Data from the Central Bank of Nigeria (CBN) reveals that Deposit Money Banks (DMBs) in Nigeria closed a net total of 476 branches and cash centres over a three-year period, reducing their physical footprint by 8.8% from 5,410 to 4,934.
Major Nigerian banks including Access Bank, Zenith Bank and United Bank for Africa (UBA) have closed a net total of 476 physical branches and cash centers nationwide over a three-year period.
Data from the Central Bank of Nigeria (CBN) shows that total banking locations dropped from 5,410 in 2022 to 4,934 by 2025, marking an 8.8% contraction in the country’s physical banking footprint. The pace of these closures accelerated sharply in recent years, with over 92% of the total branch reductions occurring during 2024 and 2025 alone.
The nationwide reduction in brick-and-mortar branches comes as banks actively encourage customers to switch to digital channels for their day-to-day transactions. Banks are directing users toward mobile banking apps, internet platforms, automated teller machines (ATMs) and widespread Point-of-Sale (PoS) agent networks.
This transition aligns with central bank policies aimed at driving financial inclusion and building a less cash-dependent economy through alternative payment systems.
The decline in physical locations was felt most heavily in commercial and urban hubs across the country. Lagos State recorded the largest absolute drop nationwide, losing 158 banking locations to fall from 1,602 down to 1,444, though it still retains nearly 29% of all bank branches in Nigeria.
Meanwhile, Abuja experienced a net loss of 38 locations, shrinking from 400 down to 362 branches and cash centers.
Outside these major administrative centers, Ekiti State suffered one of the steepest percentage drops in the country shrinking by 46.7% after losing 50 locations while states like Enugu, Oyo, Ondo, Plateau, Osun, Cross River and Rivers also recorded substantial reductions in their local branch networks.
Conversely, a few states bucked the nationwide trend by adding physical locations. Delta added 23 locations while Edo, Jigawa, and Kogi also recorded minor increases in their local branch networks.
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The sharp decline in physical branches highlights a growing divide in access to traditional banking services across Nigeria.
While commercial centers maintain sizeable networks, northern and less-connected states operate with far fewer physical facilities. For example, states like Yobe, Taraba and Zamfara maintain under 30 physical locations each.
While digital tools make banking faster for tech-savvy customers, industry observers note that the rapid reduction in physical locations poses challenges for rural communities and cash-reliant users who still depend on face-to-face services.
About the Author
Praise fortune is a tech analyst and journalist based in Nigeria, Her work serves as a vital bridge between complex corporate maneuvers and the everyday reader, breaking down high-stakes financial, regulatory, and technological shifts across the African continent into clear highly readable narratives. With a deep focus on fintech, traditional banking transformation and digital infrastructure, she have become a dedicated analyst of the architects building Africa’s digital economy.
