Polaris Bank has been recognized as Nigeria’s top bank in lending to Micro, Small, and Medium Enterprises (MSMEs) at the inaugural 2024 MSME Finance Awards, organized by Nairametrics and The Economic Forum.
Held at the Civic Centre in Victoria Island, Lagos, the award acknowledged Polaris Bank’s sustained commitment to supporting MSMEs through various funding channels. The bank’s efforts in delivering accessible finance and promoting the growth of these vital businesses earned it the title of ‘Best in MSME Lending.’
In his acceptance speech, Polaris Bank’s Managing Director, Kayode Lawal, expressed gratitude for the recognition and emphasized the key role MSMEs play in driving Nigeria’s economy. He stated, “We are honoured to receive this prestigious award, recognizing our commitment to empowering Nigerian MSMEs. These businesses are crucial to national economic growth, and we are glad our dedication to accessible financing has made a tangible impact.”
The MSME sector is a major contributor to Nigeria’s economy, accounting for about 48% of GDP and employing approximately 80% of the workforce, according to the International Labour Organisation. Recent data also shows a 3.5% increase in the sector’s employment contribution, reinforcing its importance to the country’s economic stability.
Polaris Bank’s recognition reflects its ongoing efforts to enhance the sustainability and growth of Nigeria’s MSMEs.
