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Polaris Bank wins Nigeria’s Best Digital Bank of the Year Award, third time in a row

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… scoops ‘Best MSME Bank Of The Year’ prize also

Lagos, Nigeria: October 30, 2023: Polaris Bank shone brightest over the weekend as its bespoke home-grown digital bank, VULTe won for the third time, Nigeria’s ‘Best Digital Bank of the Year’ prize at the prestigious BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards.

Polaris Bank also scooped ‘Best MSME Bank of the Year’ award at the same event.

VULTe, is a digital banking platform designed to enable customers to consummate every banking transactions – 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 provide solutions to everyday challenges of accessing financial services and more.

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 use Vulte to 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.

While presenting the Best Digital Bank award to Polaris Bank, BAFI Awards organisers disclosed that the awards selection/review committee voted Polaris Bank’s VULTe the winner having outperformed its industry peers, 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’ making it a back-to-back win for the Bank (haven won same award in 2022) in what the organisers described as the Bank’s expansive impact on MSME operators across Nigeria.

In the last Nine Months, Polaris Bank had committed billions in loans to expand operations of MSME operating in Nigeria.

Polaris Bank had in May 2022 launched a N1billion fund for MSMEs in partnership with Lagos State Employment Trust Fund (LSETF) in what the Bank explained was aimed at providing the much-needed funding to create wealth and empower entrepreneurs and players within the MSME space in Nigeria, starting with Lagos.

Prior to the launch of the N1billion MSME Fund, Polaris Bank had committed, and indeed, continued to provide multibillion financing to MSME operators across sectors, health inclusive among other incentives, like moratorium on facilities granted to cushion businesses following the impact of the COVID-19 pandemic on businesses.

Receiving the award on behalf of the Bank, Dele Adeyinka, Retail & Digital Banking Divisional Head, while expressing the Bank’s appreciation to BusinessDay for the recognition, dedicated the
awards to the Bank’s customers and stakeholders for making VULTe what it is today and promised that “Polaris Bank will continue to impact MSME digitally through innovative banking products, affordable finance and creative services that add significant value for the greater good of all stakeholders’.

Polaris Bank is digital-forward Bank dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.

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Rescue Mission: Governor Dauda Lawal Approves N7.2 billion for Community Projects Across Zamfara

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Zamfara State Government under the leadership of Governor Dauda Lawal has earmarked N7.2 billion for development projects across 375 communities in the state, under the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES), a World Bank-funded initiative. Deputy Governor Mani Mummuni disclosed this in Gusau on Tuesday while flagging off a free project implementation training programme for participants drawn from 158 communities across the state.

He explained that Governor Dauda Lawal had approved the N7.2 billion for various community development projects through the State Community and Social Development Agency (CSDA), adding that the funds would finance projects spanning health, education, water supply, agriculture and drainage, among others, across the state’s 14 Local Government Areas. The deputy governor noted that the projects would be implemented by Community Project Monitoring Committees (CPMCs) under the supervision of the CSDA, and reiterated the state government’s commitment to providing social amenities to vulnerable communities.

Mummuni urged participants to ensure transparency and accountability in managing resources for project execution in their communities, describing the initiative as part of Governor Lawal’s administration’s effort to extend the dividends of democracy to the people, especially at the grassroots level. He expressed confidence that the training under CSDA would encourage community participation in project implementation, while also promoting transparency, accountability, and commitment to the development of their communities.

In his remarks, the General Manager of CSDA, Umar Nakwada, revealed that the participants were drawn from CPMCs responsible for monitoring projects in their communities, and that the training was designed to sensitise them on effective project implementation. He stated that the training covered Batch A projects worth N3.2 billion, spanning 158 communities, and assured that the agency would ensure effective monitoring of all projects to be implemented by CPMC members in benefiting communities. Nakwada also commended Governor Lawal for his unwavering support in improving the livelihoods of grassroots communities.

Also speaking, the State NG-CARES Coordinator, Mukhtar Ibrahim, praised the Zamfara Government for its commitment to supporting the livelihoods of vulnerable households. He explained that NG-CARES aims to expand access to livelihood support, food security services, and grants for poor and vulnerable households and firms, focusing on three result areas: livelihood and social support, food security and agricultural value chain, as well as micro and small enterprises recovery. small enterprises recovery,” Ibrahim said.

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ICPC, PenCom recover N3bn unremitted pension deductions from defaulting firms

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The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from defaulting employers as both agencies intensified efforts to enforce compliance with the Pension Reform Act 2014.The recovery was disclosed in a statement issued by the National Pension Commission on Wednesday, which said the funds had been fully remitted into the Retirement Savings Accounts of affected employees.According to the commission, the recovery was achieved through a joint ICPC-PenCom enforcement initiative designed to address pension contribution defaults and protect workers’ retirement savings.It stated, “The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from employers.”

PenCom explained that the recovered funds were obtained from defaulting employers in the electricity sector and credited to the respective Retirement Savings Accounts of affected workers in line with the Pension Reform Act 2014.“The recovered funds, obtained from defaulting employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts of affected employees in accordance with the provisions of the Pension Reform Act 2014,” the statement read.The commission said the development demonstrated the effectiveness of its partnership with the ICPC in ensuring compliance with pension laws and compelling employers to fulfil their statutory obligations.

It said, “The recovery demonstrates the effectiveness of the partnership between PenCom and ICPC in enforcing compliance with the PRA 2014 and ensuring that employers fulfil their statutory pension obligations.”PenCom recalled that it signed a Memorandum of Understanding with the ICPC in October 2025 to strengthen collaboration in the recovery of unremitted pension contributions, the investigation of pension-related infractions, and the enforcement of compliance with the Pension Reform Act 2014.

The commission added that the ICPC was currently investigating several private-sector employers referred by PenCom for alleged non-compliance with the Act, expressing optimism that further recoveries would be made as the investigations progressed.“The ICPC is currently investigating several private-sector employers referred by PenCom for non-compliance with the PRA 2014. With the ongoing collaboration, additional recoveries would be achieved as the investigations progress,” it stated.PenCom reiterated that the Pension Reform Act requires employers to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after salaries are paid.It warned that employers who fail to comply risk sanctions.“Failure to comply with this requirement constitutes a violation of the law and attracts sanctions, including the recovery of outstanding contributions, penalties and, where necessary, prosecution,” the statement said.

The commission urged employers, particularly those in the private sector, to regularise outstanding pension remittances and comply fully with the provisions of the Act to avoid regulatory and enforcement action.It reaffirmed its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme, and ensuring that pension contributions deducted from employees are promptly remitted into their Retirement Savings Accounts.The PUNCH recently reported that the National Pension Commission intensified its enforcement drive to ensure nationwide compliance with the Contributory Pension Scheme by launching a specialised, high-level monitoring platform targeting non-compliant subnational governments.The initiative is part of an ongoing strategy to deepen pension reform at the subnational level and secure a sustainable retirement future for public servants across the states of the federation.

PUNCH

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DSS Arrests Former Minister Geoffrey Nnaji; Hands Over to ICPC

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Operatives of the Department of State Services (DSS), on Wednesday morning, arrested former Minister of Science and Technology, Uche Nnaji, at the Akanu Ibiam International Airport, Enugu.Security sources said Nnaji, who resigned last October under controversial circumstances, was arrested by DSS officers on request by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and handed him to the Anti-Graft Agency.The sources further notes that the ICPC had extended several invitations to the former minister following petitions on how he managed his Ministry, and therefore contacted the DSS to assist in arresting him.

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