According to Punch, Nigerian deposit money banks recorded a net reduction of 476 branches and cash centres between 2022 and 2025, cutting their physical footprint by 8.8 per cent.
CBN Statistical Bulletin figures cited by the newspaper show locations falling from 5,410 in 2022 to 4,934 in 2025, with most of the contraction occurring in 2024 and 2025.
Lagos remained the country’s dominant banking market despite losing 158 locations, underlining the continuing shift toward electronic banking channels.
Independent confirmation was limited during this review. No sufficiently independent second report was located, so no corroborating quotation has been invented.
Echotitbits take: Branch closures can improve cost efficiency, but the policy question is whether digital alternatives remain reliable and accessible for customers in underserved communities.
Source: Punch – https://punchng.com/banks-shut-476-branches-in-three-years-cbn/, September 14, 2026
Photo Credit: Suisse Bank
