Providus Bank is one of the banks in Nigeria performing so well and in this post, all you need to know about Providus Bank will be discussed. It will be segmented into different sub-topics and in chronological order.
In Nigeria, the banking sector is one of the booming sectors of the economy. There are a lot of banks offering both employment to the people also, giving excellent services to their customers. Some of these indigenous banks have grown and established their branches in other countries too.
Let’s get into the discussion!
WHAT IS PROVIDUS BANK?
Providus Bank Limited is one of the commercial banks based in Nigeria, regulated by the Central Bank of Nigeria (CBN) that offers financial services to the general public including personal, private, corporate, commercial, and digital banking products and solutions. They employ modern-age technology to offer top-notch, reliable, fast, and satisfying services to their esteemed clients. Founded in 2016 with its headquarters at 54 Adetokunbo Ademola Street, Victoria Island, Lagos and they have other branches all over Lagos, Abuja, and other parts of the country, with over 400 staff to their watch.
The major industries they work with include Commerce, Agriculture, Arts, Hospitality, Mining, etc, with little or no attention to the Oil business sector. They also service big Corporations, SMEs as well as Government agencies.
FOUNDERS OF PROVIDUS BANK
The success of this bank is linked to the board members who are intentional about delivering the vision and mission statements of the bank. Here are the names of the people in charge and their position.
Alhaji Hussaini Dikko – Chairman
A graduate of Quantity Surveying from Ahmadu Bello University, Zaria who holds a master’s degree in Business Administration from the University of Lagos. Fellow of the Nigerian Institute of Quantity Surveyors and the institute’s president in the year 2000.
Walter Akpani – Managing Director / CEO
Walter Akpani is a seasoned and experienced banker who has invested over 30 years in the banking industry. He holds a Master of Science degree in Finance from the University of Strathclyde, Scotland. He has pioneered different bank start-ups in Nigeria including Standard Trust Bank Plc now United Bank for Africa (UBA), and Platinum Bank Ltd (now Keystone Bank). And United Mortgage Bank Limited, which has now metamorphosed into ProvidusBank.
Kingsley Aigbokhaevbo – Executive Director
Kingsley Aigbokhaevbo holds a B.Sc (Honours) degree in Agricultural Economics, from the University of Ibadan, Masters in Banking and Finance (MBF) from the University of Lagos.
A colleague of the Institute of Chartered Accountants of Nigeria, ICAN.
Deoye Ojuroye – Chief Financial Officer
Deoye is an ICAN and ACCA-qualified finance professional and holds a B.Sc. Honors degree in Computer Science from the University of Lagos.
There are also Chuka Eseka, Maurice Onokwai, Bernadine Okeke, Funmi Agusto, and Dr. Belinda Bobby Diei who are Non-Executive Directors as well as lots of Group heads.
KEY BUSINESS SEGMENT OF THE BANK
Every bank has its unique style of operations to satisfy its clients and Providus Bank has its own as mentioned earlier, here are the 5 segments the bank operates on.
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Corporate Banking Segment:
Providus Bank is a business-orientated bank with more attention on emerging local, corporate, and small and medium-sized enterprises (SMEs). Their priority is ensuring a part of their success story which is a booster to the growing industries of the Nigerian economy
(Agriculture, Technology, Artistic Media, etc.).
To make this happen, they offer the following product and services: trade finance/remittances,
cash management, loans, customized e-business platforms,
transaction tracking, shared services, etc.
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Commercial Banking Segment:
Small and Medium-sized businesses are a project for this segment. This segment helps these kinds of businesses grow and they help check for future risks and how those risks can be avoided.
Product and service offerings include trade finance/remittances,
cash management, loans, customized e-business platforms,
transaction tracking, shared services, etc.
-
Private and Personal Segment:
This is for individual banking needs. This segment handles all needed for individuals to own, and run their private and personal accounts.
The product/service package includes fewer charges on accounts, reward-based account offerings, wealth management platforms, personal investment and
transaction management platforms, online & mobile banking
services and convenient lifestyle and bill payment etc.
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Institutional Banking:
This segment if the institution is created to service the government agencies and parastatals,
faith-based entities, non-governmental organizations (NGOs), as well as, associations, clubs, educational institutions, professional
associations, embassies, and high commissions.
Products/services tailored to this segment include collection and
remittance platforms, project loans, project accounts, bonds &
guarantees and expenditure accounts and platforms.
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Digital Banking and E-business
In its utmost desire to be amongst the top Banks in the country and to have a seat in the cashless economy conversation, Digital Banking Segment handles all the digitalization of the bank’s operations and every other activity needed.
TYPES OF PROVIDUS BANK ACCOUNTS
There are lots of different types of bank accounts one can open with this bank. All you need to know about Providus Bank accounts are as follows:
Private Account:
- HNI Account
- Premium Current Account
- HNI Current Account
Personal Account:
- Saving
- Future Providus Account,
- Youth Account,
- Affluent Saving Account,
- Domiciliary Saving Account,
- Retiree Account.
Current Account:
- Affluent Current Account,
- Domiciliary Current Account,
- Salary Account.
Corporate Account
- Corporate Account
- Business Account
- Corporate Current Account
HOW TO OPEN AN ACCOUNT WITH PROVIDUS BANK
There are different requirements needed to open any of the different account types with Providus Bank. Here are some of them and the amount needed too:
HNI (High-Net-worth-Individuals): these sets of accounts are for people that are of higher worth. They are subdivided into Premium Current and HNI Current Accounts.
- Premium Current: you’re qualified by earning 16 to 60 million naira.
- HNI Current: this is for people earning 51 million naira above. 5 million naira is. For the opening of an account.
Personal Account:
Saving and Current Account
- Future Providus Account can be set up with N10,000.
- Youth Account:
This is an account that can be opened online by going to the office. You must be between 18-25 years old. The opening balance is N5,000. The maximum is N50,000 and the total balance should not exceed N300,000.
- Affluent Saving Account,
N3,000,000 and N15,000,000 income is a prerequisite for this account.
The opening balance for this is N250,000.
- Domiciliary Saving Account
This is for people operating foreign currency-denominated savings accounts with ProvidusBank. The account can be operated in the following currencies: Dollars/Pounds/Euro/YUAN
You have a minimum opening balance of $50 (EUR, GBP, YUAN)
- Retiree Account:
This is for people that are 65 years plus
- Current Account:
Minimum opening balance of N250,000.
Account opening form duly completed.
One recent clear passport.
Photograph of the signatory.
Identification of signatories. (Driver’s license, International Passport, National Identity Card, or Voter’s Card).
Residence Permit (where applicable).
Two independent and satisfactory references.
Public utility receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, etc.)
Corporate Account
- Business Account:
This account is free of transaction charges, and in some cases, we pay you interest on your balances.
- Corporate Current Account:
Our business account is free of transaction charges, and in certain circumstances, we pay you interest on your balances.
TYPES OF CARD
- Verve
- Classic/Gold Verve Card
This local payment card that gives you real-time access to funds in your Savings or Current Naira account, allows you to pay for goods and services on all ATMs, POS and Web. It is acceptable at merchant locations where the Verve/Interswitch logos are displayed.
Individual current/savings account is needed to have one.
- Platinum/Black Verve Card
This local payment card that gives you real-time access to funds in your HNI account, allows you to pay for goods and services on all ATMs, POS and Web. It is acceptable at merchant locations where the Verve/Interswitch logos are displayed.
- Mastercard
- Classic Mastercard
The Classic Mastercard is a Naira-denominated debit card issued in partnership with MasterCard International. It is linked to customers’ current and/or savings accounts and can be used for transactions via various acceptance channels (ATM, POS, and Web) both locally and internationally. Has a 3-year validity period
Has a unique BIN (Bank Identification Number) as part of the card number
Can access Value added services (VAS) i.e. cable TV, Utilities, Airtime Recharge, etc.
Enabled One Time Password (OTP) for all Web payments
- Platinum Mastercard
The Platinum Mastercard is a debit card issued in partnership with Mastercard International and avails cardholders exclusive access to premium benefits including Free access to Lounge at Lagos (Local & Int’l) and Abuja (Int’l) Airports VIP Lounge (MMA2) b. Gabfol Lounge (except MMA2)
Access to over 600+ Airport lounges at a discounted rate
International transactions up to 3000 USD/Month
Purchase Protection Offers
MyUs Premium Membership & Shipping Discount
Eligibility for AVIS car rental at a discount
Higher International transactions up to 100,000USD/Annum
- World Elite
ProvidusBank is the first Bank in Sub-Saharan Africa to launch the World Elite Mastercard which is the most prestigious card within the MasterCard range. This card gives one access to living and enjoying the luxury of life, access for you and one guest to 900+ airport lounges worldwide.
Get priority check-in, lounge access, and much more across Qatar Airways and the oneworld airline alliance, etc.
PROVIDUS BANK LOANS
Providus bank offers loans to its customers. They offer Personal, Business, Mortgage, and Salary Advance Loans. To access these, you must meet their requirements and you must not have bad track records concerning loans.
The following are the things to have:
- Valid means of identification (national ID card, passport, driver’s license)
- Proof of income (salary statement or business account statement)
- Proof of address (utility bill or tenancy agreement)
- Complete the loan application form
- Two passport photographs
- Bank statement for the last six months
- Proof of employment or business registration
INTEREST RATES
The prime lending rate is MPR + 9.5% i.e, 25% per annum.
HOW TO GET A CARD
Search for the Providus Bank app, click on the Home icon, Click on Digital, and tap on Card Services. A page will pop up where you are asked to request a card. Then you follow the procedures to get one.
There are two options on how to activate a Providus Bank Debit card. They are as follows:
Option 1
- Request to use PIN selection POS at any ProvidusBank branch.
- Insert your card to select a PIN.
- Input your PIN of choice and your card will be activated instantly.
Option 2
- Call the ProvidusBank Business Concierge on 070077684387 to request a PIN push notification.
- Proceed to change your PIN on any Bank’s ATM.
ONLINE BANK/MOBILE APP
Providus Bank has a beautiful and easy-to-navigate online banking platform where you can carry out business transactions. Their Mobile app called “Providusmobile” is incredible too with an easy and beautiful user interface. It can be downloaded from the App and Google Store for both Android and iOS users. With the app, you can do the following:
- Open an account with the Bank.
- Reactivate Your Providus Bank Account.
- Make transfers.
- Buy Data & Airtime.
- Check your account balance.
- Create an OTP (One Time Password)
- Create a Transaction PIN.
- Create Internet Banking Login Details.
- Pay Bills.
USSD CODES
Currently, there are no USSD codes from Providus Bank. All their operations are done via the mobile app. If you want to make international transfers, there is a Swift code to use and for Providus Bank it is UMPLNGLA. All your international payments in foreign currencies can be carried out through this code.
CUSTOMER CARE CONTACT DETAILS
If you have any complaint to make, reach them through their mail via businessconcierge@providusbank.com and you will have a swift response. If there are some fraudulent observations you’ve had, report them to frauddesk@providusbank.com.
The social media handles:
Facebook: www.facebook.com/ProvidusBank
Twitter: www.twitter.com/ProvidusBank
Instagram: www.instagram.com/providusbankig
You can reach them via call at 0700PROVIDUS; 070077684387 or 012367720
(Remember, Providus Bank customer care representative will not ask for your personal information like ATM PIN, ATM card number, Mobile Banking PIN, CCV Number, or Token or OTP (One Time Password) to complete your request and be sure the handle you are communicating with is a verified handle.)
Providus Bank is an emerging bank determined to be at the top. They pay absolute attention to every service that will make their customers enjoy it more. These and more are all you need to know about Providus Bank.
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