A financial institution is any institution which portfolios of assets consist largely of claims rather than inventory, plant and equipment. Financial institutions serve as intermediaries in the financial markets.
In Nigeria today, there is a remarkable increase in the function performed by our financial institutions otherwise known as banks. This includes acceptance of deposits account holders, granting of loans and advances, foreign exchange, discounting bills of exchanges loan syndication, equipment leasing, effecting merging and acquisition of companies. Also, banks offer financial advice to numerous customers.
The greater role played by the financial institutions in executing government policies and aims at developing the Nigerian economy can not be overemphasized. The banking sector touches every sector of the Nigerian economy, it is important to commend the humongous role played by the banking industry not forgetting the insurance industry, the Nigerian Stock Exchange and a few other financial institutions.
While many financial institutions still confine themselves within the four corner space of a facility called banking hall and an everyday transaction, over the counter, some have far gone in the jet age, where transactions can be carried out without the influence of a third party.
At Providus Bank, the New World of Fast, Smart, Personal and Borderless banking relationship is here. It is therefore inspired by a Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.
A Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator, that has eased the digital banking in Nigeria is Providus Bank Nigeria Limited.
With its headquarters and main branch located at 724 Adetokunbo Ademola Street, Victoria Island, Lagos, as of November 2018, Providus Bank was registered as a regional commercial bank, serving clients in Lagos State and in the Nigerian Federal Capital Territory. The bank has served large corporations, government agencies, institutions, small and medium sized enterprises and high net worth individuals.
The bank was granted a regional banking license by the Central Bank of Nigeria in June 2016 and according to the Bank’s CEO, Walter Akpani, the bank would focus on service excellence, cost savings, speed, transparency and innovation.
Furthermore, Akpani disclosed that the 4-year old bank has leveraged on technology to beat the competition, saying the vision of the bank is to be the number one in service delivery. “We want to be a niche player and our nimble size will enhance cost-saving,” he added.
With a clear vision to “building an enduring and sustainable customer-focused financial institution, with a mission to provide customers with a unique experience, be their preferred financial partner and nurture the attainment of their objectives”, Providus Bank boasts of being an innovative financial institution that offers customised business solutions and advanced products that will not only answer customers’ business and personal needs today but also steer them into the future. Little wonder, then, that the bank has chosen as its pay-off line: “Future Forward Banking”.
As of November 2018, the bank maintained brick-and-mortar branches and automated teller machines in Lagos State and Abuja Federal Capital, at Adetokunbo Ademola Street, Victoria Island, Lagos, Festac, Gbagada, Ikota, Lagos–Epe Expressway, Ajah, Abuja, and Akure.
The Bank has served as an innovative financial institution that offers customised business solutions and advanced products. These products will not only answer business and personal needs of prospective customers, but also steer them into the future.
Providus Bank’s tailored financial services delivery are Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions.
Its highly competitive advantage in Private, Institutional, Business and Personal Banking is driven by the philosophy to create support and value for Institutions, Agencies, SMEs and HNIs. Our business development strategy also focuses on developing expertise and collaborating to improve the non-oil (emerging) sector of the Nigerian Economy, which includes but not limited to Agriculture, Mining, Hospitality, E-commerce, and Art & Entertainment.
Providus Bank has played a tremendous relevant role in the banking industry and the economic development of the nation. It has awakened some old generation banks on the need to connect to the digital world of banking.
With tremendous impact in all sectors which include agriculture, manufacturing, mining, construction, transportation, tourism, to mention but a few, Providus Bank has also created inviting offers for its prospective clients such as Salary Accounts, Affluent Current Accounts, and Domiciliary Current Accounts (USD/EUR/GBP/YUAN).
While its flexible Savings Accounts provide varieties such as FutureProvidus Account, Youth Account, Affluent Savings Account, Retiree Account, and Domiciliary Savings Account (USD/EUR/GBP/YUAN) to customers.
The bank consolidated itself in April 2017 with the inauguration of its ultramodern headquarters in Victoria Island, Lagos and according to the Managing Director, Walter Akpani, was established with a vision to build an enduring and sustainable customer-focused financial institution.
According to the Managing Director, Walter Akpani, the bank was established with a vision to build an enduring and sustainable customer-focused financial institution.
Providus Bank offers a number of cards that allow its customers to access account information and perform basic banking transactions quickly, safely and conveniently via ATMs (Automated Teller Machines), POS and other online channels without visiting its banking halls.
The Platinum mastercard has five most exciting reasons for customers to choose Providus Bank. Exclusively, the bank’s platinum mastercard offers 1% money back on every $1,000 transaction and higher international transaction limit. Likewise, the card offers access to airport lounges, regardless of a cardholder’s ticket class and airline.
Complimentary nights at Starwood Hotels and Resorts across Europe, Middle-East and Africa, is another exciting reason to choose Providus Banks’ Platinum mastercard. Upgrade to Gold status membership on legacy lifestyle and exclusive benefits at participating hotels.
The card also offers 25% shipping discount and premium membership, while the fledgling bank claims that “Our tailored financial services delivery includes Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and self-service solutions”.
Giving additional insight into its portfolio, the bank states that it also provides a competitive advantage in Private, Institutional, Business and Personal Banking, driven by the philosophy to create support and value for Institutions, Agencies, SMEs and HNIs.
“Our business development strategy also focuses on developing expertise and collaborating to improve the non-oil (emerging) sector of the Nigerian economy, which includes, but not limited to Agriculture, Mining, Hospitality, E-commerce, and Art & Entertainment.”
Olamide Adeniji is a member of the editorial board of TheScript Newspaper.
