By Seun Ibiyemi
Providus Bank has strengthened its national expansion drive with the commissioning of a new branch in Ado-Ekiti, a move aimed at deepening financial inclusion and improving access to banking services across key economic centres.
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.
The bank noted that it met the regulatory capital threshold as early as January 2025, positioning it for sustained expansion and enhanced service delivery nationwide.
According to the Executive Director and Chief Financial Officer, Deoye Ojuroye, the new branch aligns with the institution’s deliberate growth strategy focused on supporting real economic activity while strengthening its footprint across Nigeria.
“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,” Ojuroye said.
He added that the bank’s strong capital position continues to provide the foundation for responsible expansion.
“We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly,” he stated.
The bank also emphasized disciplined capital and risk management as key drivers of its expansion strategy.
Providus Bank currently maintains a
capital base of about N65 billion, exceeding the N50 billion requirement for regional commercial banks.
The institution is also in the process of a major merger with Unity Bank, a development expected to elevate the combined entity to national banking status.
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Both banks have reportedly secured key regulatory approvals from the Central Bank of Nigeria, with the merger projected to help meet the N200 billion capital requirement for national banks. The integration process is ongoing, pending final court approvals.
The lender said the Ado-Ekiti branch is part of a broader expansion plan that will see additional outlets opened across strategic locations over the next 12 months.
The initiative is aimed at boosting financial inclusion, improving customer engagement, and supporting business growth across Nigeria.
Providus Bank reaffirmed its commitment to balancing aggressive expansion with financial stability and customer-focused service delivery as it positions for long-term sustainable growth.
