Providus Bank’s unwavering commitment to nurturing Nigeria’s small and medium-sized enterprises (SMEs) reached a significant milestone with the fifth anniversary of its impactful SME support programme, a collaborative effort with the Enterprise Development Centre (EDC). The celebratory event in Lagos served as a platform to reaffirm the bank’s strategic focus on empowering entrepreneurship, underscoring its ambition to become a leading force in SME banking throughout Nigeria. The bank’s Deputy Managing Director, Kingsley Aigbokhaevbo, reiterated this commitment, emphasizing the programme’s sustainability and acknowledging the arduous journey faced by entrepreneurs, particularly in the crucial first five years of operation.
Aigbokhaevbo’s address resonated with the experiences shared by programme alumni, solidifying the bank’s dedication to providing much-needed support. He highlighted the programme’s genesis, attributing it to the founders’ desire to contribute meaningfully to society beyond mere job creation. Recognizing the high failure rate among SMEs, largely due to challenges like funding constraints and inadequate infrastructure, Providus Bank strategically positioned itself to address these issues. This initiative aligned perfectly with the bank’s strategic pillar of becoming a top-tier institution in SME support and entrepreneurship development.
Expressing gratitude to the EDC for its invaluable partnership, Aigbokhaevbo encouraged the graduates to become ambassadors of the programme, sharing its benefits widely. He further revealed ongoing discussions with the Development Bank of Nigeria aimed at securing more accessible credit facilities for SMEs, addressing the current impediment of high double-digit interest rates that hinder the sector’s growth. This proactive approach underlines Providus Bank’s commitment to creating a more conducive financial environment for SMEs to thrive.
Ernest Elue, Head of Strategy and Business Development at ProvidusBank, echoed the sentiments of gratitude, thanking both the EDC staff and the graduating entrepreneurs for their collaborative efforts in achieving the bank’s vision of positively impacting Nigeria’s SME ecosystem. This collaborative spirit underscores the shared belief in the importance of fostering entrepreneurship as a driver of economic growth. The event highlighted not just the programme’s success but also the strength of the partnership driving it.
Dr. Olawale Anifowose, the Programmes and Partnerships Director at the EDC, lauded the initiative’s success as a testament to Providus Bank’s genuine support for SMEs. Emphasizing the programme’s accessibility, Anifowose highlighted the absence of fees for both the training and the accompanying support services. This accessibility reflects Providus Bank’s commitment to inclusivity and its belief in making entrepreneurial development opportunities available to all. Anifowose expressed his admiration for Providus Bank’s impactful presence in the Nigerian SME ecosystem, aspiring for the bank’s influence to extend across the African continent.
Dr. Nneka Okekearu, another Director at the EDC, joined in expressing gratitude to Providus Bank for the partnership, highlighting the transformative power of the programme beyond the training itself. She emphasized the invaluable networks and relationships forged during the programme, encouraging graduates to pay it forward by supporting other aspiring entrepreneurs. This emphasis on creating a ripple effect of positive impact underscores the programme’s long-term vision of building a vibrant and sustainable entrepreneurial ecosystem. The event culminated in the awarding of certificates to 96 graduates, 61 from Lagos and 35 from Abuja, marking a significant milestone in their entrepreneurial journeys. This achievement is a testament to the programme’s success in equipping participants with the necessary skills and knowledge to navigate the challenges of entrepreneurship and contribute to Nigeria’s economic growth.
