Nigerian banks closed a net 476 branches and cash centres between 2022 and 2025, representing an 8.8 per cent reduction in their physical presence across the country.
Data from the Central Bank of Nigeria’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres fell from 5,410 in 2022 to 4,934 in 2025.
The contraction gathered pace despite an increase in the number of banks operating in the country during much of the period, suggesting a gradual shift away from traditional brick-and-mortar banking.
The number of locations declined by 37 in 2023, dropping from 5,410 to 5,373. A further 229 locations were lost in 2024, when the figure fell to 5,144, while another 210 disappeared in 2025.
The CBN said the figures covered branches and cash centres operated by commercial, merchant and non-interest banks, with data sourced from the apex bank and the Nigeria Deposit Insurance Corporation.
The decline was recorded despite the number of banks rising from 32 in 2022 to 33 in 2023 and 35 in 2024. The figure subsequently dropped slightly to 34 in 2025.
Branches operated by Nigerian banks outside the country remained unchanged at two throughout the four-year period.
Lagos recorded the largest decline in physical banking locations. The commercial hub had 1,602 branches and cash centres in 2022, but the number fell to 1,532 in 2023, 1,521 in 2024 and 1,444 in 2025.
Overall, about 92 per cent of the 476-location decline occurred in 2024 and 2025, indicating that the pace of branch closures has accelerated in recent years.
