​Deposit Money Banks (DMBs) in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, shrinking their physical footprint by 8.8 per cent as financial institutions accelerate their transition to digital banking channels.
​According to official figures released on Monday, September 14, 2026, in the Central Bank of Nigeria’s (CBN) 2025 Statistical Bulletin for the Financial Sector, total physical banking locations nationwide fell from 5,410 in 2022 to 4,934 by the end of 2025.
​The statistics co-compiled by the apex bank and the Nigeria Deposit Insurance Corporation (NDIC), cover commercial, merchant, and non-interest banks across the country’s 36 states and the Federal Capital Territory (FCT).
​The report reveals that branch rationalization accelerated sharply in the latter two years of the period.
2022 to 2023, Network outlets dipped slightly by 37 locations, from 5,410 to 5,373. In 2024, Closures spiked with 229 locations shuttered, dropping the total to 5,144. In 2025, a net loss of 210 physical sites brought the national count down to 4,934.
​Over 92 per cent of the net reduction occurred between 2024 and 2025 alone, despite the total number of licensed operating banks rising from 32 in 2022 to 34 in 2025.
​The contraction was most severe in commercial centers and select states, though regional expansions occurred in isolated pockets.
Lagos State lost 158 locations (a 9.9% drop, moving from 1,602 to 1,444). Despite accounting for one-third of all nationwide closures, Lagos remains Nigeria’s banking hub, housing 29% of the country’s total remaining branches.
Abuja (FCT) lost 38 locations (a 9.5% decline, dropping from 400 to 362). Ekiti State suffered the highest proportional hit, losing 50 locations, almost halving its physical network from 107 in 2022 to 57 in 2025 (-46.7%).
Other Major Reductions affected Enugu (-44), Oyo (-41), Ondo (-22), Plateau (-19), Osun (-17), Cross River (-16), and Rivers (-15).
Counter-Trend Growth; Delta added 23 outlets (increasing to 196), while Edo (+10), Kogi (+5), and Jigawa (+6) expanded their physical networks over the same timeframe.
​During an economic policy brief at the CBN Headquarters in Abuja, apex bank representatives emphasized that the structural shift reflects changing customer behavior, overhead optimization by lenders, and the surge in electronic payment volume.
​”The reduction in brick-and-mortar footprint underscores a permanent migration toward digital payment infrastructure, mobile apps, and agency banking networks nationwide,” noted a senior official from the Financial Policy and Regulation Department. “While banks streamline high-cost physical assets, alternative finance channels are proving crucial to maintaining financial inclusion, particularly in underserved regions.”
​Analysts note that while electronic transfers, POS terminals, and fintech agency banking points have bridged basic transaction gaps, steep branch declines in rural states present ongoing challenges for non-digital users and cash-reliant communities.
