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Nigeria’s leading digital retail commercial bank, Polaris Bank, was adjudged at the weekend as Nigeria’s topmost bank in lending to the Micro, Small and Medium Enterprises (MSMEs).

The award recognised Polaris Bank’s longstanding commitments to supporting MSMEs through several direct and indirect funding channels.

Expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, at the weekend in Lagos, said the choice of Polaris Bank as the ‘Best in MSME Lending’ (Banking Sector) was based on the bank’s provision of sustainable finance and funding to entrepreneurs in the MSMEs sector to grow their businesses.

MSMEs are the largest employers in the Nigerian economy, providing immense contributions in job creation and economic activities. Recent data showed that the contribution of the MSME sector to employment had increased by 3.5 per cent.

The International Labour Organisation (ILO) estimated that MSMEs contribute around 48 per cent to GDP and around 80 per cent of total employment in Nigeria.

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