ProvidusUnity Bank Begins Operations After Merger

Providus Bank and Unity Bank have started operating as one institution after completing their merger and receiving all required regulatory, shareholder and judicial approvals.

The new financial institution, named ProvidusUnity Bank, said the merger creates a stronger banking platform that will improve capital strength, increase its national presence and support wider financial inclusion in Nigeria. The bank stated that the combination will also contribute to long-term economic growth.

In a statement released on Sunday, the bank explained that the merger brings together Providus Bank’s digital banking capabilities and customer-focused approach with Unity Bank’s established market presence and extensive branch network. It said the partnership will strengthen services for retail customers, small and medium-sized enterprises (SMEs) and corporate clients.

ProvidusUnity Bank noted that the merger supports ongoing reforms in Nigeria’s financial sector aimed at building stronger institutions, protecting depositors, improving competition and creating banks that can support economic development.

The new institution thanked the Central Bank of Nigeria (CBN) for supporting the process and reaffirmed its commitment to strengthening the country’s banking system. It also appreciated shareholders, customers, employees and other stakeholders for their support throughout the merger journey.

The bank said the merger will improve the sector’s ability to attract investment, provide credit, support businesses and contribute to Nigeria’s goal of developing a trillion-dollar economy. Customers are expected to benefit from improved services, better technology, wider banking channels and expanded access across the country.

The bank assured customers that services will continue without disruption during the transition period. It added that new products and improved capabilities will be introduced gradually.

For employees, ProvidusUnity Bank said the merger represents stability, opportunity and continuity, with plans to retain talent, protect institutional knowledge and support career growth within the organisation.

Will this banking merger create stronger opportunities for customers and businesses across Nigeria?