Nigeria's Banking Sector Closes 476 Branches by 2025

Between 2022 and 2025, Nigeria's banking sector saw a net closure of 476 branches and cash centres, as reported by the Central Bank of Nigeria's 2025 Statistical Bulletin. The total number of banking locations decreased from 5,410 in 2022 to 4,934 in 2025, marking an 8.8% contraction over three years.

The closures were most pronounced in 2024 and 2025, accounting for approximately 92% of the total reduction. Lagos recorded the highest absolute loss, with 158 branches and cash centres closing, dropping from 1,602 in 2022 to 1,444 in 2025.

Other states like Ekiti, Enugu, and Oyo also saw significant declines. Conversely, Delta, Edo, Jigawa, and Kogi added banking locations during this period.

The trend indicates a growing preference for digital banking channels, with banks increasingly directing customers towards mobile apps and electronic payment systems. The Central Bank has advocated for greater adoption of alternative payment channels to enhance financial inclusion.