LAGOS/Nigeria: In a shining moment over the weekend, Polaris Bank’s home-grown digital banking platform, VULTe, secured the prestigious ‘Best Digital Bank of the Year’ accolade for the third consecutive time at the illustrious BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards in Nigeria.
Adding to its triumphant night, Polaris Bank also clinched the ‘Best MSME Bank of the Year’ award at the same event, solidifying its commitment to supporting small and medium-sized enterprises.
VULTe, the innovative digital banking platform, has been tailor-made to offer a comprehensive range of banking services, from account opening to loan applications, while also providing customers with insights into lifestyle trends and social events. This all-in-one solution aims to provide unparalleled convenience for customers and address the everyday challenges of accessing financial services.
Over the past year, VULTe has expanded its capabilities, extending its seamless self-service offerings to SMEs, High Net worth individuals, and retail customers. Notably, over 40 million MSME operators in Nigeria can now leverage VULTe to access collateral-free loans for both personal and business purposes, with eligible entrepreneurs and SME operators potentially obtaining up to N20 million in just five minutes without visiting a physical bank branch.
BAFI Awards organizers, when presenting the Best Digital Bank award to Polaris Bank, revealed that VULTe triumphed over its industry peers, excelling across eight key metrics, including its digital customer acquisition strategy, user engagement, success in driving digital adoption, growth of its digital customer base, and robust platform security.
Moreover, the platform’s breadth of product offerings for retail and corporate clients, evidence of tangible benefits from digital initiatives, and the quality of its web and mobile site design contributed to its victory.
In a double triumph, Polaris Bank also secured the title of ‘MSME Bank of the Year,’ marking its second consecutive win in this category. The organizers acknowledged the bank’s significant impact on MSME operators across Nigeria, thanks to its dedication to fostering their growth and success.
Over the past nine months, Polaris Bank has allocated substantial funds to support the expansion of MSMEs in Nigeria. In May 2022, the bank launched a N1 billion fund for MSMEs in partnership with the Lagos State Employment Trust Fund (LSETF), with the aim of providing essential funding to foster wealth creation and empower entrepreneurs within the MSME sector, starting in Lagos.
Prior to this initiative, Polaris Bank had already committed substantial financing to support MSMEs across various sectors, offering incentives such as moratoriums on facilities to cushion businesses against the economic impacts of the COVID-19 pandemic.
Dele Adeyinka, Retail & Digital Banking Divisional Head, graciously accepted the awards on behalf of Polaris Bank and expressed the bank’s gratitude to BusinessDay for the recognition. He dedicated the accolades to the bank’s valued customers and stakeholders and pledged Polaris Bank’s continued commitment to digitally empower MSMEs through innovative banking products, affordable finance, and creative services that provide substantial value to all stakeholders.
Polaris Bank, a forward-looking digital institution, remains dedicated to shaping a customer-focused future through innovative partnerships that transform both businesses and communities.
