Polaris Bank wins ‘Best in MSME lending’ award

Polaris Bank has emerged winner as Nigeria’s topmost bank in lending to the Micro, Small and Medium Enterprises (MSMEs).

The bank’s Head of Corporate Communications, Mr Rasheed Bolarinwa, said this in a statement on Monday in Lagos.

Bolarinwa said that Polaris Bank received the award at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, over the weekend.

He said that the award recognised Polaris Bank’s longstanding commitments to supporting MSMEs through direct and indirect funding channels.

Meanwhile, the Managing Director of Polaris Bank, Mr Kayode Lawal, said that the bank was honoured to win the award recognising its commitment to empowering Nigerian MSMEs.

“Micro, small, and medium businesses are pivotal to national economic growth; they are the backbone for large corporations and drive 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 said.

Lawal commended Nairametrics and The Economic Forum series for the award.

He said that the bank would continue in it’s commitment to MSMEs empowerment through innovative and exceptional customer services and solutions for Nigeria’s economic advancement.

“We are grateful to Nairametrics and The Economic Forum for this recognition, acknowledging our team’s relentless efforts to provide innovative and exceptional services to Nigeria’s MSME sector.

“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 committed to,” he said.

The event organisers said that the nomination and subsequent conferment of award on Polaris Bank and other finalists was to honour financial services organisations that impacted sustainable growth of MSMEs in Nigeria.

They said that Polaris Bank had built resilience in financing MSMEs by committing billions of Naira in loans to support their operations in Nigeria.

They said that the initiatives earned Polaris Bank multiple awards and recognitions, including the 2022 and 2023 MSME Bank of the Year award by BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI).

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

Recent data showed that the contribution of the MSME sector to employment had increased by 3.5 per cent.

The International Labour Organisation (ILO) estimated that MSMEs contribute around 48 per cent to GDP and around 80 per cent of total employment in Nigeria.