Polaris Bank Wins Nigeria’s “Best Digital Bank of the Year” Award for VULTe Digital Bank

Polaris Bank’s digital banking platform, VULTe, has received the “Best Digital Bank of the Year” award for the third time at the BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards. VULTe is recognized for its achievements and contributions to the digital banking landscape in Nigeria.

VULTe is a comprehensive digital banking solution that allows customers to perform various banking transactions, including account opening, loan requests, and generating bank statements. It also offers lifestyle trends and social event information to customers, providing convenience and addressing everyday financial service challenges.

Over the past year, VULTe has expanded its capabilities to serve individual customers, SMEs, High Net worth clients, and retail customers. It now provides collateral-free loans to over 40 million MSME operators in Nigeria, with eligible entrepreneurs and SME operators able to apply for up to N20 million in just 5 minutes without visiting a physical bank branch.

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The BAFI Awards selection committee recognized VULTe’s performance across multiple metrics, including its customer acquisition strategy, user engagement, digital offerings utilization, growth in digital customer numbers, and platform security. The platform’s breadth of product offerings, tangible benefits from digital initiatives, and web/mobile site design and functionality were also considered.

In addition to the “Best Digital Bank of the Year” award, Polaris Bank received the “Best MSME Bank of the Year” award. The bank has demonstrated a significant impact on MSME operators in Nigeria through initiatives such as a N1 billion MSME fund launched in partnership with the Lagos State Employment Trust Fund (LSETF).

Polaris Bank continues to invest in digital innovation and offers affordable finance solutions to support MSMEs and other customers, contributing to the growth and development of the Nigerian financial sector.

The bank remains committed to providing innovative banking products and services to add value for its customers and stakeholders, reinforcing its position as a digital-forward institution dedicated to a customer-focused future.