Polaris Bank Recognized as Nigeria’s Leading MSME Lender
Polaris Bank has been honored as Nigeria’s top bank for lending to Micro, Small, and Medium Enterprises (MSMEs) at the inaugural MSME Finance Awards 2024. The event, organized by Nairametrics and The Economic Forum, took place at the Civic Centre in Lagos.
The bank received the ‘Best in MSME Lending’ award in recognition of its sustained efforts to support MSMEs through various funding channels. The selection was based on Polaris Bank’s commitment to providing accessible finance and fostering growth in the MSME sector, which is crucial to Nigeria’s economy.
Kayode Lawal, the Managing Director of Polaris Bank, expressed gratitude for the award and emphasized the critical role of MSMEs in driving innovation, job creation, and supporting the national economy. He reaffirmed the bank’s dedication to offering tailored solutions for MSME growth and sustainability.
The importance of the MSME sector in Nigeria’s economy is significant, contributing approximately 48% to the nation’s GDP and employing around 80% of the workforce, according to the International Labour Organisation. Recent data also indicates a 3.5% increase in the sector’s contribution to employment in the country.
This recognition highlights Polaris Bank’s commitment to supporting a vital sector of Nigeria’s economy and underscores the importance of financial institutions in fostering economic growth through MSME support.
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