By Esther Agbo
Polaris Bank has once again affirmed its leadership in supporting Micro, Small, and Medium Enterprises (MSMEs), emerging as Nigeria’s Best Bank in MSME lending.
This recognition, awarded at the inaugural MSME Finance Awards 2024, highlights the bank’s sustained focus on bolstering Nigeria’s entrepreneurial landscape through several direct and indirect funding channels.
The award ceremony, hosted by Nairametrics and The Economic Forum, took place in Lagos over the weekend.
The expert panel cited Polaris Bank’s impact-driven approach and sustainable funding channels as pivotal in empowering MSMEs, a sector that remains critical to Nigeria’s economic growth.
According to The International Labour Organisation (ILO), with MSMEs contributing an estimated 48 percent to the nation’s GDP and around 80 percent to total employment, the bank’s role in financing these businesses is vital for job creation and economic stability.
This acknowledgment also underscores the bank’s commitment to fostering financial inclusion and supporting Nigeria’s entrepreneurial ecosystem.
According to recent data, MSMEs’ contribution to employment increased by 3.5 percent, showcasing the sector’s growth in enhancing economic activity.
Polaris Bank’s Managing Director, Kayode Lawal, expressed gratitude for the award, noting that MSMEs are the backbone of national development.
“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,” Lawal remarked.
He further reiterated the bank’s strategic focus on promoting sustainable finance and developing initiatives that contribute to the long-term success of MSMEs, while thanking the organisers for the award.
“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 added.
Polaris Bank has long established its commitment to MSMEs by dedicating billions of naira to support their operations across the country. Its financing portfolio is tailored to the needs of entrepreneurs seeking to scale their businesses, create jobs, and contribute to the broader goal of wealth generation.
With numerous accolades under its belt, including BusinessDAY’s MSME Bank of the Year Award in 2022 and 2023, Polaris Bank remains a critical player in Nigeria’s MSMEs.