Providus Bank, founded in 2016, provides the full range of financial services across Nigeria and is currently acquiring Unity Bank.
We spoke with Divisional Head of Affluent & Private Clients, Ifeoma Nwogbo, about Providus’s value proposition for women individuals and business owners, and what they plan to achieve as a signatory of the WE Finance Code Nigeria.
Alliance: Could you describe Providus Bank’s market position in Nigeria and the overarching strategic vision that drives the organization today?
Ifeoma Nwogbo (IN): Providus Bank is a future-forward financial institution in Nigeria, committed to delivering exceptional experiences to our customers with the mission of being their preferred financial partner and supporting them in achieving their goals.
At Providus Bank, the customer is always at the center of everything we do. This is reflected in our strategic ambition to become the No. 1 bank in Nigeria for customer experience and private banking, and among the top three in SME banking.
In a highly competitive marketplace, we have carved out a distinct niche by leveraging innovative technology and strategic partnerships to drive sustainable growth and value creation.
Alliance: What is the bank’s vision for Women’s Markets? Are there specific customer segments among women that you are particularly focused on?
IN: At Providus Bank, we recognize the economic role women play in society. That is why we developed a specialized offering, Regal by Providus, launched in 2023, to address the evolving needs of our female clients. This proposition is designed to transform women’s aspirations into reality through tailored financial solutions.
Our focus spans a broad spectrum of women, including entrepreneurs, professionals, homemakers, high-net-worth individuals, and private banking clients.
Through Regal, women have access to discounted financing for personal, business, and educational needs, as well as the Regal Health Loan, created specifically to support women’s healthcare requirements—from childbirth to specialized procedures. This unique offering is also extended to spouses.
We are especially committed to supporting women-owned SMEs. Regal provides a comprehensive business toolkit to drive sales, enhance operational efficiency, and boost profitability, along with capacity-building initiatives and market access programs aimed at helping women-led businesses scale successfully.
To ensure multi-dimensional service and support, we have a dedicated Regal Team and appointed Regal Champions across all our branches.
Alliance: How important are digital financial services in Providus Bank’s strategy for reaching underbanked or unbanked women?
IN: Technology and innovation are integral to our processes and systems. For us, digital financial inclusion means providing our customers with best-in-class open banking platforms designed to address real-life challenges such as ensuring payment acceptance and collection services that are both reliable and cost-effective. Additionally, we offer fintech support to third parties, enabling the growth of virtual wallets and virtual payment solutions that further drive financial inclusion.
Alliance: Nigeria is working to strengthen its support for women entrepreneurs. How does Providus Bank envision contributing to national strategies and policies in this space, particularly through the WE Finance Code?
IN: As a signatory to the WE Finance Code, we are firmly committed to increasing access to finance for women-owned businesses. To achieve this, we are embedding innovative systems and adopting fresh perspectives in the design of our lending products. Recognizing that women are not a monolith, our products are tailored to address their diverse life stages and economic situations.
We also prioritize women alongside youth and SMEs, while actively promoting the broader adoption of gender-sensitive KPIs across the institution.
Alliance: Sex-disaggregated data is essential for establishing the baseline for Women’s Markets Programs. Where is Providus Bank in its gender data journey?
IN: Although we are still at an early stage in our gender-focused market efforts, we are fully aligned with the We-Fi definition of women-owned businesses in Nigeria. Our product, Regal, has been instrumental in helping us better identify and serve women-owned enterprises.
In leveraging sex-disaggregated data, we initially observed a low uptake of loans by women. However, through deliberate engagement, targeted awareness campaigns, consistent reporting, and active monitoring, we have recorded a three-fold increase in loan uptake for women-owned businesses.
This is just the beginning of our journey, and we are excited about the potential for even greater impact. We look forward to driving significant growth in product uptake, products per customer, and Net Promoter Score as we continue to deepen our support for women entrepreneurs.
Alliance: Internal diversity and inclusion are crucial for effectively serving the women’s market. Could you provide an overview of female representation within Providus Bank?
IN: At Providus Bank, we believe that charity truly begins at home. With unwavering support from our Managing Director, Mr. Walter Akpani, a HeForShe advocate, Providus Bank proudly champions gender equality and women’s advancement within the workplace.
Our commitment is evident: women currently make up approximately 50 percent of our senior management team, holding strategic leadership positions across the institution. This reflects not only our inclusive policies but also our dedication to creating meaningful opportunities for growth and empowerment.
As a future-forward organization, we also extend care beyond the workplace. Providus Bank provides medical allowances to support employees’ aging parents, reinforcing our belief in holistic employee well-being. Over the past three years, we have partnered with Caring Africa to introduce the Parent Care Package, a first-of-its-kind initiative offering essential items to new mothers during the critical first month of childbirth.
These initiatives are a testament to our intentionality in supporting our female workforce and fostering a nurturing, inclusive environment. It is no surprise, then, that Providus Bank was recently recognized by Great Place to Work as a “Great Place to Work” under the Large Organizations category. We were proudly awarded Best Workplace for Women and Best in Promoting a Culture of Diversity, Equity, and Inclusion.
Alliance: How is Providus Bank integrating sustainability and climate-conscious financing, and are you applying a gender lens to your green initiatives?
IN: During our credit review process, we ensure that all financed projects have minimal or no adverse environmental impact. In cases where potential negative effects are identified, proactive measures are taken to mitigate or reduce these impacts.
We also apply a gender lens to our lending approach, offering discounted interest rates for loans to women-owned or women-led enterprises, as well as projects that have a clear social impact. These preferential rates are likewise extended to green initiatives and other climate-conscious projects, in support of our commitment to sustainable development.
More importantly, we maintain ongoing monitoring and reporting of all financed projects to ensure continued compliance with environmental and social standards.
Alliance: Why did you decide to join the Alliance, and what are you looking forward to learning from and sharing with the network?
IN: Joining the Alliance expands our network and strengthens our capacity. We also benefit from the Alliance’s wealth of resources, which helps shorten our learning curve in becoming a more gender-responsive organization.
