The Central Bank of Nigeria (CBN) has taken a significant step towards reshaping the Nigerian banking sector by approving the merger between Unity Bank and Providus Bank. This landmark decision is poised to create a stronger, more resilient financial institution that can better serve the needs of its customers and support the broader economic growth of Nigeria. Background and Significance Unity Bank and Providus Bank have been notable players in the Nigerian banking landscape, each bringing unique strengths to the table. Unity Bank, established in 2006 through the merger of nine financial institutions, has a strong presence in rural banking, making it a vital player in providing financial services to underserved communities. On the other hand, Providus Bank, a relatively new entrant, has distinguished itself through innovative banking solutions and a focus on technology-driven services. The merger between these two banks is not just a consolidation of assets but a strategic move to lev...
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