Polaris Bank has been adjudged as the “Best Bank for MSMEs” for the third consecutive year, firmly securing its competitive edge as the leading bank for micro, small and medium businesses.
The latest award at the Banks and Other Financial Institutions Awards (BAFI) Awards highlights Polaris Bank’s well-known considerate lending and general support for small businesses and the real sector.
Experts and analysts at BAFI Awards 2024, a well-regarded and prestigious financial industry awards, have for three consecutive years voted Polaris Bank as the best bank in totality of the ecosystem for micro, small and medium enterprises (MSMEs). Polaris Bank is the only bank to have won such consecutive honours for MSMEs ecosystem.
The BAFI Awards selection and review committee stated that Polaris Bank outperformed industry peers in all key indices for the MSMEs ecosystem. This ecosystem includes access to amenable loans, customer-tailored products and services, responsiveness, training, technological supports, ease of access and continuity.
The International Labour Organisation (ILO) estimated that MSMEs contribute around 48 per cent to GDP and around 80 per cent of total employment in Nigeria.
Commenting on the award, Kayode Lawal, managing director/CEO of Polaris Bank, said the continuous recognition of Polaris Bank as the best in MSMEs ecosystem, underlines a deep commitment to the nation’s economy and entrepreneurship.
He noted that MSMEs are critical in the value chain of economic growth and development as they, traditionally, are the largest employers, backbones for industrialisation and major drivers for innovations.
According to him, with more than N60 billion disbursed to MSMEs in the first eight months of the year, Polaris Bank has continued to prioritise small businesses and the real sector under its impact lending.
“This award is a further motivation for us, as it is also another confirmation of our leadership in the MSMEs space. We continue a strong focus on small and medium businesses with our impact-focused banking that prioritises loans and other supports for MSMEs, fostering innovations, equal opportunity, entrepreneurship and sustainability.
“We remain one of the largest and most consistent partner for several large-impact empowerment programmes targeting small businesses and young enterpreneurs. We have a deliberate and unyielding commitment to helping the MSMEs ecosystem to grow,” Lawal said.
He noted that the latest award, coming on the back of a similar award, and the choice of Polaris Bank as the “Digital Bank of the Year” at the same BAFI Awards, altogether show the bank’s strong leadership positions in retail and commercial banking.
At the BAFI Awards 2024 in Lagos, Polaris Bank’s trailblasing digital banking platform, VULTe was adjudged the best as “Digital Bank of the Year”, for the fourth consecutive year.
Meanwhile, earlier in September, expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, had also adjudged Polaris Bank as the ‘Best in MSME Lending’ (Banking Sector).
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