ProvidusUnity Bank begins operations

ProvidusUnity Bank is set to commence operations as a single financial institution following the successful completion of the merger between Providus Bank and Unity Bank.

This created a larger and better-capitalised lender aimed at supporting Nigeria’s economic growth and expanding access to banking services.

The bank announced on Sunday that it had concluded all regulatory, shareholder and judicial processes required to complete the business combination, paving the way for the unified institution to begin operations.

According to the bank, the merger combines Providus Bank’s strengths in digital banking, innovation and customer-focused service with Unity Bank’s extensive branch network and nationwide market presence.

It said the integration would create a stronger institution with greater financial capacity to serve individuals, small and medium-sized enterprises, corporates and communities across the country while deepening financial inclusion.

The newly established ProvidusUnity Bank said the merger aligns with ongoing reforms in Nigeria’s banking sector designed to strengthen financial institutions, improve resilience, protect depositors’ funds and position banks to support the country’s economic transformation.

The bank also expressed appreciation to the Central Bank of Nigeria (CBN) for providing regulatory leadership throughout the process, describing the combination as a step towards building a stronger and more resilient financial system.

It equally thanked shareholders, customers, employees and other stakeholders for their support and confidence, noting that their commitment contributed to the successful completion of the transaction.

ProvidusUnity Bank said the enlarged institution is expected to play a greater role in mobilising capital, financing businesses, promoting investment and supporting Nigeria’s ambition of building a trillion-dollar economy. The bank added that customers would benefit from wider access to banking services, improved technology infrastructure, expanded delivery channels and a broader national footprint that would enhance service delivery over time. It assured customers that banking services would continue without disruption during the integration process, while new products, expanded offerings and improved customer experience would be rolled out progressively.

The bank also pledged to retain critical talent and preserve institutional knowledge as it integrates both organisations, describing the merger as an opportunity to build a stronger workforce capable of driving long-term growth.

The completion of the merger comes as Nigeria’s banking industry undergoes recapitalisation and consolidation following the Central Bank’s directive requiring banks to strengthen their capital base to support the country’s long-term economic development.

Industry analysts believe mergers and acquisitions among financial institutions are likely to increase as banks seek to meet new capital requirements while expanding their operational scale and competitiveness.