This accolade highlights Polaris Bank's enduring dedication to supporting MSMEs through various direct and indirect funding avenues.
Expert judges at the inaugural MSME Finance Awards 2024, organized by Nairametrics and The Economic Forum in Lagos, selected Polaris Bank as the 'Best in MSME Lending' in the Banking Sector due to its provision of sustainable financing options that enable entrepreneurs within the MSME sector to expand their businesses.
MSMEs play a crucial role in the Nigerian economy, serving as the largest employers and significantly contributing to job creation and economic activities.
Recent statistics indicate a 3.5 percent increase in the MSME sector's contribution to employment. The International Labour Organisation (ILO) estimates that MSMEs account for approximately 48 percent of GDP and around 80 percent of total employment in Nigeria.
The award ceremony, held at the prestigious Civic Centre in Victoria Island, Lagos, further solidified Polaris Bank's status as a leader in setting industry standards for lending and impact-driven financing in vital sectors of the Nigerian economy.
In response to the award, Mr. Kayode Lawal, Managing Director of Polaris Bank, stated, “We are privileged to receive this esteemed recognition, which underscores our commitment to empowering Nigerian MSMEs.
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| From left: Head, Digital Bank, Polaris Bank, Peter Daniels; Divisional Head, Retail & Digital Bank, Polaris Bank, Dele Adeyinka; Niger State Commissioner for Digital Economy; Suleiman Isa; Group Head, Customer Experience & Value Management, Polaris Bank, Bukola Oluyadi and Head, Retail SME, Polaris Bank, Chukwuemeka Ajiere at the maiden MSME Award. |
Micro, small, and medium enterprises are essential to national economic development; they serve as the foundation for larger corporations and are key drivers of 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.’’
He praised Nairametrics and The Economic Forum series for the recognition and reaffirmed Polaris Bank’s ongoing dedication to empowering MSMEs through the provision of innovative and customer-focused services and solutions that drive Nigeria's economic progress.
“We appreciate this acknowledgment, which reflects our team's unwavering commitment to delivering exceptional services to Nigeria’s MSME sector. This award serves as an inspiration for us; we remain focused on MSME lending, enhancing financial inclusion, and fostering Nigeria’s economic growth,” he remarked.
The organizers clarified that the nomination and award given to Polaris Bank and other finalists were intended to recognize financial service organizations—including banks, insurance firms, and fintech companies—that have significantly impacted MSMEs in Nigeria, promoting sustainable growth within the sector.
Polaris Bank has established a robust presence in MSME financing by allocating billions of naira in loans to support MSME activities in Nigeria, with a substantial lending portfolio aimed at empowering micro, small, and medium enterprises to foster business growth, create jobs, and generate wealth.
These efforts have garnered Polaris Bank numerous accolades, including the MSME Bank of the Year award for both 2022 and 2023 from BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI).