Providus and Unity Bank officially merge into ProvidusUnity Bank Limited

The merger between Providus Bank and Unity Bank is now fully official, with customers already receiving notifications from the newly combined institution, which will operate under the name ProvidusUnity Bank.

The Supreme Court dissolved Unity Bank’s board and approved ProvidusUnity Bank as the new name for the merged entity, ending a legal battle that threatened to delay one of Nigeria’s biggest banking consolidations in recent years. Two shareholders, Suleiman Abubakar and Mohammed Goni Modu, had challenged the merger, taking the case all the way from the Federal High Court to the Supreme Court.

Under the terms of the merger, all assets, liabilities, and undertakings of Unity Bank will be transferred to Providus Bank within ten days. Unity Bank shareholders can choose between a cash consideration of ₦3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held.

What the new ProvidusUnity Bank looks like

The combined institution now operates 229 branches and serves 3.6 million customers nationwide, positioning it to compete more directly with Nigeria’s largest lenders. The merger creates Nigeria’s ninth-largest bank by assets, with a combined asset base of N4.49 trillion as of FY 2024.

The deal brings together two very different banking identities. Providus Bank began operations in 2017 and built a reputation as one of Nigeria’s fastest-rising financial institutions, known for its digital-first strategy and SME-friendly offerings.

Unity Bank, by contrast, brought a much larger physical footprint and a long-standing national presence to the table. Unity Bank brings an age-long legacy of seamless service to customers, while Providus adds a reputation for innovation and excellent digital banking platforms, a combination the banks say creates an institution capable of competing at the highest level.

The Central Bank of Nigeria first approved the merger in 2024, stipulating that the newly formed entity would receive a N700 billion loan from the CBN to support its operations. That backing reflects how central this consolidation has been to the apex bank’s broader recapitalisation drive, which has pushed several Nigerian banks toward mergers and acquisitions to meet new minimum capital requirements.

Similar read: Supreme Court sanctions Unity-Providus Bank merger, ending legal battle

The combined bank says the merger reinforces confidence in Nigeria’s financial system, describing it as a statement that Nigerian banks are prepared to adapt, consolidate, and grow in line with the CBN’s vision of a stronger and more resilient financial system.

For customers, the immediate change will simply be the name on their banking app, debit cards, and alerts, as seen in the “ProvidusUnity Bank” notification already appearing on transaction messages. Further operational details, including how existing Unity and Providus accounts will be unified, are expected to be communicated by the bank in the coming days.