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.
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.
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.
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.
A member of the U.S. Senate Foreign Relations Committee, Senator Ted Cruz, has alleged that Venezuelan President Nicolás Maduro, who was earlier captured by U.S. forces, is a thug and a supporter of Islamist terrorists.
The lawmaker made the remarks in a statement following U.S. military strikes in Venezuela and the capture of Maduro.
According to the senator, the Venezuelan regime led by the captured president “has for decades posed an acute threat to the national security” of the United States.
He said Maduro “himself was a corrupt dictator and thug who systematically oppressed the people of Venezuela and threatened America and our allies. Domestically, he was straightforwardly illegitimate.
“Internationally, he supported American enemies across the globe, Islamist terrorists, and narcoterrorists.
“Maduro facilitated, enabled, and profited from flooding the United States with drugs that injured and killed hundreds of thousands of Americans.
“Removing him from power will save countless lives and serve as a warning to all others targeting Americans.
“From the opening months of my time serving in the Senate, I have worked to counter Maduro’s threat to the American people, secure legitimate rule in Venezuela, and restore the country as an American ally within the Western Hemisphere.
“I applaud President Trump for his leadership, and I am deeply grateful to our servicemembers for their execution of this operation. Heidi and I are praying in thanks and for the quick and full recovery of our injured.”
Very unfortunate that people are dying like this and what is upper most in minds of so many is how to retain their positions in 2027. APC is really a wicked party.
Kogi Community Mourns As Three Residents Die After Bandits' Abduction, 30 Others Rot In Captivity
Ayetoro-Kiri community in Kabba-Bunu Local Government Area of Kogi State has been thrown into deep mourning following the confirmation of three deaths among abducted residents, even after a painful ransom was raised and paid through communal contributions.
SaharaReporters gathered that although seven abductees were eventually released by the kidnappers, three of them were already dead on arrival, while four others are currently hospitalised and battling for their lives.
Meanwhile, about 30 residents of the community are still being held captive by bandits, with their fate remaining uncertain.
However, the latest incident has reignited anger and despair in Ayetoro-Kiri and the wider Bunu land, where residents say they have been left at the mercy of bandits amid what they describe as official negligence and worsening insecurity.
In a statement signed by the community’s spokesperson, David Ampitan, and obtained by SaharaReporters, the community lamented that instead of taking decisive steps to protect lives, rescue abducted victims, or pursue the perpetrators, authorities allegedly turned against the people.
According to the statement, the Kogi State Government, acting through the Chairman of Kabba-Bunu Local Government, responded to the community’s outcry by tear-gassing and arresting peaceful protesters who were demanding security, justice, and the rescue of their kidnapped relatives.
“Recently, scores of residents were abducted by bandits. After painful ransom payment raised through communal contributions, only seven victims were released. Sadly, three of them were already dead on arrival, while four others are currently battling for their lives in critical condition at medical facilities. About thirty innocent citizens remain in captivity, their fate uncertain,” the statement said.
Residents described the situation as a complete failure of security governance, noting that while bandits continue to operate freely — killing, kidnapping and terrorising communities — peaceful protesters are treated as criminals.
“It is both ironic and unacceptable that a government entrusted with the protection of lives and property would instead criminalise peaceful protest, while bandits roam freely, killing, kidnapping, and terrorising law-abiding citizens,” the statement added.
The people of Ayetoro-Kiri said they are exhausted by the cycle of violence and extortion.
“Our people are tired of burying loved ones, tired of selling properties and contributing scarce resources to pay ransom, and tired of living under perpetual fear while those in authority remain indifferent,” the community said.
They called on the Nigerian government, security agencies, and all relevant authorities to urgently intervene in Ayetoro-Kiri and across the Bunu district, rescue those still in captivity, restore security, and hold accountable officials accused of ignoring or enabling the crisis.
"We hereby appeal, urgently, to the Federal Government of Nigeria, security agencies, and all relevant authorities to intervene decisively in Ayetoro-Kiri and the entire Bunu district. Immediate action must be taken to rescue those still in captivity, restore security, and hold accountable all officials who enable or ignore this humanitarian tragedy.
“The lives of Bunu people matter,” the statement added. “Enough is enough.”
Previously, SaharaReporters reported that some Nigeria Police Force personnel on Friday dispersed youths from Kabba-Bunu Local Government Area of Kogi State with teargas as they protested worsening insecurity and the abandonment of several communities in the area.
The protesters, mostly youths from Bunuland, had blocked a major road during the peaceful demonstration, chanting solidarity songs and displaying placards to draw attention to the escalating violence and displacement of residents.
In a video obtained by SaharaReporters, the demonstrators were seen singing while holding placards with bold inscriptions such as “Bunuland Bleeds” and “Why Should We Ask for Permission to Live?”
One of the protesters, who spoke during the protest, lamented that dozens of communities had been completely deserted due to persistent attacks and killings.
“We have 44 communities in Bunuland. Those communities have been deserted,” the protester said.
“Communities like Kayetoro, Kiri, Ole, and others. The last time people were killed in Ole, about three people were murdered. Many more have been killed over time.”
He added that fear and insecurity had forced residents to flee their ancestral homes.
“There is nobody left in those communities. People have abandoned their homes. The police are here now, and they have been shooting teargas at us,” he said.
Despite the teargas attack, the protesters insisted they would not back down from demanding urgent action from the government and security agencies.
“But we are resolute. We are not leaving here. We are resolute,” the protester declared.
However, the protest was eventually disrupted when police fired multiple rounds of tear gas, forcing the demonstrators to disperse and clearing the road.
DoTheNeedful: Minimum wage is not meant to be enough for normal people is most places in the world. I live abroad, and in my first few years as a student, I was earning around a minimum wage. You know what? I paid taxes.
I don't see any country that make minimum wage earners comfortable as a serious one.
But what was your minimum wage, compared to Nigeria in terms of purchasing power. Everybody will pay taxes. Let me laugh ahead.
According to the alert, the attackers also made away with a significant number of cattle, dealing a heavy blow to the community’s livelihood.
Terrorists have attacked Faruruwa community in Shanono Local Government Area of Kano State, killing a Nigerian soldier and a civilian while rustling a large number of cattle.
SaharaReporters gathered that the attack began late on Thursday night and stretched into the early hours of Friday, lasting until about 5:00am, as the assailants reportedly operated unchallenged for several hours.
A security alert shared by Bakatsine, a security monitoring platform, confirmed the prolonged nature of the assault and highlighted the worsening security challenges in the area.
According to the alert, the attackers also made away with a significant number of cattle, dealing a heavy blow to the community’s livelihood.
As of the time of filing this report, Kano State authorities and security agencies were yet to issue an official statement on the incident.
On November 10, 2025, SaharaReporters reported that bandits launched a deadly assault on Faruruwa community in Shanono Local Government Area of Kano State, abducting five women, four of whom were nursing mothers.
SaharaReporters learnt that the gunmen stormed Yan Kwada village around 11pm, firing sporadically to instill fear and disperse residents before seizing the women and fleeing to an unknown location.
A local resident said they came shooting sporadically and breaking into houses, stating that they abducted five women, including nursing mothers.
It was also learnt that two of the abducted women returned, while three remained in captivity.
Another achievement of Tinubu. We are in Band A, throughout yesterday we were in total darkness. Thank God for inverters and noisy generators. Fashola said, if you vote PDP out you will enjoy 24 hours service. Thank God PDP is no longer existing. 10 years of APC, 1000MW not added to national grid. We are still enjoying what GEJ left.
akingangan: Just know that leading Nigeria the most populous black nation is not beans. It's not about carrying your own bag or cleaning toilet on a plane or de-marketing your own country therefore giving your enemies the excuse to bomb you while pretending they are helping you when truly all they want is to stop the progress listed above which they fear so much because they want to keep exploiting your resources through a weak so called leader like Obi.
He increased importation duties and vehicles that used to sell between N1-1.5m is now N12m. He has accumulated Nigeria debts to alarming rate with no feasible development. Insecurity is so high like never before, no time has anyone cancelled CrossOver service in Kwara, he achieved it. He ensured you can't go and study abroad again because of dollar to Naira which N1470 to dollar. Nigeria roads are death traps, but he is building coastal road that will not cross to Delta in the next 4 years. Cooking gas that used to be N200 per kg is now N1500 per kg. Tinubu is a FAILURE. Except in propaganda.
Shocking CCTV footage captures the moment a gang of thieves broke into a popular gadget store (Amytechworld) on January 1, 2026, and completely emptied it of brand new electronics.
In this 10-minute compilation from multiple security cameras, you can clearly see at least 5-6 men systematically smashing display cases, packing dozens of iPhones, laptops, televisions, and accessories into large bags, and carting everything away – all within minutes. The organized robbery left the store owner devastated, with goods worth millions of naira stolen in a single raid.
Faces of several suspects are visible in the footage, raising hopes that authorities or the public may help identify them.
This incident highlights the growing concern over store burglaries and the need for stronger security measures.
If you recognize any of the individuals shown, please contact the nearest police station or the store owner immediately.
This thing didn't happen yesterday. I received same video 31st December 2025, Wednesday. So the date may distort the truth.
The Christian Association of Nigeria, CAN, has told the Federal Government that the quiet endurance of Nigerians is not a sign that all is well but rather a reminder of how much healing, relief and justice the nation still needs
CAN made the assertion in its New Year message, highlighting difficulties faced by many Nigerians in the past year.
The message, contained in a statement by CAN President Archbishop Daniel Okoh, read: “Economic hardship, rising living costs, insecurity, and uncertainty placed enormous strain on families and communities.
“These realities cannot be ignored or explained away. The quiet endurance of our people is not a sign that all is well; rather, it is a reminder of how much healing, relief, and justice our nation still needs.
“As the nation continues to speak about reforms, recovery, and growth, CAN affirms that progress must translate into lived realities. Economic advancement must be evident in the daily lives of citizens—when food is affordable, healthcare is accessible, education is attainable, and meaningful work is available. Development that does not touch ordinary lives remains incomplete.
“Nigeria must become a place where families live with dignity, young people can plan for the future with confidence, and communities are no longer overwhelmed by fear. Public policies and leadership decisions must consistently reflect compassion, responsibility, and a genuine commitment to the common good, especially towards the poor and the vulnerable.
“The persistence of insecurity across the country remains a grave national concern. Terrorism, banditry, kidnapping, and violent crime have uprooted communities and shattered lives. This reality demands decisive and sustained action. We hope that the government will deliver on its promises to reduce insecurity to the lowest levels in this new year.
“Furthermore, government at all levels must urgently present a clear, comprehensive, and time-bound plan for the resettlement of communities displaced for prolonged periods by violence and insecurity. It is unjust and unacceptable that citizens should remain indefinitely uprooted from their ancestral lands, homes, and livelihoods.
“Beyond temporary relief, the nation must pursue restoration. Security must be guaranteed, homes and infrastructure rebuilt, and displaced persons enabled to return safely and with dignity. A nation cannot claim healing while entire communities remain unsettled.
“As fiscal, tax, and other policy reforms continue, CAN calls for wisdom, fairness, and restraint. Economic decisions must not deepen hardship for those already struggling. Small businesses, low-income earners, and rural communities require protection and deliberate support if recovery is to be meaningful and inclusive.
“Nigeria’s challenges are not only economic or structural; they are also moral. Corruption, injustice, and division continue to weaken trust and erode our national conscience. Leadership at all levels must be guided by integrity, accountability, and a sincere commitment to serve rather than dominate. National renewal requires moral courage as much as technical competence.
“As the Church, we reaffirm our commitment to stand with the people, to speak truth with love, and to uphold hope in difficult times. We declare that Nigeria is not without a future. We affirm that justice, peace, and restoration are possible when leadership is responsible and citizens remain committed to righteousness and unity.
“As we journey through 2026, we look forward with sober hope, trusting that our nation can yet rise into better days marked by healing, stability, and shared progress.”
Business › Re: Banks Shut 229 Branches by iwaeda(op): 8:46am On Jan 04
