Providus Bank and Unity Bank have completed their merger and officially commenced operations as a single unified institution under the name ProvidusUnity Bank, following the successful conclusion of all regulatory, shareholder, and judicial processes.
The merger, which began its formal process in August 2024 after CBN approval, cleared its final legal obstacle in early June 2026 when the Supreme Court dismissed shareholder appeals challenging the transaction, paving the way for today’s operational launch.
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What the combined institution looks like
ProvidusUnity Bank enters the market with approximately 230 branches nationwide, placing it among Nigeria’s largest banking networks by physical footprint. Its asset base is projected to exceed N2 trillion, with deposits above N1.2 trillion. Unity Bank shareholders will receive N3.18 per share, or 18 ProvidusUnity Bank shares of 50 kobo each for every 17 Unity Bank shares held — a structure that was approved through the court-sanctioned scheme of arrangement.
The merger brings together two complementary institutional profiles. Providus Bank contributes an innovation-driven, customer-centric service model, strong digital capabilities, and a reputation for agility in product development. Unity Bank brings decades of banking experience, an extensive branch network, and established market presence across Nigeria — particularly in regions and customer segments that digital-first banks have historically underserved.
Two banks with different strengths merging is not the same as one bank doubling in size. The value of this combination lies in whether Providus’s digital capability can ride Unity’s geographic reach — and whether Unity’s customers actually gain the services they have been missing.
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What it means for SME customers
SME banking has been explicitly positioned as one of the three pillars of ProvidusUnity Bank’s commercial strategy alongside retail and corporate banking. The expanded branch network gives the combined institution the physical reach to engage small business customers in communities that digital-only channels cannot reliably serve, while Providus’s digital infrastructure provides the product capability to serve those businesses efficiently at scale.
Management has assured existing customers that banking relationships remain secure and that the immediate priority is a seamless integration process with uninterrupted services. Customers should expect expanded access to products, broader branch availability, and improved digital capabilities as the integration progresses.
The merger aligns directly with the CBN’s recapitalisation programme, which has sought to create stronger, better-capitalised institutions capable of supporting Nigeria’s broader economic ambitions. ProvidusUnity Bank’s combined balance sheet positions it as a more credible lender to SMEs and mid-sized businesses that require larger credit facilities than either institution could comfortably extend individually.
Nigeria’s banking consolidation is not happening because the CBN mandated it. It is happening because the economy requires institutions large enough and resilient enough to fund the scale of investment that $1 trillion GDP aspirations demand. ProvidusUnity Bank is one of the clearer examples of what that consolidation looks like in practice.
