CBN data show banks shut 476 branches and cash centres in three years

Nigerian banks closed a net 476 branches and cash centres between 2022 and 2025, according to figures reported from the Central Bank of Nigeria’s 2025 Statistical Bulletin for the Financial Sector.

Daily Trust and Punch both reported that the number of physical banking locations fell from 5,410 in 2022 to 4,934 in 2025. That represents an 8.8 per cent drop over three years.

The figures cover branches and cash centres operated by commercial banks, merchant banks and non-interest banks. The reports said the data came from the CBN and the Nigeria Deposit Insurance Corporation.

Punch reported that the decline started with a net reduction of 37 locations in 2023, followed by 229 in 2024 and 210 in 2025. Daily Trust said the contraction became more pronounced after 2023.

The closures point to a steady pullback in physical banking as more transactions move to digital channels. The shift may reduce operating costs for banks, but it also raises access questions for customers who still depend on branches and cash centres, especially outside major cities.

Sources: Daily Trust, Punch