Nigerian Banks Close 476 Branches Amid Digital Shift

Between 2022 and 2025, Deposit Money Banks (DMBs) in Nigeria closed 476 branches and cash centres, resulting in an 8.8% decrease in their physical presence, according to the Central Bank of Nigeria (CBN). The CBN’s 2025 Statistical Bulletin indicated that the number of bank branches and cash centres fell from 5,410 in 2022 to 4,934 in 2025.

This trend highlights a transition from traditional banking to digital channels, as banks increasingly utilize mobile applications, internet banking, and automated teller machines. Despite the closure of branches, the number of banks in Nigeria increased during this period, suggesting a focus on technology-driven services to reduce operational costs.

The most significant decline occurred in Lagos State, where the number of bank branches decreased from 1,602 in 2022 to 1,444 in 2025, a loss of 158 locations, accounting for about one-third of the nationwide reduction. This shift raises concerns about access to banking services, especially for customers in rural areas who still rely on physical branches.