Nigeria’s Lagos, October 28, 2024: The most prized award for best digital banking and the complete ecosystem for micro, small, and medium-sized businesses (MSMEs) was won by Polaris Bank, Nigeria’s top digital retail commercial bank, which once again demonstrated its digital dominance in the country’s banking sector over the weekend.
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For the fourth year in a row, Polaris Bank’s innovative digital banking platform, VULTe, was named the best “Digital Bank of the Year” at the Banks and Other Financial Institutions accolades (BAFI Awards), the most prestigious accolades in the financial industry.
For the third year in a row, Polaris Bank was also named the “Best Bank for MSMEs of the Year,” highlighting the bank’s renowned competitive financing and general assistance for small enterprises and the real sector.
As the only Nigerian bank to have received the coveted accolades for so long, Polaris Bank continues to hold a prominent position with the weekend awards, highlighting the firm’s ongoing investments in both people and technological resources. Polaris Bank outperformed industry peers in all key metrics, according to the BAFI Awards Selection and Review Committee.
These metrics included platform functionality and security, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, and the strength of the strategy for attracting and gaining digital customers.
One of the most prominent independent awards for the Nigerian financial services sector, the BAFI Awards are highly acclaimed for their empirical and data-driven selection process. Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, commented on the honor, saying that VULTe’s ongoing distinction as the top digital bank highlights the platform’s multifunctional and user-friendly features.
He noted that Polaris Bank has had a huge increase in the market for digital lending and transactions, with digital lending reaching over N10 billion in the first eight months of this year and expected to approach the N12.8 billion recorded for the entire year 2023. According to him, the bank prioritizes simplicity and security with consistent investments in custom technology since it recognizes the significance of the customer experience in online transactions.
“We are honored to be recognized for our dedication to the digital banking environment with this esteemed award. We are making every effort to be at the forefront of technology and services because we recognize that this repeated vote of confidence in our abilities is a duty.
In addition to maintaining our leadership in digital banking and supporting the real sector, Lawal stated, “we are confident that ongoing strategic initiatives will deliver sustainable growth that will firmly entrench our digital leadership across the financial services industry.”
He praised BusinessDay, the BAFI Awards organizers, for their dedication to empirical research. Among the distinctive features of VULTe, a comprehensive digital bank that offers quick, easy, and dependable banking solutions, are QR payments, end-to-end account opening, instant loan requests, debit card requests, issuance, and activation—all without requiring users to leave the comforts of their homes, workplaces, or other locations. Customers of Polaris Bank are not the only users of the platform; non-customers can also download and use VULTe’s financial services.
VULTe’s API Banking is another important feature. It enables organizations and merchants to interface VULTe with other business-critical systems, enabling a range of services like direct debits, bank statement requests, lien accounts, risk assessment, and more. VULTe serves retail clients, SMEs, high net worth, and individual customers with its all-in-one solution.
Individuals and businesses can obtain collateral-free personal and business loans in a matter of minutes.
