Polaris Bank Clinches Digital Bank of the Year, Best Bank for MSMEs at BAFI Awards
Polaris Bank, one of Nigeria’s leading digital retail commercial banks, has solidified its position as a digital powerhouse, sweeping top honours at the Banks and Other Financial Institutions Awards (BAFI Awards) over the weekend.
The bank won the prestigious titles of “Digital Bank of the Year” and “Best Bank for MSMEs of the Year,” marking a remarkable fourth consecutive year for the former and a third for the latter.
The accolades reinforce Polaris Bank’s dominance in digital banking through its innovative platform, VULTe, which continues to set standards for customer engagement, security, and functionality.
The bank’s sustained recognition reflects its commitment to digital excellence and targeted support for micro, small, and medium enterprises (MSMEs), a vital segment of Nigeria’s economy.
The BAFI Awards Selection and Review Committee highlighted Polaris Bank’s superior performance across critical metrics, including its strategic approach to digital customer acquisition, platform security, and the expansion of its digital offerings.
This data-driven evaluation process, known for its transparency, has established the BAFI Awards as one of the foremost independent honours within Nigeria’s financial services sector.
Commenting on the achievement, Managing Director and CEO of Polaris Bank, Mr. Kayode Lawal, remarked on the success of VULTe, the bank’s digital banking platform.
“The continued recognition of VULTe as the leading digital bank underscores its user-centric, multi-functional strengths. Our digital lending has already exceeded N10 billion within the first eight months of the year, positioning us to surpass last year’s total of N12.8 billion,” Lawal shared.
Highlighting Polaris Bank’s focus on convenience and security, Mr. Lawal added, “Receiving this prestigious award reaffirms our commitment to advancing the digital banking ecosystem.
“We view this as a responsibility, propelling us to remain at the forefront of technological innovation. We are confident that our strategic initiatives will sustain our leadership in digital banking, benefitting both our customers and the wider financial sector.”
VULTe, a fully digital banking solution, offers a wide range of services designed for ease and flexibility.
Among its standout features are QR payments, account opening, loan requests, and debit card issuance, all accessible remotely.
The platform also caters to non-customers, making it a versatile tool for broader engagement within Nigeria’s banking landscape.
In addition, VULTe’s API Banking capability allows businesses to integrate with critical systems, offering advanced functionalities such as risk assessment, bank statement requests, and direct debits.
The platform’s end-to-end solutions extend beyond individual needs, serving high-net-worth individuals, SMEs, and retail customers alike. With instant access to collateral-free loans, VULTe empowers a diverse customer base, providing crucial financial support that drives growth across the economy.
Mr. Lawal concluded by expressing gratitude to BusinessDay, the organisers of the BAFI Awards, for their commitment to an empirical assessment process.
The award reaffirms Polaris Bank’s position at the forefront of digital banking innovation, ensuring sustained growth and enhanced customer satisfaction in Nigeria’s evolving financial landscape.
