• Sat. Jul 13th, 2024

Polaris Bank Secures Nigeria’s Best Digital Bank Of The Year Award For Third Consecutive Year


Oct 30, 2023

L-R: Nduneche Ezurike, Group Head, Brand Mngt & Corporate Communication; Bukola Oluyadi, Group Head, Customer Xperience & Value Mngt; Dele Adeyinka, Divisional Head, Retail & Digital Banking; Frank Aigbogun, BusinessDay Publisher; Rasheed Bolarinwa, Head, Corporate Communication; Peter Daniel, Head, Digital Bank & Anthony Aina, Business Analyst, Corporate Banking at the prestigious BusinessDay BAFI Awards Ceremony in Lagos on Saturday where Polaris Bank was adjudged ‘Digital Bank of the Year’ & ‘MSME Bank of the Year 2023’. Photo: Polaris Bank

In a remarkable achievement, Polaris Bank emerged as the recipient of Nigeria’s prestigious ‘Best Digital Bank of the Year’ award for the third consecutive year at the esteemed BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards. The bank’s homegrown digital banking platform, VULTe, clinched this honor, solidifying its position as a trailblazer in the digital banking sphere.

Additionally, Polaris Bank was honored with the ‘Best MSME Bank of the Year’ award at the same ceremony, underscoring its dedication to supporting micro, small, and medium-sized enterprises (MSMEs).

VULTe, Polaris Bank’s innovative digital banking platform, offers a comprehensive range of services, from account opening to loan applications and even providing insights into lifestyle trends and social events. This all-in-one solution strives to provide ultimate convenience to customers and address the everyday challenges of accessing financial services.

Over the past year, VULTe has expanded its capabilities to serve not only individual customers but also SMEs, high-net-worth individuals, and retail customers. Notably, over 40 million MSME operators in Nigeria can now utilize VULTe to secure collateral-free loans for personal and business purposes, with eligible entrepreneurs and SME operators receiving approvals for loans of up to N20 million in as little as 5 minutes, all without the need for in-person bank visits.

The BAFI Awards committee recognized VULTe as the Best Digital Bank based on several metrics, including its strategy for attracting digital customers, user engagement, growth of digital customers, platform security, and more.

In a double win, Polaris Bank was also declared ‘MSME Bank of the Year’ at the same awards ceremony, commending the bank’s substantial impact on MSME operators across Nigeria. Over the past nine months, Polaris Bank has committed significant funds to bolster the operations of MSMEs in Nigeria.

One notable initiative includes the N1 billion fund for MSMEs, launched in partnership with the Lagos State Employment Trust Fund (LSETF) in May 2022. This fund aims to provide vital financial support to empower entrepreneurs and foster wealth creation within the MSME sector, starting in Lagos. Prior to this, Polaris Bank had already extended multi-billion financing to MSME operators in various sectors, including health, offering incentives such as moratoriums on facilities to mitigate the effects of the COVID-19 pandemic on businesses.

During the awards ceremony, Dele Adeyinka, Retail & Digital Banking Divisional Head, expressed the bank’s gratitude to BusinessDay and dedicated the awards to Polaris Bank’s customers and stakeholders. He promised to continue Polaris Bank’s digital impact on MSMEs through innovative banking products and services, striving to create significant value for all stakeholders.

Polaris Bank remains committed to its digital-forward approach, aiming to shape a customer-focused future through innovative partnerships that positively impact businesses and communities.

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