Polaris Bank emerges Nigeria’s top bank in MSME lending

Nigeria’s leading digital retail commercial bank, Polaris Bank, was adjudged at the weekend as Nigeria’s topmost bank in lending to the Micro, Small and Medium Enterprises (MSMEs).

The award recognised Polaris Bank’s longstanding commitments to supporting MSMEs through several direct and indirect funding channels.

Expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, at the weekend in Lagos, said the choice of Polaris Bank as the ‘Best in MSME Lending’ (Banking Sector) was based on the bank’s provision of sustainable finance and funding to entrepreneurs in the MSMEs sector to grow their businesses.

MSMEs are 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.

The award ceremony, held at the upscale Civic Centre, Victoria Island, Lagos, cemented Polaris Bank’s reputation as a pacesetter in industry standards for lending and impact-driven financing to critical sectors of the Nigerian economy.

Commenting on the award, Managing Director, Polaris Bank, Kayode Lawal, said: “We are honoured to receive this prestigious award, recognising our 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 commended Nairametrics and The Economic Forum series for the award and assured of Polaris Bank’s continued commitment to MSMEs empowerment by delivering innovative and exceptional customer-centric services and solutions that propel Nigeria’s overall 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 stated.

Nairametrics, Nigeria’s leading financial literacy news platform, explained that the nomination and subsequent award bestowed on Polaris Bank and other finalists were meant to honour financial services organizations—including banks, insurance companies, and fintech companies—that have made a real impact on MSMEs in Nigeria, ensuring sustainable growth for the sector.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empowering micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth. These initiatives have 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).