Banks shut 476 branches, cash centres in three years — CBN

Nigeria’s Deposit Money Banks reduced their physical presence by 476 branches and cash centres between 2022 and 2025, according to data from the Central Bank of Nigeria.

The decline represents an 8.8 per cent contraction in the country’s banking locations, which fell from 5,410 in 2022 to 4,934 in 2025.

The figures are contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector and cover branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the apex bank and the Nigeria Deposit Insurance Corporation.

An analysis of the figures showed that the contraction accelerated after 2023. The number of locations fell by 37 in 2023, 229 in 2024 and another 210 in 2025.

Consequently, about 92 per cent of the total reduction occurred in the last two years of the period under review.

The decline came despite an increase in the number of banks operating in Nigeria, from 32 in 2022 to 35 in 2024, before dropping slightly to 34 in 2025. The number of branches operated abroad remained unchanged at two.

### Lagos records largest decline

Lagos recorded the largest reduction in absolute terms, losing 158 branches and cash centres during the period.

The state’s total fell from 1,602 locations in 2022 to 1,444 in 2025, representing a 9.9 per cent decline.

Despite the reduction, Lagos remained the country’s dominant banking hub, accounting for about 29 per cent of all physical banking locations nationwide in 2025.

The Federal Capital Territory also recorded a decline, with its locations dropping from 400 in 2022 to 362 in 2025. The 38-location reduction represented a 9.5 per cent contraction.

Ekiti recorded one of the steepest declines, losing 50 locations as its total fell from 107 to 57, representing a 46.7 per cent reduction.

Enugu lost 44 locations, falling from 162 to 118, while Oyo declined by 41, from 237 to 196.

Other states with notable reductions included Ondo, which 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.

### Kano, Kaduna record reversals

In the North, Kano’s banking network initially expanded from 164 locations in 2022 to 183 in 2024 before falling sharply to 157 in 2025.

The latest figure left the state with seven fewer locations than it had in 2022.

Kaduna followed a similar pattern, rising from 148 locations in 2022 to 164 in 2024 before dropping to 146 in 2025.

However, some states recorded growth. 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 data also revealed significant disparities in the distribution of physical banking infrastructure.

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 figures highlight the concentration of physical banking infrastructure in major economic centres and the gradual shift towards electronic banking platforms.

The development comes amid calls by the CBN for greater adoption of alternative payment channels to expand financial inclusion and stimulate economic activity.

The acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.

Represented by the CBN Lokoja Branch Controller, Zubairu Salihu, she said alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who might have limited access to conventional banking services.