Polaris Bank emerged as the standout performer over the weekend, with its in-house digital bank, VULTe, securing the coveted title of ‘Best Digital Bank of the Year’ at the prestigious BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards for the third consecutive time. This remarkable achievement was complemented by Polaris Bank’s recognition as the ‘Best MSME Bank of the Year’ at the same event.
VULTe, Polaris Bank’s indigenous digital banking platform, has been meticulously crafted to cater to a wide array of customer needs, encompassing everything from account initiation to loan application and statement generation. Additionally, VULTe serves as a gateway for customers to explore lifestyle trends and social happenings, providing an all-encompassing solution designed to offer the utmost convenience and tackle the daily challenges associated with accessing financial services.
Over the past year, VULTe has significantly expanded its capabilities beyond individual customers, now offering seamless self-service options to Small and Medium-sized Enterprises (SMEs), High Net Worth individuals, and retail customers.
The most notable development is the opportunity for the over 40 million Micro, Small, and Medium Enterprises (MSME) operators in Nigeria to access collateral-free loans for personal and business purposes through VULTe. Eligible entrepreneurs and SME operators can apply for and secure loans of up to N20 million in just five minutes without needing to visit a physical bank location.
The decision to award Polaris Bank the title of Best Digital Bank at the BAFI Awards was influenced by VULTe’s exceptional performance, surpassing industry peers in eight key metrics. These metrics include the strength of the bank’s strategy for attracting and retaining digital customers, user engagement, the success of digital offerings, the growth of digital customers, platform security, the range of products for retail and corporate clients, tangible benefits derived from digital initiatives, and web/mobile site design, intuitiveness, and functionality.
Moreover, Polaris Bank was also named ‘MSME Bank of the Year’ at the same BAFI Awards, marking a second consecutive victory in this category. This recognition underscores the bank’s extensive contributions to MSME operators across Nigeria.
Over the past nine months, Polaris Bank has allocated substantial funds to support the expansion of MSME operations in Nigeria. In May 2022, the bank launched a N1 billion fund for MSMEs in collaboration with the Lagos State Employment Trust Fund (LSETF). This initiative aimed to provide essential funding for wealth creation and empowerment of entrepreneurs within the MSME sector, starting with Lagos.
Before the launch of the N1 billion MSME Fund, Polaris Bank had already provided multi-billion financing to MSME operators across various sectors, including health, while offering incentives like moratoriums on facilities to cushion businesses during the COVID-19 pandemic’s economic impact.
Accepting the award on behalf of the bank, Dele Adeyinka, the Divisional Head of Retail & Digital Banking, expressed gratitude to BusinessDay for the recognition. He dedicated the awards to Polaris Bank’s customers and stakeholders, acknowledging their role in shaping VULTe’s success. Adeyinka assured that Polaris Bank’s commitment to digital empowerment for MSMEs would persist through innovative banking products, accessible finance, and creative services aimed at delivering substantial value to all stakeholders.
Polaris Bank is a forward-looking digital bank that remains steadfast in its dedication to a customer-centric future, facilitated by innovative partnerships that reshape both businesses and communities.
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