Business News Editor
By Dave Munachi
The Deputy Managing Director (DMD) of ProvidusBank, Kingsley Aigbokhaevbo, has reiterated the bank’s unwavering dedication to sustaining its Small and Medium Enterprise (SME) programme for the foreseeable future. This pledge aligns with ProvidusBank’s ongoing efforts to promote entrepreneurship and empower business owners across Nigeria.
Speaking at a special event in Lagos marking the fifth anniversary of the bank’s SME programme—launched in partnership with the Enterprise Development Centre (EDC)—Aigbokhaevbo expressed satisfaction with the programme’s remarkable impact on Nigeria’s SME landscape since its inception five years ago.
After hearing inspiring testimonials from several programme alumni, the DMD emphasized that the initiative remains a core pillar of ProvidusBank’s strategy to support and nurture SMEs. He highlighted the unique challenges entrepreneurs face, especially within their first five years, and stressed the bank’s commitment to helping SMEs overcome these hurdles.
“Being an entrepreneur is not a joke; we know that within the first five years, most SMEs struggle to stay afloat. When we set up ProvidusBank, we asked ourselves what we wanted 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 wanted to give back to society,” Aigbokhaevbo stated.
He explained that apart from job creation, the bank sought to find innovative ways to support SMEs, given that nearly 95 percent of them fail within their first five years due to challenges like lack of funding and poor infrastructure.
“This is because they face challenges such as a lack of funding, poor infrastructure, among other things. We decided to see how we can come into this space and help to build businesses and give back to society. This is the main reason to provide that support as we also pursue one of our strategic pillars for ProvidusBank to be, if not the number one, at least one of the top three banks for SME support and entrepreneurship growth,” he added.
Aigbokhaevbo also expressed gratitude to the Enterprise Development Centre for its valuable partnership in driving the programme forward. He urged the graduates to become ambassadors of the initiative by sharing its benefits with others in the entrepreneurial community.
ProvidusBank’s SME programme has become a vital platform empowering Nigerian entrepreneurs with access to resources, mentorship, and financial support needed to thrive in a challenging business environment. As the bank continues to deepen its involvement in SME development, its commitment to fostering sustainable growth in the sector remains resolute.
