Polaris Bank Wins Best Digital Bank Award for the Fourth Year

Polaris Bank, Nigeria’s digital retail commercial bank, again at the weekend proved its digital dominance in the Nigerian banking industry, winning the most-coveted award as the best in digital banking and the entire ecosystem for micro, small and medium enterprises (MSMEs).

At the Banks and Other Financial Institutions Awards (BAFI Awards), financial industry’s prestigious awards, Polaris Bank’s trailblasing digital banking platform, VULTe was adjudged the best as “Digital Bank of the Year”, for the fourth consecutive year.

Polaris Bank was also awarded “Best Bank for MSMEs of the Year”, for the third consecutive year, underlining the bank’s well-known competitive lending and general supports for small businesses and the real sector.

With the awards, Polaris Bank retains a pride of place as the only Nigerian bank to have won the coveted awards for that long, underscoring the bank’s continuous investments in human and technological resources.

The BAFI Awards Selection and Review Committee stated that Polaris Bank outperformed industry peers in all key metrics, including strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, platform functionality and security.

BAFI Awards is well-regarded for its empirical and data-driven selection process, a practice that makes the awards, one of the most prestigious independent awards for the Nigerian financial services industry. 

Commenting on the award, Managing Directo/CEO, Polaris Bank, Mr. Kayode Lawal, said the continuing recognition of VULTe as best digital bank emphasised the user-friendly and multi-functional strengths of the digital platform.

He pointed out that Polaris Bank had seen tremendous market gain in digital transactions and lending with digital lending totaling more than N10 billion in the first eight months of this year, on course to surpass the N12.8 billion recorded for the whole of 2023.

He said the bank understood the importance of user-experience in online transactions and thus prioritises convenience and safety, with sustained investments in bespoke technologies.

“We are honoured to receive this prestigious award, recognising our commitment to the digital banking ecosystem. We understand clearly that this consecutive vote of confidence on our capability is a responsibility, and we are doing everything to remain on the cutting-edge of technology and services.

“We are sure ongoing strategic initiatives will not only sustain our leadership in digital banking and supports for real sector, but also deliver sustainable growth that will firmly entrench our digital leadership across the financial services industry,” Lawal said.