Polaris Bank retains best digital bank award for the fourth year

Polaris Bank retains best digital bank award for the fourth year

By prince Benson Davies

Polaris Bank, Nigeria’s leading 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), the financial industry’s prestigious awards, Polaris Bank’s trailblazing 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, underscoring the bank’s well-known competitive lending and general support for small businesses and the real sector.

With the weekend awards, Polaris Bank retains 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 Director/CEO, Polaris Bank, Mr. Kayode Lawal, said the continuing recognition of VULTe as the best digital bank emphasises the user-friendly and multi-functional strengths of the digital platform.

He pointed out that Polaris Bank has 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 understands 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 in 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 support for the real sector but also deliver sustainable growth that will firmly entrench our digital leadership across the financial services industry,” Lawal said.

He commended the organisers of the BAFI Awards, BusinessDay, for their commitment to the empirical process.

A full digital bank that provides fast, convenient, and reliable solutions to banking needs; some of VULTe’s unique features include: QR payments, end-to-end account opening, instant loan request, debit card request, issuance, and activation, without the customers leaving the comfort of their homes, offices, or wherever they may be.

The platform does not just cater to Polaris Bank’s customers alone, but non-customers alike who can also download and enjoy banking services on VULTe. Another key feature is VULTe’s API Banking, which allows merchants and businesses to integrate VULTe with other business critical systems, enabling a portfolio of services including risk assessment, bank statement requests, lien accounts, direct debits, and more.

With its all-in-one solution, VULTe not only caters to individual customers but also SMEs, high net worth, and retail customers. It takes a few minutes to access collateral-free personal and business loans that enable individuals and enterprises of customers.