Access, UBA, Zenith, GTB, Other Banks To Close Branches Nationwide

• Nigerian banks and other financial institutions' branches nationwide are expected to be closed on Friday this week
• This is to comply with the public holiday announced by the federal government to mark Eid al-Adha celebrations
• Customers planning to carry out transactions on the day were advised to make use of other electronic banking channels

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Branches of commercial banks and other financial institutions in Nigeria will be closed on Friday, June 6, and Monday, June 9, 2025.

This is in observance of the public holidays declared by the federal government in respect of the Eid-ul-Adha celebrations.

Eid-ul-Adha: bank workers given leave

Legit.ng reported that the Minister of Interior, Olubunmi Tunji-Ojo, made the declaration on behalf of the federal government on Monday, June 2, in a statement by the ministry’s Permanent Secretary, Magdalene Ajani.

Tunji-Ojo congratulated all Muslim Ummah both at home and in the diaspora on this occasion.

What is expected of Muslims during Eid-ul-Adha?

Speaking further, the minister urged the Muslim Ummah to continue to imbibe the spirit of sacrifice and faith as exemplified by Prophet Ibrahim (Peace be upon Him) and to also use the period to pray for a peaceful and prosperous Nigeria.

The statement concluded:

“The people-oriented reforms and initiatives carried out, in furtherance of the Renewed Hope Agenda of President Bola Tinubu’s Administration, is to restore Nigeria on the path of progress.

“While wishing the Muslim Ummah a happy Eid-ul- Adha celebration, the Minister urged all Nigerians to join hands with the present administration in its efforts to restore the glory of Nigeria as a great nation."

How bank closures might affect customers

The temporary closure of banks in Nigeria during the Muslim Sallah celebrations may pose significant challenges for customers without access to digital banking services.

While electronic channels are encouraged, many individuals, especially in rural areas, remain financially excluded due to factors like limited internet access, lack of mobile phones, and low digital literacy.

For cash-dependent customers, these closures may disrupt daily transactions, including payments to traders, artisans, and other service providers who rely on physical cash.

This is particularly concerning in the informal economy, where cash transactions dominate, accounting for approximately 93% of all employment in Nigeria.

The absence of alternative payment methods can lead to delays in business operations, affecting income generation and economic stability for many Nigerians.

Also, the government's push towards a cashless economy, exemplified by policies like the Cashless Nigeria initiative, aims to reduce physical cash circulation and encourage electronic transactions.

However, without adequate infrastructure and education, these policies may inadvertently marginalise those already excluded from the formal financial system.

In summary, while the bank closures during the Sallah celebrations are in observance of public holidays, they highlight the ongoing challenges faced by Nigeria's unbanked population.

Addressing these issues requires a multifaceted approach, including improved digital infrastructure, financial literacy programs, and inclusive policies that cater to the needs of all citizens.

Holidays: Fintech expert urges banks to fix digital design gaps

A fintech specialist, Samuel Nnabude, has said that Nigerian banks must re-evaluate how design impacts customer experience, especially during periods of digital overload caused by public holidays or banking disruptions.

“There seems to be a disconnect between banks and customers in Nigeria, despite the level of digital penetrat!on,” he told Legit.ng.

“This is a unique problem that can be solved by re-evaluating the role of design within the banking space, not just about aesthetics and vibes, but about building loyalty and trust in a brand.”

He noted that frequent digital downtimes have pushed many customers to open multiple bank accounts to avoid transaction failures.

“Many banks experience downtime more often than not these days, and this has led to customers running multiple accounts to avoid transaction delays.”

Nnabude who believes that Nigerian banks are underutilising a major asset said:

“My theory is that a lot of Nigerian banks are sitting on a gold mine of raw data that could revolutionize the banking industry forever, from new and faster payment options such as tap to pay to reduced downtime, transaction fees and credit systems.”

He recommended several solutions to improve digital user experience during peak periods, including infrastructure upgrades, predictive monitoring, improved training and documentation, transparent customer feedback systems, and continuous testing.

“Robust feedback channels to help educate customers on what is going on... calls for more transparency and fewer generic notifications, which could help build trust and loyalty.”

“Ultimately, it is important for us to start looking to solve our problems by using the abundant data available to us as we look towards building a trillion-dollar economy and meeting our MDG goals,” he concluded.

Bank customers should use e-banking

Bank customers are expected to use electronic banking services during the holiday period on Friday and Monday.

The major types of e-banking include online Internet banking, mobile banking, USSD, and Automated Teller Machines (ATMs).

ATM transaction fees are as follows: withdrawals from your own bank ATMs are free, while withdrawals from other bank ATMs incur a fee.

On-site ATMs (within a bank branch) charge N100 per N20,000 withdrawal, and off-site ATMs charge N100 plus a surcharge of up to N500 per N20,000 withdrawal.

SERAP sues CBN over ATM withdrawal charges

Earlier, Legit.ng reported that President Bola Tinubu was urged by the Socio-Economic Rights and Accountability Project (SERAP) to direct the CBN governor, Olayemi Cardoso, to stop the ATM transaction fee increase.

SERAP claimed that the CBN would be undermining the rule of law and the Nigerian legal system if it were to impose the rise in fees at automated tellers while the case was still pending in the Federal High Court in Lagos.

In addition, the civil society organisation asked the country's apex bank to halt the action and await the resolution of the litigation in an open letter dated March 1, 2025, written by its deputy director, Kolawole Oluwadare.

Editorial assistant Ololade Olatimehin provided exclusive commentary from a fintech expert for this report.

Proofreading by Bruce Douglas, copy editor at Legit.ng.

Source: Legit.ng