Polaris Bank, a leading retail commercial bank in Nigeria, has emerged as the Best Bank in Micro, Small, and Medium Enterprises (MSMEs) lending at the inaugural MSME Finance Awards 2024.
The award, organized by Nairametrics and The Economic Forum, acknowledges Polaris Bank’s commitment to supporting MSMEs through various funding channels.
The expert judges praised Polaris Bank for providing sustainable finance and funding to entrepreneurs in the MSME sector, enabling them to grow their businesses. MSMEs are the largest employers in the Nigerian economy, contributing significantly to job creation and economic activities.
Recent data shows that the MSME sector’s contribution to employment has increased by 3.5%, with the International Labour Organisation (ILO) estimating that MSMEs contribute around 48% to Nigeria’s GDP and 80% of total employment.
Polaris Bank’s Managing Director, Kayode Lawal, expressed gratitude for the award, stating, “We are honored to receive this recognition, acknowledging our commitment to empowering Nigerian MSMEs.
“Micro, small, and medium businesses are pivotal to national economic growth; they drive innovation and job creation.”
Lawal commended Nairametrics and The Economic Forum for the award and assured of Polaris Bank’s continued commitment to MSME empowerment through innovative and exceptional customer-centric services.
Nairametrics explained that the award recognizes financial services organizations making a real impact on MSMEs in Nigeria, ensuring sustainable growth for the sector.
Polaris Bank has committed billions of naira in loans to support MSME operations, earning multiple awards, including the 2022 and 2023 MSME Bank of the Year award by BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI).
This recognition solidifies Polaris Bank’s position as a leader in MSME lending, driving financial inclusion and promoting Nigeria’s economic development.
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