Providus Bank Renews Commitment to SME Development

Providus Bank has reaffirmed its long-term commitment to the growth and development of small and medium-sized enterprises (SMEs) in Nigeria as it celebrated the fifth anniversary of its SME support programme in partnership with the Enterprise Development Centre (EDC).

Speaking at the anniversary event held in Lagos, the bank’s Deputy Managing Director, Kingsley Aigbokhaevbo, emphasized that entrepreneurship support remains a strategic focus for Providus Bank. He noted that the initiative was conceived as part of the bank’s mission to give back to society and help bridge critical gaps in the SME ecosystem.

“Being an entrepreneur is not easy, especially within the first five years when most businesses struggle to survive,” Aigbokhaevbo said. “When we launched Providus Bank, we asked ourselves what we could do differently and this programme was one of the answers. SMEs face real challenges, from lack of access to funding to infrastructural deficits. We saw a need and committed ourselves to be part of the solution.”

He reiterated the bank’s ambition to become one of Nigeria’s top three banks in SME support and entrepreneurship development.

Acknowledging the partnership with the EDC, Aigbokhaevbo thanked the Centre for its role in implementing the initiative and encouraged alumni of the programme to share their experiences with others who could benefit from the support.

He also revealed ongoing discussions between Providus Bank and the Development Bank of Nigeria aimed at improving access to credit for SMEs, particularly at more affordable rates than the current double-digit interest loans that many entrepreneurs face.

Also speaking at the event, the Head of Strategy and Business Development at Providus Bank, Ernest Elue, expressed appreciation to EDC staff and programme graduates for contributing to the initiative’s impact on the SME landscape.

The Programmes and Partnerships Director at the EDC, Dr. Olawale Anifowose, commended Providus Bank for its genuine commitment to empowering entrepreneurs. He highlighted that the programme remains free of charge for participants and continues to offer valuable support to SMEs across the country.

“This initiative shows that Providus Bank is playing a significant role in shaping Nigeria’s SME ecosystem. My hope is that its reach will one day extend across Africa,” Anifowose said.

Echoing his remarks, Director at the EDC, Dr. Nneka Okekearu, praised the bank’s vision and dedication. Addressing the graduates, she underscored the value of the networks and relationships fostered through the programme.

“It’s not just about training, this programme transforms lives,” she said. “You are now in a position to do the same for others. By supporting new entrepreneurs, you’ll help build the Nigeria we all hope for.”

The event concluded with the graduation of 96 entrepreneurs from the programme, including 61 from Lagos and 35 from Abuja.