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I use denham Chappelhill since 2001 and I have never have a reason to complain

Harddiskng:
Please who is currently using First Securities Brokers, i need your review of their services.

Nigeria’s banking industry shut 229 physical branches in one year as customers increasingly turned to Point of Sale terminals for their daily transactions.

This is according to the Central Bank of Nigeria’s 2024 financial sector statistical bulletin.

The data showed that the number of Deposit Money Bank branches across the country fell from 5,373 in 2023 to 5,144 in 2024, even as electronic payments, particularly through POS channels, surged sharply.

The statistics cover branches and cash centres of commercial, merchant and non-interest banks across the 36 states and the Federal Capital Territory.
This happened despite the CBN’s warning to banks that any bank found not dispensing cash via ATMs would be sanctioned.

The CBN earlier sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.

Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

The fines will be directly debited from the banks’ accounts with the CBN.

Sami Tunji
https://punchng.com/banks-shut-229-branches/


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The total number of licensed banks rose from 33 to 35 in 2024, yet the overall physical presence of banks shrank, underscoring how rapidly banking is migrating from brick-and-mortar to electronic platforms.

The data further revealed that POS terminals are increasingly becoming the preferred alternative to walking into a banking hall.

The volume of POS transactions jumped from 9.85bn in 2023 to 13.08bn in 2024.

The contraction in branch networks was not evenly spread across the country.

Lagos State, which remains Nigeria’s banking hub, still accounted for the highest number of branches with 1,521 in 2024.

However, the state also recorded a decline of 11 branches, down from 1,532 in 2023.

Despite this, Lagos continued to dwarf all other states, with more than five times the number of branches than any other state.

Ebonyi State recorded the single largest decline nationwide, losing 89 branches in one year. The number of branches in the state crashed from 120 in 2023 to just 31 in 2024.

Oyo, Niger, Ekiti and Ondo also recorded sizeable contractions. Oyo State lost 26 branches, bringing the total to 200.

Niger State saw a 32-branch decline, from 108 in 2023 to 76 in 2024.


Ekiti State recorded a reduction of 18 branches, from 83 to 65, while Ondo State also dropped by 18 branches from 127 to 109.

Other states that saw meaningful closures included Anambra and Ogun, with each losing eight branches. Cross River lost five, and Plateau lost seven branches.

The Federal Capital Territory also shed nine branches, bringing the total to 391 in 2024, down from 400 the previous year, further signalling that closures were not limited to rural or semi-urban areas but were occurring even in major population and commercial centres.

Not all states experienced shrinking bank footprints. Some areas recorded increases in the number of branches.

Delta State added six new branches, rising from 182 to 188. Rivers State increased from 272 to 280. Edo, Kaduna and Kano each gained eight additional branches in the year. Katsina added three, Adamawa and Jigawa added two each, while Kogi gained one.

These increases suggest that branch expansion now tends to follow areas with rising commercial activity or population growth, even while the national total continues to fall.

Banks and their customers in Nigeria are now operating within what has become a rapidly changing financial system, where new regulations and technological adoption are forcing lenders to rethink how services are designed and delivered.
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Continuation From Print
Banks shut 229 branches
January 4, 2026 5:02 am
CBN gov
FILE: CBN Gov, Yemi Cardoso.

By
Sami Tunji
Kindly share this story:




Nigeria’s banking industry shut 229 physical branches in one year as customers increasingly turned to Point of Sale terminals for their daily transactions.

This is according to the Central Bank of Nigeria’s 2024 financial sector statistical bulletin.

The data showed that the number of Deposit Money Bank branches across the country fell from 5,373 in 2023 to 5,144 in 2024, even as electronic payments, particularly through POS channels, surged sharply.

The statistics cover branches and cash centres of commercial, merchant and non-interest banks across the 36 states and the Federal Capital Territory.



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The total number of licensed banks rose from 33 to 35 in 2024, yet the overall physical presence of banks shrank, underscoring how rapidly banking is migrating from brick-and-mortar to electronic platforms.

The data further revealed that POS terminals are increasingly becoming the preferred alternative to walking into a banking hall.

The volume of POS transactions jumped from 9.85bn in 2023 to 13.08bn in 2024.

This represents an increase of about 3.23bn transactions, or roughly 33 per cent year on year.

More striking was the surge in the value of POS transactions, which more than doubled.

The value rose from N110.35tn in 2023 to N223.27tn in 2024, an increase of about N112.93tn or 102 per cent.

ATM usage also rose, but at a much slower pace compared to POS.

ATM transaction volumes increased from 1.01bn in 2023 to 1.02bn in 2024, representing less than one per cent growth.

The value of ATM transactions rose from N28.21tn to N29.12tn, an increase of about N909bn or just over three per cent.

The figures underline a clear reality that POS terminals are now far more central to consumer payments than cash withdrawals at machines or visits to physical branches.


The contraction in branch networks was not evenly spread across the country.

Lagos State, which remains Nigeria’s banking hub, still accounted for the highest number of branches with 1,521 in 2024.

However, the state also recorded a decline of 11 branches, down from 1,532 in 2023.

Despite this, Lagos continued to dwarf all other states, with more than five times the number of branches than any other state.

Ebonyi State recorded the single largest decline nationwide, losing 89 branches in one year. The number of branches in the state crashed from 120 in 2023 to just 31 in 2024.

Oyo, Niger, Ekiti and Ondo also recorded sizeable contractions. Oyo State lost 26 branches, bringing the total to 200.

Niger State saw a 32-branch decline, from 108 in 2023 to 76 in 2024.

Ekiti State recorded a reduction of 18 branches, from 83 to 65, while Ondo State also dropped by 18 branches from 127 to 109.

Other states that saw meaningful closures included Anambra and Ogun, with each losing eight branches. Cross River lost five, and Plateau lost seven branches.

The Federal Capital Territory also shed nine branches, bringing the total to 391 in 2024, down from 400 the previous year, further signalling that closures were not limited to rural or semi-urban areas but were occurring even in major population and commercial centres.

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Not all states experienced shrinking bank footprints. Some areas recorded increases in the number of branches.

Delta State added six new branches, rising from 182 to 188. Rivers State increased from 272 to 280. Edo, Kaduna and Kano each gained eight additional branches in the year. Katsina added three, Adamawa and Jigawa added two each, while Kogi gained one.

These increases suggest that branch expansion now tends to follow areas with rising commercial activity or population growth, even while the national total continues to fall.

Banks and their customers in Nigeria are now operating within what has become a rapidly changing financial system, where new regulations and technological adoption are forcing lenders to rethink how services are designed and delivered.


At the same time, persistent inflationary pressures mean customers are increasingly sensitive to bank charges, reliability issues, and transaction security, according to the latest 2025 KPMG West Africa Banking Industry Customer Experience Survey.

The KPMG report notes that as more Nigerians migrate from physical branches to digital channels and POS terminals, expectations around speed, transparency and problem resolution have risen sharply.

While trust and integrity remain the strongest factors shaping public confidence in banks, the survey found that patience with failed transactions, delays, and complex service processes is declining.

It added, “Customer experience in the SME segment remained largely stagnant, recording a marginal decline compared to last year. While fintech leaders such as OPay and Moniepoint continued to post gains, these improvements were not enough to offset the broader downturn.

“The overall decline was driven primarily by traditional banks, whose average customer experience performance fell, underscoring persistent structural constraints that limit their ability to effectively respond to the evolving needs of SMEs.”

Financial sector analysts have long linked the rise in POS usage to several structural shifts.

These include cash scarcity episodes, widening agent banking networks, mobile wallet adoption, the growth of informal retail payments, and the convenience of accessing financial services closer to homes and markets rather than visiting a formal branch.

The KPMG report further noted, “While the Central Bank of Nigeria intensified compliance oversight following the 2024 onboarding pauses, fintechs have continued to anchor everyday payments, savings, credit and agency banking.

“Expanded POS networks and mobile wallets have further entrenched their relevance in daily financial activity, positioning fintechs not just as alternatives to banks, but as primary channels for daily financial interactions.

“Across the Six Pillars of customer experience, fintechs continue to outperform traditional banks, particularly on Time & Effort and Expectations. Customers consistently associate fintech platforms with fast transaction processing, reliable uptime and intuitive mobile interfaces.”

Sunday PUNCH observed that the surge in POS transactions occurred despite the arbitrary increase in charges common towards the end of the year.

In December 2024, POS agents hiked charges by about 100 per cent, collecting up to N200 per N5,000 withdrawal.

Many Nigerians were at the mercy of POS operators as most banks’ ATMs were empty.

Inside the banks, there was no reprieve as most turned customers away for lack of cash, and in rare cases where customers were able to get cash, they were limited to N10,000 or N20,000 withdrawals.

If not for the EU those people were about to ban Christians from entry Israel a

zendi:
Ellah is, now trying to surpass Oando, both in buul and in gbos gbas.
And they're both related by one word, oil, red and black.

red oil don't scam investors

1st you contradict your self 2nd are you saying After bribing, killing intimidating cheating, stealing the balot box and maiming voters we should start praying for them to succeed when they knows that such an acts can be repeated again for selfish reasons

MaxInDHouse:
First of all, then, I urge that supplications, prayers, intercessions, and thanksgiving be made concerning all sorts of men, concerning kings and all those who are in high positions, so that we may go on leading a calm and quiet life with complete godly devotion and seriousness. This is fine and acceptable in the sight of our Savior, God, whose will is that all sorts of people should be saved and come to an accurate knowledge of truth. 1Timothy 2:1-4

Paul wasn't saying Christians should pray for politicians rather we are to pray so that they won't see our activities as threat to their rulership and thus make policies that will hinder us from preaching and teaching freely about the Kingdom of God.

What the scriptures teaches is that Jesus who is the Prince of Peace {Isaiah 9:6} is coming with his angels {Matthew 16:27} to destroy all human governments {Daniel 2:44} along with all their supporters {Revelations 19:19} who don't believe in the kingdom of God and His Christ! Luke 19:27

With this message true Christians don't participate in politics because Jesus taught them that Satan began the sole ruler of the earth right from the moment John the baptist and Jesus of Nazareth started calling people to put faith in the kingdom of God! Matthew 3:2; 4:17 compare to John 14:30; 2Corinthians 4:4; 1John 5:19

So supporters of human governments who have received the mark of the beast {Revelations 13:18} will feel offended and start hunting believers in the kingdom of Christ so our heartfelt prayer to God should be to divert the minds of these human governments to their opponents who are seeking way to replace them not we that rely on God's Kingdom!

And for them to make policies that will help keep relative peace in the society where we live in order for us to go about our preaching and teaching assignments that Jesus gave us! Matthew 28:19-20; Act 1:8

After bribing, killing intimidating cheating, stealing the balot box and maiming voters we should start praying for them

nosa2:
I dont know why they are trying to fly before they learn to crawl. I would have expected them to have allowed their plantation to reach max capacity before needing to raise more capital to expand (if needed).

Also one thing that stood out to me with regards the X Q&A was that he kept insisting the raising capital via equity was cheaper than raising via debt. This goes against conventional wisdom.

In any case whats the rush with the capital raise?

Na siddon look I dey sha. Right now I am out of this boat. If things become clearer I will happily jump back in. Too many cheap stocks to die on this dividend free hill

My edoy brother bird don't learn to crawl they just fly

Of all stocks on the exchange Why do you choose deep Capital

Coolcash1:
I approve this recommendation. However, as you're buying Access don't forget Deap Capital too...ire o.

How are they terrorists when Israel like bh came to steal their Land

Mushmush:
Death to all terrorist. I hate terrorist

most parents who have wards in public schools are not financially buoyant enough to pay for exam malpractice like the public schools so such is expected.

unlike their private school counterpart where a 12 years old will make 9As courtesy of exam runs and they will want to enter private university at 13 years then shouting beauty and brain

lies

moghalu was once a christian

helinues:
Make Rufai kuku contest for the presidency in 2027 as he has solutions to all the Nigeria problems

all these dogs that bark carelessly without provocation
.
tunubu and APC urchins, Minions and dogs dragged Jonathan for these same reasons and drove the democrat away

you dey play APC govt should pursue thieves

madridguy:
Nigeria government should charge the Nigeria Police, EFCC and DSS and make sure they arrest every foreigners behind CBEX and bring them to Nigeria for trial.

money is power ask the Nigerian Politicians

People are earning far much better under shagari than under buhari and tunbu

why would a man invest so much on lady that is not your sister or mother. she should return the shop to the man as quickly as possible and tell her new man to get her another shop in piss

very difficult to get it on the flooor

SonofElElyonRet:
Easy to sell ?

NDIF They almost 20% of your holdings as dividend and they pay it 4 times a year

BIZNess123:
I need peace of mind..

Which stock would you suggest

wrong thinking just buy a good stock even with bad registrar

BIZNess123:
Which Registrar is the best and why

Pls I need answers

considering buying stocks with companies whose Registrar are great.

Reno Omokri should come and tell us otherwise

You dont know basic economics so dont discuss

Mynd44:
When you impose import levies on products you don't produce locally, you are simply increasing the prices of these items and taking money out of their pockets

This is a security levy imposed on their citizens. So they want to form a notary union and they are making their citizens okay for it.

face your front and stop lying to yourself you this igbo boy

Botragelad:
All I see is the destruction of Gaza, thousands of terrorists dead and Israel's strength. 🇮🇱

Botragelad:
Pretty cool to see how nations like Qatar and the UAE have come to understand the indispensable role Israel plays in the region, embracing cooperation and mutual progress.

Yet, there are still those who cling to the fantasy that Hamas or Iran will somehow erase Israel from the map, a dream as old as it is impossible.
Am Yisrael Chai! The Jewish people endure, thrive, and continue to shine as a light among nations. No amount of hatred or wishful thinking can dim that truth.

the more you look the less you see

lousy omokri
Doyin Okupe is too rich for this nonsense
please stop embarrassing the memory of the dead man

helinues:
He doesn't have to do anything wrong. Those who have been insulting the governor are only after causing chaos and confusion as nothing meaningful is happening to them in life hence being bitter everywhere

Edo state governor just added to the list of the bully.

Wike, Akpabio and now Edo state governor.. South South people must be learning something from all this

dogs of war will surely growled for nothing