Nigeria’s banking sector consolidation drive has gained further momentum following the final court sanction of the merger between ProvidusBank and Unity Bank, a combination expected to create a stronger institution with a broader national footprint and enhanced service capabilities.
In a notice sent to customers, ProvidusBank informed them that the merger had received final court approval, describing the development as a significant milestone that would position the combined institution to better serve customers through expanded access, stronger technology infrastructure, improved digital capabilities and a wider network of service channels across the country.
“This business combination is set to create a strong institution with broader national reach, deeper capabilities and an even greater commitment to delivering exceptional banking experiences to you,” the bank said in the notice.
The merger comes at a time when consolidation is increasingly shaping Nigeria’s banking landscape as lenders seek greater scale, stronger capital positions and wider distribution networks amid ongoing regulatory reforms and heightened competition.
According to the bank, customers will continue to enjoy uninterrupted access to their accounts and banking services during the integration process.
“Your banking relationship remains secure and uninterrupted,” the bank stated, adding that customers would continue to access banking services through existing channels while the transition is being implemented.
The lender also assured customers that any actions required from them as part of the integration exercise would be communicated clearly and ahead of time.
Beyond operational continuity, the merged institution is expected to leverage expanded technology infrastructure, enhanced digital banking capabilities and broader product offerings to deepen its market presence across retail, commercial and SME banking segments.
The transaction marks another notable development in Nigeria’s banking industry, where institutions are increasingly pursuing mergers, acquisitions and strategic combinations to strengthen balance sheets, improve efficiency and position themselves for long-term growth.
The bank said the merger reflects its commitment to building a stronger institution capable of supporting customers, contributing to economic growth and maintaining high service standards.
“We will keep you updated of our integration plans,” the bank said.
Efforts by BusinessDay to obtain further details on the merger and the integration roadmap were unsuccessful. Rasheed Bolarinwa, head of corporate communications at ProvidusBank, did not respond to calls and text messages seeking comments as of the time of filing this report.
The customer notice was signed by the bank’s management.
The Central Bank of Nigeria (CBN) earlier said the country’s banking sector has emerged stronger following the conclusion of a 24-month recapitalisation programme that saw lenders raise a combined N4.65 trillion in new capital.
The exercise, which began in March 2024, drew participation from both domestic and international investors, with 72.55 percent of the capital sourced locally and 27.45 percent from foreign markets, underscoring sustained confidence in Nigeria’s banking system.
Olayemi Cardoso, governor of the CBN, said the programme has significantly strengthened the capital base of Nigerian banks, positioning them to better support economic growth and withstand both domestic and external shocks.
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