In an era where small businesses (MSMEs) account for a staggering 80% of total employment in many countries, their role in economic development cannot be overstated.
However, despite their importance, many face significant challenges in accessing the funding necessary for growth.
Recently, Nigeria’s leading digital retail commercial bank, Polaris Bank, was awarded the top bank in lending to Micro, Small, and Medium Enterprises (MSMEs). The award came in the last weekened of September.
This recognition highlights Polaris Bank’s longstanding commitment to supporting MSMEs through various funding channels, both direct and indirect.
Award Details
The inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum in Lagos, featured expert judges who selected Polaris Bank as the ‘Best in MSME Lending’ in the banking sector.
Specifically, their decision was based on the bank’s provision of sustainable finance to entrepreneurs, helping them grow their businesses.
Statement From Polaris Bank
Kayode Lawal, the Managing Director of Polaris Bank, expressed pride in receiving the award.
He stated: “We are honoured to receive this prestigious award, recognising our commitment to empowering Nigerian MSMEs.
“Micro, small, and medium businesses are pivotal to national economic growth.
“They are the backbone for large corporations and drive innovation and job creation”.
Lawal also emphasised the bank’s efforts to provide accessible financing and tailored innovative solutions that have positively impacted the growth and sustainability of these essential businesses.
Commitment to MSMEs
He also commended Nairametrics and The Economic Forum for the award and reaffirmed Polaris Bank’s commitment to empowering MSMEs.
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“The bank aims to deliver innovative, customer-centric services that support Nigeria’s economic advancement.
“We are grateful to Nairametrics and The Economic Forum for this recognition.
“It acknowledges our team’s relentless efforts to provide exceptional services to Nigeria’s MSME sector.
“This award motivates us to maintain our strategic focus on MSME lending, drive financial inclusion, and promote Nigeria’s economic development,” he added.
The Importance of MSMEs
MSMEs are important to the Nigerian economy, serving as the largest employers and contributing significantly to job creation and economic activity.
Recent data indicates that the contribution of the MSME sector to employment has increased by 3.5 per cent.
According to the International Labour Organisation (ILO), MSMEs contribute about 48 percent to Nigeria’s GDP and account for around 80 percent of total employment in the country.