“How Will Merger of Providus Bank and Unity Bank Affect Me as a Customer?”: Expert Explains
- A Nigerian is worried after discovering that his bank, where he keeps his savings, is about to merge with another
- He is unsure of what to expect after the merger and needs to know if there is a need to panic, even though the Central Bank of Nigeria has approved it
- Gilbert Ayoola, a lead adviser, capital market advocacy educator, and market analyst, has provided an explanation
An anonymous Nigerian asked:
I read on your website that the CBN has approved the merger of Providus Bank and Unity Bank into one. I have a bank account with one of these banks; how will this affect me as a customer?"
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Gilbert Ayoola is a lead adviser, capital market advocacy educator, and the general secretary of the Ibadan Zone Shareholders' Association. He also has over a decade of experience as a capital market analyst.
Following the merger between Unity Bank Plc and Providus Bank Limited to form Provital Financial Accommodation, customers expect several changes and enhancements in their banking experience.
One of the first major experiences to expect is Regulatory oversight and compliance measures by the Central Bank of Nigeria (CBN) to ensure that the post-merger process adheres to established guidelines and safeguards customers' interests, financial stability and security of customer deposits and investments. Customers expect the continued protection of their funds and adherence to industry best practices in safeguarding their financial assets.
Again, customers should expect a well-managed, seamless transition process that aims to minimise disruptions to their banking services. The merged entity will likely communicate any changes in advance and provide support to address any concerns or queries during the transition period.
With the combined resources and expertise of Unity Bank and Providus Bank, customers can anticipate an expanded range of products and services offering. This includes new banking solutions, enhanced digital offerings, and specialised services tailored to meet diverse customer needs.
The merger presents an opportunity for Provital Financial Accommodation to enhance service quality, streamline processes, and improve customer experience. Customers also expect a focus on efficiency, responsiveness, and personalised service delivery to strengthen relationships and build trust.
Likewise, the merged entity will likely invest in technology, digital platforms, and innovative solutions to offer customers a more seamless and convenient banking experience, including improved online banking capabilities, mobile apps, and digital payment options.
Customers benefit from consolidated branch networks that provide broader coverage and increased accessibility to banking services. The optimisation of branch locations will result in more convenient locations for customers to conduct their banking transactions.
Lastly, Provital Financial Accommodation will likely inform customers about changes, updates, or new offerings through various communication channels. Customers should expect transparent and timely communication to stay informed about the merger process and its implications.
Finally, Unity Bank and Providus Bank customers should look forward to a transition that prioritises their interests, service continuity, and overall banking experience. The merger between these two institutions, under the regulatory oversight of the CBN, aims to create a stronger, more innovative, and customer-centric banking entity that is well-positioned to meet the evolving needs of its customers in the dynamic Nigerian financial landscape.
CBN approves merger of two bank
Legit.ng earlier reported that the Central Bank of Nigeria is ready to support the merger of two commercial banks, Providus Bank and Unity Bank
The move is part of the apex bank's efforts to enhance financial stability and efficiency in the banking sector.
The CBN will be offering over N700 billion to ensure the transaction is successful.
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Source: Legit.ng
