Polaris Bank has been honored with the ‘Best in MSME Lending’ award at the 2024 MSME Finance Awards, organized by Nairametrics and The Economic Forum.
The prestigious event, held at the Civic Centre, Victoria Island, Lagos, recognized the bank for its exceptional support to Micro, Small, and Medium Enterprises (MSMEs) through various funding initiatives.
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In a press release, Polaris Bank expressed its pride in the recognition, emphasizing its commitment to promoting the growth of MSMEs, a sector vital to Nigeria’s economy.
The bank’s efforts in providing accessible financing options were a key factor in its selection for the award, according to the panel of expert judges.
Speaking at the event, Polaris Bank’s Managing Director, Kayode Lawal, expressed gratitude for the award, highlighting the importance of MSMEs in driving innovation, job creation, and economic growth in Nigeria.
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“We are deeply honored to receive this award, which recognizes our dedication to empowering MSMEs across the country. These businesses are critical to Nigeria’s economic progress, and we are proud to play a role in their success by providing tailored financing solutions,” Lawal stated.
He also commended the organizers for acknowledging Polaris Bank’s efforts and reaffirmed the bank’s commitment to furthering the growth and sustainability of MSMEs.
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MSMEs are regarded as the backbone of Nigeria’s economy, contributing around 48% to the GDP and employing roughly 80% of the workforce.
Recent figures from the International Labour Organisation indicate a 3.5% increase in the sector’s contribution to employment.
