Polaris Bank Gets Customers Accolade For Best MSME Bank of the Year Award
Polaris Bank has been recognised as the ‘MSME Bank of the Year 2022’ by the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, thanks to a diverse group of customers.
The award comes on the wake of the bank’s recent efforts to assist SMEs and MSMEs.
Polaris Bank is well-known for its intervention and long-term funding support for Micro, Small, and Medium Enterprises (MSME) firms throughout Nigeria.
Mr. Kenneth Nvene, CEO of Girisim Construction Energy & Trade Nig. Limited and a customer of the bank, stated that the honour is well deserved. Mr. Nvene described his experience with obtaining a business loan from the bank as being extremely beneficial to the day-to-day operations of his company, particularly because the interest rate is reasonable and the approval period for obtaining the loan was quick.
Another Polaris Bank customer, Ms Ngozi Okoli, CEO of Emmy Godstime Rice Ventures, who got an overdraft facility, said Polaris Bank is deserving of the honour while also noting that her firm has improved as a result.
“I was able to stock up goods and meet my customers’ demands as and when due which is for me, the game chea of business,” she said.
Because of her experience, she went on to refer Polaris Business loan to another company known as Kambel Rice Ltd. Polaris Bank’s Group Head, Products and Market Development, Mrs. Adebimpe Ihekuna described the award as a welcome development and attributed it to the Bank’s innovative way of helping MSMEs meet their business objectives. Mrs. Ihekuna noted that the Bank’s support for the growth and development of MSMEs in the country stems from a recognition of this sector as a critical agent of economic transformation in Nigeria.
She explained further that over the years, Polaris Bank’s support to MSMEs through a comprehensive business advisory system, has helped especially small businesses to weather the storm of the peculiar business environment of Nigeria thereby repositioning many of them for sustainability and growth.
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Through its SME-focused products and initiatives, Polaris Bank offers some of the following services to customers: Business Registration Support, Polaris SME Academy, SME Digital Marketing Training, Polaris Business Advisory, Polaris SME Toolbox, and Polaris E-Commerce Platform. Loans to MSMEs at Polaris Bank is fully digitized, end-to-end, with instant disbursement.
There is no need for branch visits or paperwork. Non-account holders are also digitally profiled and can receive loans quickly after being profiled, a unique feat exclusively possible and offered by Polaris Bank.
Polaris Bank, in collaboration with the Lagos State Employment Trust Fund, announced a N1 billion fund for MSMEs in May of this year (LSETF). Polaris Bank had promised and contributed close to N70 billion to Micro, Small, and Medium Enterprise (MSMEs) from January 2021 to date prior to the creation of the N1 billion MSME Fund.
According to a report from the Nigeria Bureau of Statistics, SMEs in Nigeria contributed approximately 48% of the national GDP during the last five years. With a total population of over 17.4 million, they account for approximately 50% of industrial jobs and roughly 90% of the manufacturing sector in terms of enterprise number.
The BusinessDay BAFI Awards have long been acknowledged as an industry standard for superior banking and financial services excellence. The annual awards recognise meritorious financial institutions and business groups that drive financial innovation in Nigeria.
They reflect on the financial sector’s accomplishments, tactics, and innovative and inspiring changes. Polaris Bank, named Digital Bank of the Year for 2021 and 2022, is a forward-thinking financial institution dedicated to providing industry-leading products to consumers and businesses.
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