Mrs. Amara Ifenyichukwu- Njoku is the Lead Team for SMEs in Providus bank. In this interview, she highlights the importance of SMEs to national development and how Providus bank is empowering entrepreneurs through various packages the bank offers in Nigeria .
Recently, you led a team from Providus bank to the University of Ibadan for the university’s SME Fair . Providus Bank is the lead sponsor of the UI SME Fair .Why the interest in sponsoring and supporting Small and Medium Enterprises (SMEs) Fair in the university?
Providus
bank sponsors SMEs everywhere not only in the university. Providus bank has sponsored
more than ten thousand
SMEs to get the right training , the right funding , the
right skills and connecting them with the right people that will help them meet
their business needs .When the university of Ibadan came on board to ask us to
support their SME fair, we were very delighted because this will help the
businesses not only showcase what they have
to a global community . What Providus bank does is to help the SMEs to upscale , get education , training among others.
How can you describe this year’s SME Fair ?
This year’s edition is an upgrade. During last year’s fair, there were a lot of SMEs that came to showcase what they have and likewise this year we have them. We have learnt a lot from last year’s edition so that more SMEs are reached and brought on board. I love the student entrepreneur’s idea, when they pitched their ideas, catching them young and giving them the necessary education, training to run their own business. The goal is to them when they are young, teach them how to grow and sustain their businesses
What are the challenges you have observed SMEs face in Nigeria ?
Some people will say what SMEs need is funding but funding is not the first thing they need. They need education, they need the right knowledge, and they need training. When you have an idea, how do you put the idea together? How do you communicate your ideas? In Providus bank, we have the EDC , which is the Entrepreneur Education Centre. We have a yearly training programme for SMEs where entrepreneurs go to get training. There is certificate training programme. We have specialized training for people in tech, agriculture, then we can move on to funding. What type of funding do you need ? Financial support will be provided like say what do you need to put the business online?, do you need APIs ?POS, all sorts of support that you need we will help with . We look at every business and treat every business needs individually by analyzing what they need and proffering solutions that suits that need.
Women businesses constitute about 70% of SMEs and their businesses face unique challenges. How do you handle such challenges?
Women face unique challenges in their businesses and this is not only in Nigeria but worldwide. Providus Bank takes these challenges seriously and we have different products for women entrepreneurs. We have the regal package which gives them access to trainings, access to opportunities peculiar to women, access to life style. We also have specific or preferences for women to pitch their businesses.
What advice do you have for women entrepreneurs to assist them in managing the home front alongside their businesses?
In addressing the women of child bearing age and entrepreneurship, I would like to say that it is a wonderful thing to have children and to procreate and when you are in that season, you have to upscale . Thank God we are in the internet era where you can work from home. You don’t have to pull away from the world. If you have health issues you can stay at home. There are certificate courses women can take online. Women also need to believe in themselves. Child bearing is a stage in life and it will be over. You can be a virtual assistant , you can be virtual secretary, join online groups and network and get certifications instead of sitting down at home and waiting for the children to return home.
One challenge that has been identified as a bane of SMES not growing is indiscipline , what steps can be taken in tackling this?
There is what a formal work environment and training do. You are trained be disciplined because there is a time you have to get up from your bed as early as possible to get to work. There are ways you can map out your activities. We offer training and mentorship to entrepreneurs in this regard.
What is your advice to government, individuals and organizations to assist SMES start up and grow?
SMES need support from government and from individuals. There are some individuals who are looking for where to invest their money to help businesses. Therefore, there is need to join pitching classes, competitions so you can learn how to access these funds. Nigerians have bright minds, they have great ideas and the banks are supporting these ideas. If there is a level playing ground, ease to register your business and get funded, I think SMES, will thrive.
What are those packages Providus banks have for the youth?
For the youth, we discovered that you have to reach them on time. If we have a group of youth, Providus bank is very open minded. We have packages for the creative industry, for those in tech and so on. All they need to do is to go to the website and find out the packages that they need and we will ensure that they get the support to start and grow their businesses.
