Providus Bank Plc has expanded its national footprint with the commissioning of a new branch in Ado-Ekiti, Ekiti State, as part of efforts to strengthen financial inclusion and bring banking services closer to individuals and businesses.
The development was disclosed by the bank’s Group Head of Brand and Corporate Communications, Dafe Ivwurie. The move comes as the lender continues to scale operations after meeting the Central Bank of Nigeria’s recapitalisation requirements ahead of schedule.
Providus Bank confirmed that it has met the regulatory capital threshold since January 2025. With that milestone achieved, the bank said it is now focusing on expanding its presence in strategic locations across the country.
According to the bank, the new Ado-Ekiti branch is part of a deliberate and structured growth plan designed to support economic activity in key regions while improving access to financial services.
Executive Director and Chief Financial Officer, Deoye Ojuroye, said the expansion aligns with the bank’s broader objective of strengthening its 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,” Ojuroye said.
He added that the bank remains financially strong and well positioned for sustainable growth.
“We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly,” he said.
Ojuroye also noted that disciplined capital management and effective risk controls continue to guide the bank’s expansion strategy.
Providus Bank said it plans to open additional branches across key markets over the next 12 months. The expansion drive is expected to enhance service delivery, strengthen customer engagement, and support businesses across different sectors.
The bank stated that its long-term strategy balances geographic expansion with financial stability and customer-focused service delivery.
Industry observers note that Providus Bank’s expansion comes amid broader reforms in Nigeria’s banking sector following the recapitalisation exercise led by the Central Bank of Nigeria.
The apex bank recently confirmed that 33 banks met the revised capital requirements introduced to strengthen the sector.
In total, Nigerian banks raised about N4.65 trillion during the recapitalisation programme. Capital adequacy ratios across the sector are now above Basel benchmarks, reinforcing the resilience of the financial system.
Domestic investors accounted for about 72.55 percent of the funds raised, reflecting strong local confidence in the country’s banking industry.
Analysts believe the recapitalisation programme will enhance banks’ capacity to support economic growth, deepen financial inclusion, and strengthen stability across the financial system.
