Objectives of the Providus Bank SME ProgramThe primary goal of the program is to build the capacity of Nigerian business owners. It aims to:
1. Equip participants with skills and competencies for developing long-term strategic plans.2. Help transform businesses into sustainable, profitable entities.3. Enhance leadership and managerial abilities to navigate Nigeria’s challenging business environment.4. Foster a network of entrepreneurs for collaboration and growth.
Program StructureThe Providus Bank SME Program is structured to deliver comprehensive support, often organized in cohorts (e.g., Cohort 4 in 2024, Cohort 5 in 2025). While specific details may vary by cohort, the program typically includes:
Training Phases: Some iterations, like the SME Challenge, feature a multi-phase approach:Phase 1: Broad capacity building for a large group (e.g., 500 SMEs), providing access to training and resources like the SMEtoolkit.Phase 2: Intensive support for a smaller, top-performing subset (e.g., 50 SMEs), with additional consultations.Phase 3: Customized enterprise development for an elite group (e.g., 15 SMEs), offering tailored business support.Workshops and Mentorship: Participants engage in workshops led by industry experts, covering topics like business planning, financial management, leadership, and market strategies.Networking Opportunities: The program facilitates interactions among participants, creating a community of like-minded entrepreneurs to share ideas and best practices.Access to Resources: Tools such as the SMEtoolkit provide practical templates, software, and advisory services to enhance business operations.The exact structure may evolve with each cohort, but the focus remains on practical, actionable learning and support.
Eligibility CriteriaTo participate, applicants must meet specific requirements, ensuring the program targets viable SMEs with growth potential. Common eligibility criteria include:
Citizenship/Residency: The business owner must be a citizen or legal resident of Nigeria.Business Registration: The business must be registered with the Corporate Affairs Commission (CAC) and based in Nigeria.Profit Orientation: The business must be for-profit, operating in any sector (e.g., retail, tech, agriculture).Availability: Applicants must commit to the training schedule.Business Maturity: Some cohorts require the business to have operated for at least 5 years with a minimum annual turnover (e.g., ₦25–50 million, though this may vary).Financial Records: Proper financial documentation is often required to assess the business’s health.