Providus Bank reaffirms support for SMEs

cover, Financial Markets

Providus Bank has reaffirmed its commitment to Nigeria’s small and medium-sized enterprises as it marked the fifth anniversary of its SME support programme in partnership with the Enterprise Development Centre.

At an event in Lagos, the bank’s Deputy Managing Director, Kingsley Aigbokhaevbo, declared that supporting entrepreneurship remains a strategic priority, with plans to strengthen the programme and position ProvidusBank as a leading force in SME banking across the country.

The Providus Bank DMD, who spoke after listening to the testimonials some of the programme’s alumni gave, assured of the sustenance of the programme.

He said, “Being an entrepreneur is not a joke; we know that within the first five years, most of the SMEs struggle to stay afloat. When we set up Providus Bank, we asked ourselves what we wanted to do differently. This is one of the things we did differently. The driving force behind the initiative is that the founders of the bank really wanted to give back to society.

“So, apart from creating employment, what else could we do? The SME idea came to mind, and we asked how we could help these businesses that have almost 95 per cent of them going down within the first five years of their existence. Because they face challenges such as lack of funding and poor infrastructure, among other things, we said, Let us see how we can come into this space and help to build businesses and give back to society. The main reason is to provide that support as we also pursue one of our strategic pillars for Providus Bank to be, if not the number one, at least one of the top three banks for SME support and entrepreneurship growth.”

Aigbokhaevbo, who thanked the EDC for partnering effectively with Providus Bank on the initiative, urged the graduates to help spread the word about the benefits of the programme.

He disclosed that there are ongoing discussions between Providus Bank and the Development Bank of Nigeria to see how SMEs can access credit at a rate cheaper than the current double-digit interest rate loans, which hinder the sub-sector.

In his speech at the event, the Head of Strategy and Business Development at ProvidusBank, Mr. Ernest Elue, also thanked the staff of the EDC and the graduates for partnering with the bank to help achieve its goal of positively impacting the country’s SME ecosystem.

Earlier, in his remarks, the Programmes and Partnerships Director at the EDC, Dr. Olawale Anifowose, said that the success of the initiative was a “testament to the true support that Providus Bank has for SMEs.”

Anifowose, who noted that no fees are charged for the programme and all the other support that comes from it, said, “For me, it is becoming clear that Providus Bank is making a statement in the SME ecosystem in Nigeria. My prayer is that the bank will be able to extend it all over Africa.”

Echoing Anifowose’s sentiments, Director at the EDC, Dr. Nneka Okekearu, thanked Providus Bank for allowing the Centre to partner with it on the programme.

Addressing the graduates, she said, “Apart from the training, a lot of networks have been opened. A lot of relationships have happened. It is not just the training; your life will be transformed. The way you have been transformed, I want to challenge you to transform the lives of other upcoming entrepreneurs because that is the only way that the Nigeria we seek can emerge.”

A total of 96 certificates were given out to graduates, with 61 from Lagos and 35 from Abuja.