Polaris Bank has been recognised as Nigeria’s leading bank in lending to Micro, Small, and Medium Enterprises at the inaugural MSME Finance Awards 2024.
The award was organized by Nairametrics and The Economic Forum.
The ceremony, held at the Civic Centre, Victoria Island, Lagos, saw Polaris Bank clinching the title of ‘Best in MSME Lending’ in the banking sector.
“The award recognised Polaris Bank’s longstanding commitments to supporting MSMEs through several direct and indirect funding channels,” a press release from the bank seen on Wednesday read.
The expert judges said the bank’s selection was driven by its sustained efforts in delivering accessible finance and promoting the growth of MSMEs, which are critical to Nigeria’s economy.
In his acceptance speech, the Managing Director of the bank, Kayode Lawal, expressed gratitude for the recognition.
He emphasised the vital role MSMEs play in driving innovation, creating jobs, and supporting the national economy.
Lawal stated, “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, and we are glad that our dedication to providing accessible financing has made a tangible impact on these vital businesses.”
He further commended Nairametrics and The Economic Forum for acknowledging the bank’s contributions and reaffirmed Polaris Bank’s commitment to providing tailored solutions that enhance the growth and sustainability of MSMEs.
The MSME sector is widely regarded as the backbone of Nigeria’s economy, contributing approximately 48% to the nation’s GDP and employing around 80% of the workforce, according to the International Labour Organisation
Recent data also shows a 3.5% increase in the sector’s contribution to employment in the country.