Polaris emerges top bank in MSME lending

Polaris Bank has emerged Nigeria’s topmost lender to the Micro, Small and Medium Enterprises (MSMEs).

The award recognised Polaris’s longstanding commitment to supporting MSMEs through several direct and indirect funding channels.

Expert judges at the inaugural MSME Finance Awards 2024, organised recently said the choice of Polaris Bank as the ‘Best in MSME Lending’ (banking sector) was based on the bank’s provision of sustainable finance and funding to entrepreneurs in the MSMEs sector to grow their businesses.

According to experts, MSMEs are the largest employers in the Nigerian economy, providing immense contributions to job creation and economic activities. The contribution of the MSME sector to employment had increased by 3.5 percent.

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The International Labour Organisation (ILO) estimates that MSMEs contribute around 48 percent to GDP and around 80 percent of total employment in Nigeria.

Kayode Lawal, managing director, Polaris Bank, said that they were honoured to receive the award, recognising their commitment to empowering Nigerian MSMEs as they are pivotal to national economic growth, the backbone for large corporations, and drive innovation and job creation.

“We are glad that our dedication to providing accessible financing and tailor-made innovative solutions has made a tangible impact on the growth and sustainability of these vital businesses,” Lawal said.

He commended Nairametrics and The Economic Forum series for the award and assured of Polaris Bank’s continued commitment to MSMEs empowerment by delivering innovative and exceptional customer-centric services and solutions that propel Nigeria’s overall economic advancement.

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“This award is a motivation for us, our strategic focus on MSME lending, driving financial inclusion, and promoting Nigeria’s economic development remains something we are committed to,’’ Lawal stated.

Polaris Bank has built a footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with a huge lending portfolio dedicated to empowering micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.