Nigerian banks, Providus and Unity Banks have commenced operations as a single institution following the completion of the business combination between both financial institutions, taking on a new identity, ProvidusUnity.
The new entity announced the development in a statement on Monday, signed by Dafe Iwurie, its head of corporate communications.
The financial institution said the integration followed the conclusion of all regulatory, shareholder and judicial processes required to complete the merger.
ProvidusUnity said the merger has created a stronger, better-capitalised financial institution with a national footprint to support customers, deepen financial inclusion, and contribute to Nigeria’s economic growth.
“The commencement of operations marks the creation of a strong, better-capitalised, and nationally scaled banking institution positioned to support customers more effectively, deepen financial inclusion, and contribute meaningfully to Nigeria’s long-term economic ambitions,” the statement reads.
According to the bank, the merger combines Providus Bank’s digital capabilities, innovation, and customer-focused service culture with Unity Bank’s extensive branch network and established market presence.
The lender said the integration aligns with the ongoing reforms in Nigeria’s banking sector aimed at strengthening institutional resilience, protecting depositors’ confidence, and building banks with the capacity to support economic transformation.
“This milestone aligns with the broad objectives of ongoing reforms within Nigeria’s financial sector aimed at strengthening institutional resilience, safeguarding depositor confidence, improving competitiveness and creating financial institutions capable of supporting economic transformation,” the bank said.
The bank also thanked the Central Bank of Nigeria (CBN), shareholders, customers, employees and other stakeholders for supporting the merger process.
ProvidusUnity said customers will benefit from expanded access, improved service delivery, enhanced technology infrastructure, broader service channels and a wider national footprint, while employees will enjoy continuity and opportunities for growth under the merged institution.
The business combination follows the CBN’s approval of the merger in August 2024, alongside a N700 billion financial support for the combined entity, as part of efforts to strengthen the banking sector and support compliance with the apex bank’s recapitalisation programme.
The lender noted that it intends to play a greater role in supporting investment, expanding access to capital and financing enterprises as Nigeria pursues its long-term economic growth ambitions.
