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Polaris Bank has reaffirmed its leadership in Nigeria’s digital banking space by winning two major honours — the Digital Bank of the Year and Best Bank for Micro, Small and Medium Enterprises (MSMEs) — at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
The recognition, announced over the weekend, marks the fifth time the bank has clinched the Digital Bank of the Year title, underscoring its strong presence in Nigeria’s financial technology landscape. It also reflects the bank’s consistent focus on innovation, customer empowerment, and digital inclusion.
In a statement signed by the Acting Head of Brand Management and Corporate Communication at Polaris Bank, Rasheed Bolarinwa, the bank said the double awards reaffirm its position as a trusted leader in digital financial services and its growing impact on small business development across the country.
According to Bolarinwa, Polaris Bank’s strategy has been anchored on using technology to redefine how Nigerians access, manage, and grow their finances. “Through customer-focused innovation and a commitment to financial inclusion, we have redefined what digital banking means for individuals and businesses in Nigeria,” he said.
At the centre of this transformation is VULTe, the bank’s flagship digital platform, which continues to drive financial access and convenience for millions of Nigerians. In 2025 alone, VULTe recorded an exceptional rise in transaction volume and user adoption, making it one of the most active digital banking platforms in the country.
More than just a mobile app, VULTe 3.0 — the latest version — incorporates artificial intelligence features designed to personalise user experiences, automate engagement, and enhance operational efficiency. Since its initial rollout in 2021, the platform has undergone continuous upgrades based on customer feedback, ensuring it keeps pace with both local and global trends in digital finance.
Polaris Bank’s digital strategy also extends to supporting small and medium enterprises, which it describes as the “backbone of Nigeria’s economy.” In the second quarter of 2025, the bank launched a major funding initiative targeting professionals in the creative industry, in partnership with Woodhall Capital (UK), the Lagos State Government, and the British Government.
The programme provided financing and business support to entrepreneurs in film, fashion, and other creative sectors. The bank later expanded its reach to hundreds of MSMEs nationwide, with a strong focus on women-owned and women-led businesses in areas such as education, retail, and manufacturing.
“These interventions show our commitment to inclusive growth and gender empowerment,” the bank said in its statement. “By integrating digital tools such as VULTe for Business and simplified credit assessments, SMEs can now access working capital faster, without the usual barriers of traditional banking.”
Receiving the awards on behalf of the bank, Chief Digital Officer, Dele Adeyinka, said the recognition reflected the success of Polaris Bank’s people-centred digital transformation journey.
“This award is a celebration of our customers, whose trust and engagement inspire every innovation we create,” Adeyinka said. “VULTe is not just a platform — it is a community where users can bank, borrow, save, and grow with ease.”
In his remarks, the Managing Director and Chief Executive Officer of Polaris Bank, Kayode Lawal, dedicated the awards to the bank’s customers, employees, and partners, describing them as the driving force behind the bank’s success.
“Winning the Digital Bank of the Year for the fifth time and the Best Bank for MSMEs for the fourth time is humbling and inspiring,” Lawal said. “It validates our mission to use technology as an enabler of opportunity and to make banking simpler, smarter, and more transformative for every Nigerian.”
Lawal added that Polaris Bank would continue to invest in modern banking infrastructure and enhance financial inclusion. He cited the bank’s recent core banking upgrade as part of its effort to deliver seamless, integrated customer experiences across all digital channels.
The BusinessDay BAFI Awards is one of Nigeria’s most respected platforms for recognising excellence across banks, insurance firms, fintechs, and other financial institutions. It is known for its rigorous selection process, driven by independent research, data analysis, and expert evaluation.
Now in its 12th edition, the BAFI Awards continues to set industry benchmarks for service excellence, digital innovation, and responsible banking practices.
Polaris Bank’s recognition at the 2025 BAFI Awards cements its reputation as one of Nigeria’s most innovative financial institutions. The double win not only reflects its success in digital transformation but also highlights its broader contribution to small business growth and economic development.
