2 Nigerian Banks Merge, Update Social Media Accounts With New Name
- Providus Bank and Unity Bank have merged, with both lenders updating their social media accounts to reflect the new identity
- The merged bank said customers will continue to enjoy uninterrupted banking services while benefiting from greater scale
- In an exclusive chat with Legit.ng, president of the Bank Customers Association of Nigeria, Uju Ogubunka, welcomed the merger
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Providus Bank and Unity Bank Plc have commenced the migration of their respective social media platforms to a unified digital identity, ProvidusUnity Bank.
The rebranding followed the successful completion of the merger of the two Nigerian financial institutions towards establishing a robust financial institution.
Source: UGC
In a statement shared on its X page, now ProvidusUnity Bank, the banks said the combination of the two lenders presents an opportunity to combine complementary strengths and enhance the institution's ability to provide even better services to the diverse individual, business and community stakeholders in Nigeria.
The statement reads:
“ProvidusUnity Bank merging combines complementary strengths in the innovative and agile service culture for which Providus Bank is known, along with the broad reach and broad market expertise that Unity Bank has built over time.
"This combination enables the provision of a more robust platform that facilitates stronger engagement and support for all individuals, business and community entities across Nigeria”.
It further assured customers that the normal operation of banking services will not be disrupted as the integration process progresses.
The bank said customers can expect stability and a much better banking experience, and employees will benefit from working in an integrated organisation that promotes talent development, values excellence, and encourages career advancement.
The statement added.
“We have a clear strategic focus moving forward, characterised by rigorous implementation, responsible expansion and the creation of sustainable value for everyone who relies on us."
Source: UGC
Expert speaks on Providus Bank, Unity Bank Plc's merger
Speaking on the merger, Professor Uju Ogubunka, a prominent Nigerian chartered banker and the president of the Bank Customers Association of Nigeria, told Legit.ng in an exclusive chat that the merger is a welcome development.
He said:
“The merger of the two banks has saved the possibility of our having failed banks with negative consequences. E. g. Loss of deposits and assistance with credit facilities by customers. The economy would also have been adversely affected; etc.”
10 reasons why CBN shut down 46 Nigerian banks
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) explained why it withdrew the operating licences of 46 microfinance banks across the country.
In a statement issued on Wednesday, July 1, 2026, and signed by the acting director of corporate communications, Hakama Sidi-Ali, the apex bank said the affected institutions failed to meet key regulatory requirements, citing issues such as inadequate capital and extended periods of inactivity.
According to the CBN, the licence revocations took effect on July 1, 2026, after receiving approval from its Governor, Olayemi Cardoso, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
