Deposit Money Banks in Nigeria reduced their physical footprint by 8.8% in three years by closing a net 476 branches and cash centers between 2022 and 2025, according to data from the Central Bank of Nigeria.
The number of bank branches and cash centers nationwide decreased from 5,410 in 2022 to 4,934 in 2025, according to data from the CBN’s 2025 Statistical Bulletin for the Financial Sector.
Despite an increase in the number of banks operating in the nation over that time, the fall happened, suggesting a slow reduction in the number of physical banking establishments.
The number of branches decreased by 37 from 5,410 in 2022 to 5,373 in 2023, according to research. The following year, the rate of shrinkage quickened, and by 2024, there were only 5,144 locations, with 229 locations gone. In 2025, banks shuttered an additional net 210 locations, reducing the total to 4,934.
As a result, 2024 and 2025 accounted for over 92% of the 476 net reduction observed during the three-year period. According to the CBN, the numbers include cash centers and branches run by merchant, commercial, and non-interest banks. The Nigeria Deposit Insurance Corporation and the Apex Bank provided the information.
Even although the number of banks rose from 32 in 2022 to 33 in 2023 and 35 in 2024, then slightly decreased to 34 in 2025, there were fewer physical banking locations. Over the course of the time, the number of branches operating overseas was constant at two.
According to a state-by-state analysis, Lagos saw the biggest absolute reduction. In 2022, the nation’s commercial center had 1,602 branches and cash centers; however, this number dropped to 1,532 in 2023, 1,521 in 2024, and 1,444 in 2025.
As a result, banks in Lagos shuttered a net 158 sites in three years, a decrease of 9.9%. Approximately one-third of the net drop observed nationwide was attributed to the state alone.
With over 29% of the nation’s 4,934 branches and cash centers in 2025, Lagos continued to be the primary site for physical banking activities despite the decline.
There was also a decrease in the Federal Capital Territory. Abuja had 400 locations in 2022 and 2023, but by 2024 and 2025, that number had dropped to 391 and 362, respectively. Over the course of the three years, this amounted to a net reduction of 38 branches and cash centers, or 9.5%.
With its branch network nearly halving from 107 sites in 2022 to 57 in 2025—a decrease of 50 locations or 46.7%—Ekiti saw one of the sharpest contractions.
Oyo dropped 41, going from 237 to 196, and Enugu lost 44, going from 162 to 118. Other states with significant drops were Rivers (from 290 to 275), Osun (from 113 to 96), Ondo (from 127 to 105), Plateau (from 80 to 61), and Cross River (from 83 to 67).
Some of the main commercial hubs in northern Nigeria also showed signs of deterioration. From 164 physical banking locations in 2022 to 175 in 2023 and 183 in 2024, Kano expanded. But in 2025, the number dropped precipitously to 157, meaning that the state had seven fewer locations than it had three years prior.
Similar trends were seen in Kaduna, which increased from 148 locations in 2022 to 156 in 2023 and 164 in 2024 before declining to 146 in 2025.
On the other hand, other states reported an increase in their banking systems. Delta increased their total number of locations from 173 in 2022 to 196 in 2025 by adding 23. Jigawa went from 31 to 37, Kogi went from 63 to 68, and Edo went from 155 to 165.
The statistics also revealed significant differences in the nationwide deployment of physical banking facilities. In 2025, there were 1,444 locations in Lagos alone, 23 in Yobe, 26 in Taraba, and 28 in Zamfara. Ebonyi scored 32, while Gombe and Bayelsa each had 31.
For example, in 2025, over 29% of all branches and cash centers nationally were located in Lagos alone, demonstrating the concentration of physical banking infrastructure in the nation’s main economic hub.
The most recent data shows that the industry’s physical footprint has shrunk more quickly in recent years, highlighting the speed at which banking is switching from physical to digital platforms.
According to a recent article, the Central Bank of Nigeria urged more people to use alternative payment methods in order to increase access to financial services and boost economic activity.
At the 2026 CBN Fair in Lokoja, Kogi State, Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications and Investor Relations Department, made the announcement.
According to Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, alternative payment methods are especially crucial for small enterprises, farmers, dealers, and operators in the unorganized sector who do not have easy access to traditional banking services.
