highlight wide regional disparities in banking infrastructure. In 2025, Lagos had 1,444 branches while Yobe had 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 each, and Ebonyi 32.
The concentration underscores how physical banking remains skewed towards a few economic centres even as overall numbers fall.
The CBN has linked the shift to the rapid migration to electronic channels. Speaking at the 2026 CBN Fair in Lokoja, Acting Director of Corporate Communications, Hakama Sidi-Ali, said alternative payment channels were critical to expanding access for farmers, traders, small businesses and informal operators who may have limited access to conventional banking halls.
The figures suggest that trend will only accelerate in the coming years.
