Polaris Bank has been recognized as Nigeria’s foremost bank for lending to Micro, Small, and Medium Enterprises at the inaugural MSME Finance Awards 2024, hosted by Nairametrics and The Economic Forum. The award ceremony took place at the Civic Centre in Victoria Island, Lagos, where the bank secured the title of ‘Best in MSME Lending’ in the banking sector.
The award highlights Polaris Bank’s long-term commitment to supporting MSMEs through various direct and indirect funding options. A press release from the bank emphasized this dedication, noting that expert judges selected Polaris for its consistent efforts to make financing accessible and promote the growth of these vital enterprises, which are essential to Nigeria’s economy.
In his acceptance speech, Kayode Lawal, the bank’s Managing Director, expressed gratitude for the recognition. He highlighted the crucial role MSMEs play in fostering innovation, creating jobs, and bolstering the national economy.
Lawal stated, “We are privileged to receive this esteemed award, which reflects our commitment to empowering Nigerian MSMEs. Micro, small, and medium businesses are essential to national economic growth, and we are pleased that our focus on accessible financing has positively impacted these important enterprises.”
He also praised Nairametrics and The Economic Forum for recognizing the bank’s efforts and reaffirmed Polaris Bank’s pledge to deliver tailored solutions that enhance the growth and sustainability of MSMEs.
The MSME sector is widely acknowledged 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 statistics indicate a 3.5% increase in the sector’s contribution to employment within the country.
