Providus Bank and Unity Bank have officially completed their merger, marking the beginning of operations under a new name, ProvidusUnity Bank. The development creates one of Nigeria's largest banking institutions by branch network and forms part of the wider consolidation taking place across the country's financial sector.

The merger follows a final ruling by Nigeria's Supreme Court, which dismissed an appeal seeking to halt the transaction, clearing the last legal hurdle for the banks to operate as a single entity.

A Bigger Bank Takes Shape

The combined institution will operate approximately 230 branches nationwide, with an asset base expected to exceed ₦2 trillion and customer deposits of more than ₦1.2 trillion.

Under the merger arrangement, Unity Bank shareholders will receive ₦3.18 per share or 18 Providus Bank shares for every 17 Unity Bank shares they previously held. The court also approved the transfer of Unity Bank's assets and liabilities to Providus Bank while dissolving Unity Bank's board without winding up the company.

Customers have already begun seeing the new ProvidusUnity Bank branding across banking apps, debit cards and transaction alerts, while further account integration updates are expected in the coming weeks.



Why It Matters

The merger comes as Nigerian banks continue to strengthen their balance sheets ahead of the Central Bank of Nigeria's recapitalisation deadline.

Larger institutions are expected to have greater lending capacity, stronger digital banking capabilities and broader national reach, allowing them to compete more effectively in an increasingly digital financial services market.

For customers, both banks have assured that deposits, savings and existing banking services will remain accessible throughout the integration process, with minimal disruption expected as systems are unified.