Providus Bank Plc has expanded its national footprint with the commissioning of a new branch in Ado-Ekiti, reinforcing its growth strategy and commitment to financial inclusion.
The development was disclosed by the bank’s Group Head of Brand and Corporate Communications, Dafe Ivwurie, as the lender continues to scale operations following its early compliance with the Central Bank of Nigeria’s recapitalisation requirements.
Having met the regulatory capital threshold since January 2025, the bank said it is now focused on bringing banking services closer to individuals and businesses while supporting economic activity in key regions.
What the bank is saying
The bank described the new branch as part of a deliberate and strategic expansion plan.
Executive Director and Chief Financial Officer, Deoye Ojuroye, said the move aligns with its goal to strengthen nationwide presence over the next year.
- “Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to the needs of our customers,” he said.
Ojuroye added that the bank’s financial position remains solid.
- “We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly.”
He emphasised that disciplined capital and risk management continue to underpin the bank’s expansion strategy.
Get up to speed
The expansion comes amid broader strategic developments within the bank.
Providus Bank previously confirmed it has maintained a capital base of about N65 billion, exceeding the N50 billion requirement for regional commercial banks.
The bank is currently finalising a merger with Unity Bank, which will elevate the combined entity to national banking status.
Both institutions have secured key regulatory approvals, including from the Central Bank of Nigeria.
The merger is expected to position the new entity to meet the N200 billion capital requirement for national banks.
The integration process is ongoing, pending final court approvals.
More insights
Providus Bank said it will continue to expand into strategic locations to enhance accessibility and service delivery.
- The bank plans to open additional branches across key markets over the next 12 months.
- The expansion is aimed at supporting businesses, improving financial inclusion, and strengthening customer engagement.
- It also reflects the bank’s long-term focus on sustainable growth and value creation.
The lender maintains that its growth strategy balances expansion with financial stability and customer-centric service delivery.
What you should know
The bank’s expansion aligns with broader reforms in Nigeria’s banking sector following recapitalisation.
The Central Bank of Nigeria recently confirmed that 33 banks met the revised capital requirements.
- A total of N4.65 trillion was raised during the recapitalisation exercise.
- Capital adequacy ratios across the sector are now above Basel benchmarks.
- Domestic investors accounted for 72.55% of the funds raised, indicating strong local confidence.
The recapitalisation programme is expected to strengthen banks’ capacity to support economic growth while improving resilience across the financial system.
