Polaris Bank wins MSME Bank of the Year as VULTe clinches Digital Bank Award

Polaris Bank wins MSME Bank of the Year as VULTe clinches Digital Bank Award
Polaris Bank wins MSME Bank of the Year as VULTe clinches Digital Bank Award

Polaris Bank’s custom-built home-grown digital bank, VULTe, has capped its string of victories with two more prestigious awards as it was announced the Best Digital Bank and MSME Bank of the Year over the weekend at the the Nigeria Fintech Awards 2022 and the Banks and Other Financial Institutions (BAFI) Awards organised by Businessday Newspaper, respectively.

VULTe, is a digital bank solution designed to enable customers consummate every banking transaction, from account opening, through requesting for certain categories of loans, to generating bank statements. It also connects the customer to discover lifestyle trends and social events. It is an all-in-one solution that is created to offer the most convenience for customers and built to understand the needs of the customer and provide solutions to everyday challenges of accessing financial service solutions.

In the last 12 months, VULTe which hitherto caters more to individual customers, now has enhanced capabilities to render seamless self-services to SMEs, High Net worth, and retail customers. The over 40million MSME operators in Nigeria could now access collateral-free loans for personal and business purposes; where eligible entrepreneurs and SME operators could apply and get up to N20million in a space of 5 minutes without visiting the Bank in person.

Symbolically, VULTe has made another significant history in the Nigerian banking and financial services sector by emerging the winner of the prestigious BAFI Awards back-to-back having won the same award last year. BusinessDAY is Nigeria and Africa’s leading and most respected business media group and organisers of numerous respected awards in the financial sector; as well as in other key sectors of the economy.

The Nigerian Fintech Awards on other hand is Nigeria’s biggest and most recognised Fintech award. The awards presentation ceremonies took place on Friday and Saturday in Lagos.

In the citation of Polaris Bank’s VULTe read by the organisers of The Fintech Awards 2022 shortly before the presentation of the award of Best Digital Bank, VULTe was preferred ahead of others in its competitive set on certain key parameters.

These include convenience, intuitiveness, trust and efficacious management system.

“For a digital bank that provides convenient account opening in minutes, intuitive loan application, scheduled payments, personal digital card management, trustworthy security, and personal finance management, VULTe by Polaris Bank is hereby declared the winner of the Best Digital Bank category,” the organisers announced.

Similarly, while presenting the Best Digital Bank award to the Bank, BAFI Awards organisers revealed that the awards selection/review committee voted Polaris Bank’s VULTe the winner having outperformed its industry peers, like ALAT and OneBank across eight metrics for consideration.

The metrics include; strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, and platform security.

Other metrics are the breadth of product offerings for retail and corporate clients, evidence of tangible benefits gained from digital initiatives and web/mobile site design, intuitiveness and functionality.

At the same BAFI Awards Polaris Bank was declared ‘MSME Bank of the Year’ ahead of FCMB and Fidelity Bank in what the organisers described as the Bank’s expansive impact on MSME operators across Nigeria.


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