Polaris Bank Awarded Nigeria’s Best Bank In MSME Lending
Polaris Bank has been given award for being outstanding in Nigeria as Best Bank In MSME lending.
Polaris Bank, one of Nigeria’s leading retail commercial banks, has been recognized as the country’s Best Bank in Micro, Small, and Medium Enterprises (MSME) lending. The prestigious award was presented at the inaugural MSME Finance Awards 2024, organized by Nairametrics and The Economic Forum, held over the weekend in Lagos.
The bank’s long-standing commitment to supporting MSMEs through both direct and indirect funding channels earned it this recognition. The expert judges at the awards noted Polaris Bank’s dedication to providing sustainable financing solutions that have empowered entrepreneurs to grow their businesses and contribute to the Nigerian economy.
MSMEs play a crucial role in Nigeria’s economy, serving as the largest employers in the country. Recent data shows that the MSME sector has increased its contribution to employment by 3.5%, with the International Labour Organisation (ILO) estimating that MSMEs account for around 48% of Nigeria’s GDP and 80% of total employment.
The award ceremony, held at the Civic Centre, Victoria Island, Lagos, solidified Polaris Bank’s reputation as a leader in MSME lending, reflecting its impact-driven approach to financing critical sectors of the Nigerian economy.
Speaking on the award, Polaris Bank’s Managing Director, Mr. Kayode Lawal, expressed his gratitude for the recognition. “We are honoured to receive this prestigious award, recognizing our commitment to empowering Nigerian MSMEs. Micro, small, and medium businesses are pivotal to national economic growth, driving innovation and job creation,” he said.
Mr. Lawal also commended Nairametrics and The Economic Forum for organizing the awards and reaffirmed Polaris Bank’s commitment to delivering innovative, customer-centric financial solutions. “This award is a motivation for us. Our strategic focus on MSME lending, driving financial inclusion, and promoting Nigeria’s economic development remains something we are fully committed to,” he added.
With a proven track record in empowering MSMEs, Polaris Bank continues to play a pivotal role in growing businesses, creating jobs, and fostering economic development in Nigeria.
Nairametrics, a leading financial literacy platform in Nigeria, explained that the awards were designed to honor financial institutions, including banks, insurance firms, and fintech companies, that have had a significant impact on the MSME sector. Polaris Bank’s consistent support for MSMEs through billions of naira in loans and various innovative lending solutions has earned it multiple recognitions, including the MSME Bank of the Year award at BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI) in 2022 and 2023.
