Polaris Bank Named MSMEs Best Bank.

Polaris Bank Named MSMEs Best Bank for Third Consecutive Year.

Polaris Bank, a prominent digital retail commercial bank in Nigeria, has been awarded the prestigious title of “Best Bank for MSMEs” for the third consecutive year. This recognition, received at the Banks and Other Financial Institutions (BAFI) Awards, solidifies Polaris Bank’s position as a leader in supporting micro, small, and medium enterprises (MSMEs) in Nigeria.

The BAFI Awards Selection and Review Committee highlighted Polaris Bank’s consistent dedication to MSMEs, noting its outstanding performance across all major indicators within the sector. The bank’s approach includes strategic lending practices and extensive support tailored to the needs of small businesses and the real sector.

Polaris Bank’s Managing Director and CEO, Mr. Kayode Lawal, expressed pride in the ongoing recognition, stating that it underscores the bank’s unwavering commitment to fostering Nigeria’s economic growth and entrepreneurship. According to Mr. Lawal, MSMEs play a crucial role in Nigeria’s economic ecosystem, serving as the largest employers, key drivers of industrialization, and sources of innovation.

With over N60 billion in loans disbursed to MSMEs in just the first eight months of the year, Polaris Bank continues to prioritize small businesses and the real sector under its impact-driven lending model. “This award serves as further encouragement for us and affirms our leadership within the MSMEs space,” noted Mr. Lawal. “Our impact-focused banking prioritizes loans and support for MSMEs, fueling innovation, promoting equal opportunities, and fostering entrepreneurship and sustainability.”

Additionally, Polaris Bank was recognized in September at the inaugural MSME Finance Awards 2024, hosted by Nairametrics and The Economic Forum, where it was named ‘Best in MSME Lending’ within the banking sector. The selection was based on the bank’s commitment to providing sustainable financing options for entrepreneurs, ensuring growth within the MSME ecosystem.

The impact of MSMEs on Nigeria’s economy is immense, as they are the largest employers and contribute significantly to job creation and economic development.