Union Bank of Nigeria (Formerly Titan Trust Bank)
“Can a 100-year-old Nigerian commercial bank modernize its SME and corporate rails fast enough to compete with local fintechs post the Titan Trust merger?”
Founded1917
HQLagos, Nigeria
Total raised$1B
IndustryBank / National
The story
One of Nigeria's oldest banks (founded 1917), Union Bank was acquired by Titan Trust Bank in 2022–2024 and now operates as a merged commercial bank under the Union Bank of Nigeria brand. Its embedded-finance surface area is dominated by traditional bank rails: POS acquiring, agency banking, and the Union360 corporate banking portal. Open-banking access is not offered natively; the bank is reachable only via third-party aggregator Mono (acquired by Flutterwave).
Product timeline
1917
Founded as Colonial Bank; one of Nigeria's oldest commercial banks.· banking
2021
Launched UnionPro, an integrated proposition for large retailers including agency banking, POS terminals, in-store ATMs, and the Union360 payments platform.· banking
2023
IFC extended a $30M loan facility to expand trade finance and SME working-capital lending.· lending
2024
Acquired by Titan Trust Bank; merged entity operating under the Union Bank of Nigeria brand.· acquisition
2025
Union360 2.0 mobile app relaunched on iOS for corporate payments, payroll, and vendor payments.· banking
Regulated entities
1
regulatory licence held by Union Bank of Nigeria (Formerly Titan Trust Bank)
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in Union Bank of Nigeria (Formerly Titan Trust Bank)’s embedded-finance stack
Payments / PSP
Union Bank POS Acquiring (self-operated)Union360 payment gateway (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Payroll
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting gap: significant
16 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.