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.