Nigerian Banks Close 229 Branches as POS Transactions Dominate Financial Landscape
Nigerian banks closed 229 physical branches in a year as customers increasingly relied on point of sale (POS) terminals for daily transactions, according to the 2024 Financial Sector Statistics Bulletin. Despite an increase in the number of licensed banks, the physical footprint of the banking sector continued to shrink, with electronic payments, particularly POS transactions, expanding sharply.
The volume and value of POS transactions doubled within the period, reaching N223.27 trillion in 2024. Lagos remained Nigeria's banking hub with 1,521 branches, but several states experienced branch closures, with Ebonyi recording the largest decline.
Plus234Feed summary based on reporting from Politics Nigeria. Read the original report below.
Read full article
Continue on Politics Nigeria
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria Sees Surge in POS Agents Redefining Cash Banking Landscape
Nigeria's Cash Economy Shifts as POS Agents Rise Amid ATM Failures
Nigeria's PoS Growth Slows, Signaling New Phase in Payments Market
Nigerian Banks Announce Branch Closures for New Year Celebrations
Nigerian Banks Close Branches for Christmas, Encourage Digital Banking
Nigerian Bank Altbank Plans to Open 500 New Branches by 2026 to Expand Network and Drive Financial Inclusion
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
