Polaris Bank has been honored as Nigeria’s top bank for lending to Micro, Small, and Medium Enterprises (MSMEs) at the inaugural MSME Finance Awards 2024.
The event, organized by Nairametrics and The Economic Forum, took place at the Civic Centre in Victoria Island, Lagos, where Polaris Bank was awarded the title of ‘Best in MSME Lending’ in the banking sector.
According to a press release from the bank, this recognition highlights Polaris Bank’s longstanding commitment to supporting MSMEs through various funding initiatives.
The selection by expert judges was based on the bank’s consistent efforts to provide accessible financing and foster the growth of MSMEs, which are essential to Nigeria’s economy.
In his acceptance speech, Managing Director Kayode Lawal expressed gratitude for the award, emphasizing the crucial role that MSMEs play in driving innovation, creating jobs, and bolstering the national economy.
“We are honored to receive this prestigious recognition, which reflects our dedication to empowering Nigerian MSMEs. These businesses are vital to the nation’s economic growth, and we take pride in our efforts to provide accessible financing that positively impacts their success,” Lawal stated.
He also praised Nairametrics and The Economic Forum for acknowledging the bank’s contributions, reaffirming Polaris Bank’s commitment to offering tailored solutions that promote the growth and sustainability of MSMEs.
The MSME sector is recognized as the backbone of Nigeria’s economy, contributing approximately 48% to the nation’s GDP and employing around 80% of the workforce, as reported by the International Labour Organisation. Recent data indicates a 3.5% increase in the sector’s contribution to employment in the country.