Unity Bank and Providus are merging: What happens to your money, account, and ATM card?

• The Unity Bank and Providus Bank merger has been approved by the Supreme Court, clearing the final legal hurdle. The combined bank will operate as Providus-Unity Bank (PUB).

• Customer deposits are safe and remain fully accessible. Accounts, savings, and corporate funds will continue to function normally.

• No immediate changes to account numbers, BVN, debit cards, or mobile banking apps. Existing services remain active during integration.

• Loans, branches, and banking services continue as usual. Customers will be notified later if any system upgrades or migrations are required.

If you bank with Unity Bank, you have probably already seen the news. 

The long-awaited merger between Unity Bank Plc and Providus Bank Limited has finally cleared its last major hurdle after the Nigerian Supreme Court dismissed the final legal challenges against the deal and approved the transfer of Unity Bank's assets and liabilities. 

The ruling comes after regulatory approval from the Central Bank of Nigeria (CBN) and overwhelming support from shareholders of both banks, effectively paving the way for the consolidation to move into its implementation phase.

The merger is part of efforts to create a stronger financial institution that meets the CBN's recapitalisation requirements for banks with national licences. 

With the legal process now concluded, the combined entity is expected to operate under the name Providus-Unity Bank (PUB). 

For the millions of customers who hold savings, current, or corporate accounts with either bank, the development raises important questions: What happens to your money? Will your account number change? Do you need a new debit card? 

While the banks have not yet released a detailed transition timetable, official documents and statements provide a fairly clear picture of what customers can expect.

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Based on official statements from both banks and approvals granted by regulators, customer deposits remain protected.

Mergers are designed to create stronger, more stable financial institutions, not to liquidate them.

Unity Bank brings a massive retail footprint and deep roots in agricultural financing, while Providus Bank contributes an advanced digital infrastructure and robust corporate banking systems.

Combined, the enlarged bank boasts an asset base projected to exceed ₦2 trillion and a deposit base of over ₦1.2 trillion. Your funds remain fully intact and accessible.

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For now, you do not need to do anything. Your existing account numbers will continue to function normally for transfers, deposits, and withdrawals until the banks officially announce otherwise.

Behind the scenes, IT teams from both banks are working to integrate their banking systems.

If any account number changes become necessary in the future, often to resolve rare instances where customers at both banks share identical account numbers, the bank will notify you directly well in advance.

Your Bank Verification Number (BVN) is unique to you and tied to the central system of the CBN. It will remain the same.

Yes. You can continue to use your current Unity Bank or Providus Bank debit cards at automated teller machines (ATMs), point-of-sale (PoS) terminals, and for online shopping.

The cards will remain valid until they hit their expiry dates. When your current card expires, or when the bank officially rolls out its newly branded Providus-Unity Bank cards, you will receive a replacement under the new corporate identity.

The same applies to chequebooks. 

Until the merger is fully implemented, customers are expected to continue using their existing ATM cards, mobile banking apps, USSD codes and internet banking platforms as usual.

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Nothing changes immediately.

If you currently have a loan with Unity Bank or Providus Bank, you are still expected to continue making repayments according to your existing agreement.

The Supreme Court ruling specifically approved the transfer of liabilities and obligations as part of the merger process. This means loan contracts remain valid after the merger.

As a customer of either bank, you will soon be able to walk into any branch of the combined network to conduct your transactions. 

While the bank may eventually optimise its branches, the overall goal is to provide wider, more convenient access to physical banking and ATMs nationwide.

As a customer, your day-to-day banking remains business as usual. You do not need to visit a branch or fill out any paperwork to migrate your account.

However, during any major banking transition, it is wise to keep a few practical tips in mind:

• Stay alert to scams: Bank mergers are prime targets for fraudsters. Neither Unity Bank, Providus Bank, nor the new Providus-Unity Bank will ever call, text, or email you to ask for your sensitive details such as your BVN, card PIN, online banking passwords, or One-Time Passwords (OTP) to "migrate" your account.

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• Update your app: Keep your mobile banking apps updated via the Google Play Store or Apple App Store to ensure you receive system updates smoothly.

• Monitor official channels: Rely only on verified SMS, official emails, and verified social media handles of both banks for specific timelines regarding system upgrades or maintenance windows.