Deposit Money Banks in Nigeria shut 476 branches and cash centres between 2022 and 2025, cutting their physical presence by 8.8 per cent over the three-year period, according to Central Bank of Nigeria data.

Figures from the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres nationwide fell from 5,410 in 2022 to 4,934 in 2025.

The decline came despite a rise in the number of banks operating in the country during the period, indicating a gradual shift away from physical banking locations.

An analysis by The PUNCH showed that the number of bank branches and cash centres declined by 37, from 5,410 in 2022 to 5,373 in 2023.

The contraction accelerated in 2024, when banks closed a net 229 locations, reducing the total to 5,144. A further 210 locations were shut in 2025, bringing the number of branches and cash centres nationwide down to 4,934.

Consequently, about 92 per cent of the 476 net decline in banking locations over the three-year period occurred in 2024 and 2025.

The CBN said the figures covered branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the apex bank and the Nigeria Deposit Insurance Corporation.

The contraction in physical banking locations occurred despite an increase in the number of banks operating in the country, from 32 in 2022 to 33 in 2023 and 35 in 2024, before falling slightly to 34 in 2025.

Meanwhile, the number of branches operated by Nigerian banks outside the country remained unchanged at two throughout the period.

This meant banks closed a net 158 locations in Lagos over the three-year period, representing a 9.9 per cent decline. Lagos alone accounted for about one-third of the net reduction recorded nationwide.

Despite the contraction, Lagos remained the country’s leading hub for physical banking operations, accounting for about 29 per cent of the 4,934 bank branches and cash centres recorded nationwide in 2025.

The Federal Capital Territory also recorded a decline, with the number of banking locations holding at 400 in 2022 and 2023 before falling to 391 in 2024 and 362 in 2025. This amounted to a net reduction of 38 branches and cash centres, representing a 9.5 per cent decline over the period.

Ekiti recorded one of the steepest contractions, as its banking network nearly halved from 107 locations in 2022 to 57 in 2025. This represented a reduction of 50 locations, or 46.7 per cent.

Enugu followed with a reduction of 44 locations from 162 to 118, while Oyo lost 41, declining from 237 to 196. Other states that recorded sizeable declines included Ondo, where the number fell from 127 to 105; Plateau, from 80 to 61; Osun, from 113 to 96; Cross River, from 83 to 67; and Rivers, from 290 to 275.

The decline was also evident in some of the major commercial centres in northern Nigeria. Kano increased its physical banking locations from 164 in 2022 to 175 in 2023 and 183 in 2024. However, the number fell sharply to 157 in 2025, leaving the state with seven fewer locations than it had three years earlier.

Enugu followed with a decline of 44 locations, from 162 in 2022 to 118 in 2025, while Oyo lost 41, with its total falling from 237 to 196.

Other states that recorded notable declines included Ondo, where banking locations dropped from 127 to 105; Plateau, from 80 to 61; Osun, from 113 to 96; Cross River, from 83 to 67; and Rivers, from 290 to 275.

The contraction was also evident in some of northern Nigeria’s major commercial centres. Kano initially increased its physical banking locations from 164 in 2022 to 175 in 2023 and 183 in 2024. However, the number fell sharply to 157 in 2025, leaving the state with seven fewer locations than it had in 2022.

Some states, however, recorded growth in their physical banking networks. Delta added 23 locations, increasing from 173 in 2022 to 196 in 2025. Edo also recorded an increase, from 155 to 165, while Jigawa rose from 31 to 37 and Kogi from 63 to 68.

The data further highlighted significant disparities in the distribution of physical banking infrastructure across the country. While Lagos had 1,444 branches and cash centres in 2025, Yobe had just 23, followed by Taraba with 26 and Zamfara with 28. Bayelsa and Gombe had 31 locations each, while Ebonyi recorded 32.

Lagos alone accounted for more than 29 per cent of all bank branches and cash centres nationwide in 2025, underscoring the concentration of physical banking infrastructure in the country’s leading economic hub.