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Polaris Bank, one of Nigeria’s foremost digital retail commercial banks, has been named the top bank in lending to Micro, Small, and Medium Enterprises (MSMEs) at the 2024 MSME Finance Awards. The award, organized by Nairametrics and The Economic Forum, recognizes the bank’s consistent commitment to supporting MSMEs through various direct and indirect funding channels.
At the award ceremony held in Lagos, expert judges selected Polaris Bank as the ‘Best in MSME Lending’ within the banking sector. The recognition highlights the bank’s efforts in providing sustainable finance and funding to help entrepreneurs in the MSME sector grow their businesses.
MSMEs play a critical role in Nigeria’s economy, serving as the largest employers and contributing significantly to job creation and economic development. According to recent data, MSMEs have increased their employment contribution by 3.5%. The International Labour Organisation (ILO) estimates that MSMEs contribute around 48% to Nigeria’s GDP and account for 80% of total employment.
Held at the Civic Centre in Victoria Island, Lagos, the award ceremony further established Polaris Bank’s leadership in delivering impact-driven financing to key sectors of the Nigerian economy.
Commenting on the award, Kayode Lawal, Managing Director of Polaris Bank, expressed gratitude for the recognition, saying, “We are honored to receive this prestigious award, which reflects our commitment to empowering Nigerian MSMEs. Micro, small, and medium businesses are the backbone of the economy, driving innovation, job creation, and national growth.”
Lawal highlighted the bank’s focus on providing accessible financing and innovative solutions that have positively impacted MSME growth and sustainability. He also praised Nairametrics and The Economic Forum for recognizing Polaris Bank’s efforts and reaffirmed the bank’s commitment to supporting MSMEs by delivering customer-centric services that contribute to Nigeria’s overall economic progress.
“We appreciate the acknowledgment of our team’s dedication to serving Nigeria’s MSME sector. This award reinforces our determination to continue driving financial inclusion, MSME lending, and economic development in the country,” he added.
Nairametrics, a leading financial literacy news platform in Nigeria, explained that the awards aimed to honor financial institutions—including banks, insurance companies, and fintech firms—that have made a tangible impact on the growth and sustainability of MSMEs in Nigeria.
Polaris Bank has been a key player in financing MSMEs, committing billions of naira in loans to support micro, small, and medium businesses. Its initiatives have earned multiple accolades, including the ‘MSME Bank of the Year’ award at BusinessDay’s Banks and Other Financial Institutions Awards (BAFI) in 2022 and 2023. The bank’s efforts continue to drive business growth, job creation, and wealth building across Nigeria’s MSME sector.
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