Polaris Bank, a leading digital retail bank in Nigeria, showcased its digital leadership over the weekend by winning the prestigious “Digital Bank of the Year” award at the Banks and Other Financial Institutions Awards (BAFI Awards) for the fourth consecutive year. The bank’s innovative digital platform, VULTe, was recognized for its excellence in the digital banking ecosystem, particularly for supporting micro, small, and medium enterprises (MSMEs).
In addition to this honor, Polaris Bank also secured the title of “Best Bank for MSMEs of the Year” for the third year running, highlighting its competitive lending practices and strong support for small businesses and the real sector.
With these recent accolades, Polaris Bank remains the only Nigerian bank to maintain such recognition for an extended period, reflecting its ongoing investment in both human and technological resources. The BAFI Awards Selection and Review Committee noted that Polaris Bank outperformed its competitors in several key areas, including customer acquisition strategies, user engagement, and platform security.
Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, emphasized that the consistent recognition of VULTe underscores the platform’s user-friendly and multifunctional capabilities. He mentioned that the bank has experienced significant growth in digital transactions, with digital lending surpassing N10 billion in just the first eight months of the year, likely exceeding the N12.8 billion total from all of 2023.
Lawal highlighted the bank’s focus on enhancing user experience, prioritizing convenience and security through continuous investment in tailored technologies. He expressed gratitude for the award, acknowledging it as a testament to their commitment to the digital banking ecosystem and a responsibility to maintain their technological edge.
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VULTe offers a variety of services, such as QR payments and seamless account opening, enabling customers to perform banking activities without leaving their homes. Additionally, non-customers can access services through the platform, which features API Banking for merchants to integrate VULTe with essential business systems. VULTe aims to provide comprehensive solutions for individual customers, SMEs, and high-net-worth individuals, facilitating quick access to collateral-free loans for both personal and business needs.
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