Lagos leads as banks shut 476 branches nationwide in three years

Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, cutting their physical footprint by 8.8 per cent in three years, according to The PUNCH.

Data from the Central Bank of Nigeria’s 2025 Statistical Bulletin showed branches fell from 5,410 in 2022 to 4,934 in 2025, despite the number of banks rising over the same period. About 92 per cent of the decline occurred in 2024 and 2025 alone.

Lagos recorded the steepest absolute drop, losing 158 locations to fall to 1,444 in 2025, still accounting for 29 per cent of the national total. Abuja lost 38 locations, while Ekiti’s network nearly halved, dropping 46.7 per cent. Kano and Kaduna, despite earlier growth, both declined sharply in 2025.

Some states bucked the trend, with Delta, Edo, Jigawa and Kogi expanding their branch networks, reflecting banking’s accelerating shift toward digital platforms.