ProvidusBank, in collaboration with the Enterprise Development Centre (EDC), has unveiled the fifth cohort of its “ProvidusBank SME Programme,” marking a significant milestone in the bank’s ongoing commitment to supporting entrepreneurs across Nigeria.
This initiative coincides with the bank’s fifth anniversary of fostering small and medium-sized enterprises (SMEs) in the region.
At a press conference held in Lagos, recently, Damilola Feyide, head of SME Strategy at ProvidusBank, announced that over 300 SME owners have benefited from the programme since its inception in 2020. She revealed that this year’s edition will expand beyond Lagos to include Abuja, reflecting the bank’s ambition to reach a wider audience.
Feyide, who described the programme, as Providus Bank’s flagship SME programme, because, according to her, it was a sort of foundation for any other programme or initiative that the bank subsequently introduced for small businesses, said that the launch of the fifth edition of the programme was an occasion for the celebration of its achievements.
She said:
“It is a day of celebration for us as a bank. It is not just celebrations but it is also us recommitting ourselves as a bank to the work we are doing in the SME space. And it is really just saying that we want to do more. So today, as we are celebrating five years we are announcing that today we are launching the ProvidusBank SME programme in Lagos and Abuja. And we are just hoping that it continues to grow.”
She expressed gratitude towards EDC for their partnership in delivering essential training to SMEs, which she described as vital to Nigeria’s economic foundation.
In her remarks, Dr. Nnenna Ugwu, a member of the Board of Directors of the EDC, commended ProvidusBank for initiating the programme and supporting entrepreneurs in the country.
She said:
“This is the fifth run of the ProvidusBank SME programme. We say thank you ProvidusBank, They have really demonstrated their commitment to helping to build the SME the space. So we want to appreciate them for all they are doing; their love their support.”
She advised owners of SMEs to always embrace integrity as they carry out their business activities.
Participants of the programme shared their success stories during the event, highlighting its positive impact on their businesses.
Mr. Bayonle Lawal, the managing director/CEO of Onebrick Investment Limited, said although he was initially hesitant about joining the programme, he was so impressed with what he learnt during the first few weeks of his participating in it that he immediately started implementing them in his business.
“I realized I needed to improve my processes,” Lawal noted. “What I learned was beyond what I anticipated and has significantly enhanced my business management skills.”
Also, the Founder and CEO of Polaris Power Solutions Ltd and Lekki Solar Company Ltd, Mr. Taiwo Ajayi, said his participation in the ProvidusBank SME programme enabled him to have better knowledge of bookkeeping.
Meanwhile, in a chat with journalists on the sidelines of the event, Feyide spoke on how ProvidusBank conceived the initiative as part of its efforts to help SMEs which were grappling with tough times occasioned by Covid-19.
She said: “The programme started during the Covid-19 pandemic. Seeing the struggles and the challenges that SMEs were going through, was something we could not ignore. We wanted to do something outside of loans because we were seeing businesses doing really well, but Covid exposed them in a really different way.
“So we reached out to EDC and we co-developed this programme. It is not just a training or capacity or knowledge impact driven programme. There is business advisory in it and there is access to funding. After you have received the training, you can apply for a loan. We give loans and not just loans, but loans with discounted interest rates. It is our way of supporting the SMEs after the training that they have received.”
Importantly, Feyide noted that participation in the programme is entirely free for SMEs, fully funded by ProvidusBank as part of its commitment to fostering entrepreneurship in Nigeria.
