Polaris Bank wins ‘Best in MSME lending’ award

Polaris Bank has been honored as the top bank for lending to Micro, Small, and Medium Enterprises (MSMEs) at the first-ever MSME Finance Awards 2024. This event was organized by Nairametrics in collaboration with The Economic Forum.

The awards ceremony took place at the Civic Centre in Victoria Island, Lagos, where Polaris Bank was recognized with the title of ‘Best in MSME Lending’ within the banking industry. A press release from the bank, circulated on Wednesday, highlighted that the award reflects Polaris Bank’s enduring commitment to supporting MSMEs through various funding initiatives.

Judges praised the bank for its ongoing efforts to provide accessible financing and foster the growth of MSMEs, which play a crucial role in Nigeria’s economic landscape.

In his acceptance speech, Kayode Lawal, the Managing Director of Polaris Bank, expressed his appreciation for the recognition. He underscored the essential contribution of MSMEs to innovation, job creation, and overall economic support.

“We are privileged to receive this esteemed award that acknowledges our dedication to empowering Nigerian MSMEs. These enterprises are fundamental to our national economic development, and we are proud that our focus on accessible financing has made a significant difference for these important businesses,” Lawal stated.

He also thanked Nairametrics and The Economic Forum for recognizing the bank’s efforts and reaffirmed Polaris Bank’s commitment to providing customized solutions that promote the growth and sustainability of MSMEs.

The MSME sector is considered the backbone of Nigeria’s economy, contributing about 48% of the country’s GDP and employing approximately 80% of the workforce, as noted by the International Labour Organization. Recent statistics indicate a 3.5% rise in the sector’s employment contribution across the nation.