Polaris Bank’s custom virtual bank, VULTe, won Nigeria’s “Best Digital Bank of the Year” award for the third time at BusinessDAY’s prestigious Banks and Other Financial Institutions (BAFI) awards. Polaris Bank won the “Best MSME Bank of the Year” award at the same event.
At the presentation of the Best Digital Bank award to Polaris Bank, the organizers of the BAFI Awards that the Awards Selection and Review Committee chose Polaris Bank’s VULTe as the winner, after outperforming its industry peers, in 8 metrics to consider.
Metrics include: the strength of the strategy to attract and win virtual consumers, the acceleration of user engagement, the good fortune of driving consumers to use virtual offerings, the growth of virtual visitors, and the security of the platform.
Other metrics include the breadth of product offerings aimed at retail and commercial customers, tangible evidence of virtual projects, and website/mobile design, intuitiveness, and functionality.
VULTe is a virtual banking platform designed to allow consumers to complete all banking transactions, from opening an account to applying for certain categories of loans and generating bank statements. It also connects the visitor to observe lifestyle trends and social events. It is an all-in-one solution created to provide maximum convenience to consumers and designed to provide answers to the demanding daily situations of accessing money and more.
Over the past 12 months, VULTe has evolved from being more targeted at individual consumers to enhanced features to offer seamless self-service to SMBs, high-net-worth customers, and individuals. The more than 40 million MSME operators in Nigeria can now simply use VULTe for unsecured loans for commercial and non-public purposes; where eligible SME marketers and operators can apply and get up to 20 million naira in five minutes without having to go to the bank in person.
Similarly, Polaris Bank was declared ‘MSME Bank of the Year’, which is a back-to-back win for the bank (after winning the same award in 2022) in what organisers described as the bank’s abundant effect on MSME operators. across Nigeria.
In recent months, Polaris Bank has committed billions in loans to expand the operations of MSMEs operating in Nigeria.
Polaris Bank had introduced a Na 1 billion fund for MSMEs in May 2022 in partnership with the Lagos State Employment Trust Fund (LSETF) in what the bank said aimed to provide much-needed financing to build wealth and empower marketers and MSME sector players in Nigeria. starting with Lagos.
Prior to the release of the $1 billion MSME Fund, Polaris Bank had committed, and indeed continued, to provide multi-billion dollar financing to MSME operators across sectors, adding healthcare, among other incentives, such as a moratorium on services to protect businesses following the effect of the COVID-19. 19 pandemic on businesses.
Accepting the award on behalf of the bank, Dele Adeyinka, head of the retail division
Polaris Bank is a forward-thinking bank committed to forging a long-term, customer-centric relationship through cutting-edge partnerships that reshape businesses and communities.
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