Nigeria’s banking industry lost 476 physical branches and cash centres in just three years, with the nationwide network shrinking from 5,410 locations in 2022 to 4,934 in 2025.
The 8.8 per cent contraction, captured in the Central Bank of Nigeria’s 2025 Statistical Bulletin, shows how quickly the physical face of banking is changing even as the number of licensed institutions has remained relatively stable.
The steepest reductions came towards the end of the period. The country had 5,373 banking locations in 2023, but that figure dropped by 229 to 5,144 in 2024. A further 210 locations were lost in 2025, meaning roughly 92 per cent of the overall three-year decline occurred within those two years.
Brandspur Banking News Desk reports that the CBN figures cover branches and cash centres belonging to commercial, merchant and non-interest banks.
Lagos, Nigeria’s biggest commercial centre, accounted for the largest share of the closures. Its physical banking network fell from 1,602 locations in 2022 to 1,444 in 2025, a net loss of 158. Despite the reduction, Lagos still hosted about 29 per cent of all branches and cash centres in the country.
The Federal Capital Territory recorded a similar trend, falling from 400 locations to 362 during the period.
Ekiti experienced one of the most dramatic contractions. Its network dropped from 107 branches and cash centres in 2022 to 57 in 2025, representing a reduction of almost 47 per cent. Enugu lost 44 locations, while Oyo recorded 41 fewer.
Also read: https://brandspurng.com/2026/09/14/nigerian-banks-shut-476-branches-as-physical-network-shrinks-8-8/
The trend was not uniform across the country. Delta gained 23 locations, rising from 173 to 196, while Edo increased its network from 155 to 165. Jigawa and Kogi also recorded increases.
Beyond the overall decline, the figures expose the wide gap in physical banking access between states. Lagos alone had 1,444 locations in 2025, compared with just 23 in Yobe, 26 in Taraba and 28 in Zamfara.
For customers in areas with fewer banking outlets, the shrinking footprint places greater importance on reliable electronic payment services and other alternatives to traditional banking halls.
The CBN has continued to push the adoption of alternative payment channels, particularly as a means of widening financial access for traders, farmers, small businesses and people operating in the informal economy.
