JUST IN: CBN Approves Merger of Providus Bank and Unity Bank

The Central Bank of Nigeria has approved the merger of Providus Bank Limited and Unity Bank Plc. This marks a notable milestone in both banks’ development.  

The approval came after months of the deteriorating financial health of the Unity Bank. 

CBN Approves Providus Bank and Unity Bank Merge 

The development was reportedly delivered through a letter signed by the Acting Director of, the Banking Supervision Department, CBN, Adetona Adedeji. 

It was addressed to the Managing Director of Unity Bank Plc, confirming this development dated July 22, 2024. 

The letter read, “We write to inform you that the Central Bank of Nigeria has approved your request for a merger with Providus Bank. This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.”

The approved merger symbolizes a strategic partnership that will leverage the strengths of both banks to create a leading financial institution in the industry. 

The Banks’ Partnership to Deliver Exceptional Banking Experience

Unity Bank Plc, with its rich legacy of over 18 years, has established a robust retail banking network, comprising more than 220 branches nationwide. 

Their commitment to delivering exceptional customer service and a comprehensive range of financial products has also earned them the trust and loyalty of millions of customers. 

Providus Bank Limited is renowned for its innovative approach to banking. 

The institution boasts of a strong digital footprint and innovative products. It also has a high-quality service culture and a strong focus on helping customers grow. 

The company has consistently pushed the boundaries of technology to deliver advanced financial solutions that cater to the evolving needs of modern consumers. 

The merger of the two innovative companies is driven by a shared vision to provide an unprecedented banking experience to their customers. 

Also Read: Unity Bank USSD Code for Airtime, Transfer, & Mobile Banking

Benefits of The Merger

According to both banks, the partnership will deliver a seamless blend of traditional and modern banking services to the users.

With the partnership, the customers will also have access to an expanded suite of products and services. There will also be greater convenience, and improved access to banking solutions across various channels. 

The integration of both digital platforms will offer enhanced security, faster transactions, and a more personalized banking experience. 

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