Providus Bank has reiterated its commitment to supporting Nigeria’s small and medium-sized enterprises (SMEs) as it celebrated the fifth anniversary of its SME support programme in partnership with the Enterprise Development Centre (EDC).
Speaking at the anniversary event in Lagos, the bank’s Deputy Managing Director, Kingsley Aigbokhaevbo, said entrepreneurship remains a strategic priority for Providus Bank, with plans underway to strengthen the programme and position the bank as a leading force in SME banking across the country.
Aigbokhaevbo, after listening to testimonials from programme alumni, assured participants of the initiative’s continuity.
He said: “Being an entrepreneur is not a joke; we know that within the first five years, most 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.”**
He thanked the EDC for its effective partnership and urged the graduates to spread the word about the programme’s benefits. He also disclosed that discussions are ongoing with the Development Bank of Nigeria to enable SMEs to access loans at more affordable rates than the prevailing double-digit interest loans that continue to stifle the sector.
The Head of Strategy and Business Development at Providus Bank, Ernest Elue, also commended the EDC team and graduates for helping the bank achieve its vision of positively impacting the country’s SME ecosystem.
Programmes and Partnerships Director at the EDC, Dr. Olawale Anifowose, described the programme’s success as a “testament to the true support that Providus Bank has for SMEs.” He stressed that participants are not charged any fees and praised the bank for its clear commitment to SME development:
“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 this, Dr. Nneka Okekearu, also a Director at the EDC, lauded the bank for its partnership, urging graduates to replicate the impact of the training in their communities.
“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 graduates received certificates at the event, with 61 from Lagos and 35 from Abuja.
