By Chinwendu Obienyi
The Deputy Managing Director (DMD) of ProvidusBank, Mr. Kingsley Aigbokhaevbo, has restated the Bank’s commitment to continue to sustain its Small and Medium Enterprise (SME) Programme for the foreseeable future as part of its efforts to boost entrepreneurship in the country.
Speaking at an event held by the Bank to celebrate the fifth year anniversary of the launch of the SME programme in partnership with the Enterprise Development Centre (EDC) in Lagos, last Thursday, Aigbokhaevbo said that the management of Providus Bank was pleased with the positive impact that the programme has had on Nigeria’s SME space, since it was initiated in five years ago.
The ProvidusBank DMD who spoke after listening to the glowing testimonials that some of the programme’s alumni gave, promised that the programme would be sustained as it was the Bank’s key SME programme, which is designed to empower SME owners in Nigeria.
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 want 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 the society.
“So apart from creating employment, what else could we do? The SME idea came to mind and we said how can we help these businesses that have almost 95 percent of them going down within the first five years of their existence? Because they face challenges such as, lack of funding, 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 the society. This is 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 bank for SMEs 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 benefits of the programme.
He disclosed that there are ongoing discussions between Providus Bank and the Development Bank of Nigeria (DBN) to see how SMEs can be able to access credit at a rate cheaper than the current double digits interest rate loans which hinder the sub-sector.
In his speech at the event, the Head, Strategy and Business Development at ProvidusBank, Mr. Ernest Elue, also thanked 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 come from it, said he was particularly pleased that the initiative produced other smaller SME programmes created by the bank.
He 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 giving the Centre the opportunity to partner with it on the programme.
She stated that the EDC has received almost 20,000 applications from entrepreneurs from every state in Nigeria.
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.
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