ProvidusBank, in partnership with the Enterprise Development Centre (EDC), has taken its flagship SME development initiative to a new level, unveiling the fifth cohort of the “ProvidusBank SME Programme” in Lagos and Abuja. This expansion signifies a bold step in the bank’s mission to nurture small and medium-sized enterprises (SMEs) and drive economic growth across Nigeria.
At a press briefing in Lagos, the Head of SME Strategy at ProvidusBank, Damilola Feyide, highlighted the transformative impact of the programme since its inception in 2020, with over 300 SME owners benefiting from training, advisory services, and access to discounted loans. This year, the initiative’s reach extends beyond Lagos, targeting entrepreneurs in Abuja to ensure broader national coverage.
“It is a day of celebration for us as a bank. We are recommitting ourselves to the SME space, announcing today that we are launching the Providusbank SME programme in Lagos and Abuja. We hope it continues to grow,” Feyide said.
The programme, which was designed to address the unique challenges SMEs faced during the COVID-19 pandemic, offers comprehensive training and business advisory services in collaboration with EDC. According to Feyide, the initiative goes beyond providing financial aid, focusing instead on capacity building to ensure long-term business sustainability.
Dr. Nnenna Ugwu, a member of the EDC Board of Directors, lauded ProvidusBank’s unwavering commitment to entrepreneurship development, describing the initiative as a model for corporate support in the SME sector. She also encouraged participants to uphold integrity as a cornerstone of their business practices.
Entrepreneurs who have benefited from the programme shared their success stories, underscoring its impact. Bayonle Lawal, CEO of Onebrick Investment Limited, said the training improved his business processes and management skills. Similarly, Taiwo Ajayi, founder of Polaris Power Solutions, credited the programme for enhancing his financial management and operational efficiency.
Beyond testimonials, the programme’s free and fully-funded structure underscores ProvidusBank’s dedication to reducing the barriers that many SMEs face. Feyide explained, “We wanted to do something beyond loans because COVID exposed businesses uniquely. We partnered with EDC to co-develop this programme, which includes training, business advisory, and access to discounted loans.”
As the programme celebrates five years of impact, its expansion to Abuja signals ProvidusBank’s ambition to further transform Nigeria’s SME landscape.
