Nigeria: Polaris Bank Wins Best Bank for Msme Award

5 November 2024
Daily Trust (Abuja)
By Abdullateef Aliyu

Polaris Bank, Nigeria's leading digital retail commercial 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.

The BAFI Awards Selection and Review Committee stated that Polaris Bank outperformed industry peers in all key indices for the MSMEs ecosystem.

Commenting on the award, Managing Director/CEO of Polaris Bank, Mr. Kayode Lawal, 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 support for MSMEs, fostering innovations, equal opportunity, entrepreneurship and sustainability.

Meanwhile, earlier in September, expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, had also judged Polaris Bank as the 'Best in MSME Lending' (Banking Sector).

The organisers said the choice of the bank was based on its provision of sustainable finance and funding to entrepreneurs in the MSMEs, making a real impact on the ecosystem and ensuring sustainable growth for the sector.

MSMEs are the largest employers in the Nigerian economy, providing immense contributions in job creation and economic activities.

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