Banks shut 229 branches across Nigeria
Commercial banks operating in Nigeria have closed 229 branches nationwide, financial analysts have confirmed, signalling a significant shift in the country’s banking landscape.
The closures, which took effect in recent weeks, were attributed by industry experts to a combination of economic pressures, rising operational costs, and increased adoption of digital banking platforms. With more customers opting for online, mobile banking services, and point of sales (POS), banks have been reviewing the viability of maintaining large networks of physical outlets.
In a statement, the Bankers’ Committee noted that the strategic repositioning aims to improve efficiency and customer service while reducing overhead expenses. The committee also emphasised that most affected customers would continue to receive banking services through alternative channels, including digital apps, agent banking, and nearby branches.
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Reacting to the development, the Nigeria Labour Congress (NLC) and trade unions have raised concerns over potential job losses and the impact on communities that rely on physical bank branches for financial access.
The Central Bank of Nigeria (CBN) has yet to issue an official statement on the closure figures, but industry watchers say the trend reflects broader transitions in the financial sector and underscores the need for policies that balance innovation with inclusive access to banking services.
Affected employees and customers have been advised to contact their banks for information on service alternatives and support arrangements.
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