Over the weekend, Polaris Bank celebrated a noteworthy accomplishment when its in-house digital bank, VULTe, won the title of "Best Digital Bank of the Year" in Nigeria for the third time.
This year's BusinessDay Banks and Other Financial Institutions (BAFI) Awards saw the presentation of the esteemed award. an honor established to recognize performance in the cutthroat financial sector of Nigeria.
The cutting-edge digital banking platform from Polaris Bank, called VULTe, allows users to access bank statements, apply for particular kinds of loans, and open accounts, among other things.
It also serves as an all-in-one solution to fulfill the varied needs of clients and provide simple access to financial services by connecting users with social events and lifestyle trends.
During the previous year, VULTe broadened its scope of services to include retail, high-net-worth individuals, small and medium-sized businesses (SMEs), and individual clients.
Due to this advancement, more than 40 million Nigerian SME owners are now able to obtain collateral-free loans for both personal and commercial use through VULTe. It takes just five minutes to apply for and get approved for a loan of up to N20 million for qualified small business owners and entrepreneurs; there is no need to physically visit a bank branch.
Based on eight important parameters, the BAFI Awards selection committee named VULTe the Best Digital Bank.
These metrics include the effectiveness of the bank's digital customer acquisition strategy, user engagement, the successful adoption of digital offerings, the growth in the number of digital customers, platform security, the range of products available to both corporate and retail customers, proof of the observable advantages of digital initiatives, and the usability, design, and functionality of web and mobile sites.
At the same BAFI Awards ceremony, Polaris Bank won the "Best MSME Bank of the Year" title in addition to this outstanding digital honor.
The bank won twice in a row with this accolade; it was also given the same award in 2022. Polaris Bank was commended by the organizers for its broad support and influence on MSME operators throughout Nigeria.
Polaris Bank has made major financial contributions to improve MSMEs' operations in Nigeria throughout the last nine months.
In order to empower businesses and promote economic growth within the MSME sector, commencing in Lagos, the bank launched a N1 billion fund for MSMEs in May 2022 in collaboration with the Lagos State Employment Trust Fund (LSETF).
Polaris Bank has continuously offered multimillion dollar funding to MSME operators in a range of industries, including the healthcare industry. The bank has also put in place incentives such as facility moratoriums to assist enterprises in overcoming the difficulties posed by the COVID-19 epidemic.
The head of the bank's retail and digital banking division, Dele Adeyinka, thanked Polaris Bank's devoted clients and stakeholders and dedicated the prizes to them.
In addition, he said that the bank will keep up its positive digital influence on MSMEs by continuing to provide cutting-edge banking solutions, reasonably priced loans, and inventive services that benefit all parties involved.
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