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FAQs on our Webinar -“Managing Healthcare Business During COVID-19 and Beyond”

On the 26th of March, 2020, Polaris Bank hosted a webinar on "Managing Health Care Business During COVID-19 and Beyond". The FAQs below provides helpful information regarding some of the questions emanating from the Webinar.

FAQs

What is the role of Polaris Bank in assisting healthcare providers access the FG intervention fund?
  • Polaris Bank will provide advisory services.
  • Jointly review your business plans and educate on the modalities to ensure a successful application.
  • Submit the application to CBN for approval and subsequent disbursement.
How do healthcare providers access this Intervention funds through the banks or directly with CBN?

Any healthcare provider who wishes to access the Federal Government intervention fund will work with Polaris Bank.

What is the timeline for accessing this fund?

The loan turn around time is within 15 working days subject to receipt of complete documentation from the customer.

Who are the target market ?

Eligible prospects must fall under the categories below:                                     

  1. Manufactures of Healthcare products i.e. Pharmaceutical drugs and medical equipment.
  2. Healthcare service providers/Medical facilities i.e. hospitals/clinics, diagnostic centres/laboratories, fitness and wellness.
  3. Pharmaceutical companies or companies involved in distribution of medical products and logistics services.

Other human healthcare services providers as may be determined by CBN from time to time

What is the interest rate, maximum loan amount and tenure for the CBN health loan?
  1. The maximum loan amount is N2billion with a tenure of up to 10 year.
  2. Interest is 5% per annum (all inclusive) up to 28th February 2021. Rate shall revert to 9% per annum as from 1st March 2021
What are the documentation requirement to access the CBN Health Intervention Fund?

All intending prospects will present the following to any Polaris Bank branch.  Applications can also be submitted via email to smebusiness@polarisbanklimited.com

  1. Formal Loan application letter from customer
  2. Detailed business plan
  3. Pro-forma invoice of the asset to be financed
  4. Clean CBN CRMS report and two (2) Credit Bureau reports from 2 credit bureau and CRMS on the company and the promoter(s) of the company.

1 year bank statement from another bank if prospect does not have account with Polaris Bank.

Apart from the CBN Health Intervention, does Polaris Bank have a product dedicated to the sector

Yes, the Polaris Health Sector Loan : it is a loan product targeted at Private Hospitals, Pharmacies, Medical Laboratories and Diagnostic Centres to support funding needs

What are the Security /Collateral requirements for the Polaris Health Sector loan
  1. Loans below N10million will be secured with personal guarantee(d) supported with hypothecation of goods or bill of sales and comprehensive insurance
  2. Loans above N10million will be fully secured in line with Banks accepted collateral requirement
  3. For asset finance, asset to be financed will suffice as the acceptable collateral. 

OUR COMMITMENT AND SUPPORT OF GOVERNMENT EFFORTS IN THE FIGHT AGAINST CORONAVIRUS (COVID-19)

Amid news about the growth in the number of cases of people infected by the novel coronavirus (COVID-19), we are committed to doing everything we can to meet your needs at this time and ensure our environment is safe for all. In addition to ensuring ease of banking transactions, we have put in place an immediate intervention plan to support Government efforts at this critical time.

As a first step, we have acquired 400 specialised hospital beds, complete with mattresses and accessories, to be handed over to the Lagos State Government (with Lagos State being the most affected by this pandemic), the Nigeria Centre for Disease Control (NCDC) and other State Governments.

We would also be partnering with the Nigeria Coalition Against COVID-19 (NCAC), Non-Governmental Organisations (NGOs), Health Institutions and State Governments to deliver additional materials to cover the areas of testinig, isolation, treatment, and training. This, we believe, will ensure our environment is safe for all.

At Polaris Bank, we will continue to devote all necessary resources to contribute to the safety of our esteemed customers and our environment as a whole, while maintaining all the banking services you need to stay safe.

As new developments emerge, we will share information with you about how we continue to operate safely and effectively.

We remain committed to your total wellbeing and the fight against COVID-19.

Adetokunbo Abiru
Managing Director/CEO

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Polaris Bank CEO, Abiru charge new employees on opportunities of digital Age

….Graduates trainees from Polaris Bank Business School

Tokunbo Abiru

Tokunbo Abiru, Polaris Bank CEO, has charged the bank’s newly hired employees on the need to be professional in the discharge of their responsibilities as a key ingredient  for a successful banking career.

Abiru gave this charge while speaking at the graduation ceremony of Polaris Graduate Intensive Training (PGIT), in Lagos at the weekend. Addressing the new staff who were enrolled through the bank’s popular graduate trainee programme called, Polaris Graduate Intensive Training (PGIT), the Polaris Bank CEO, advised that upholding professionalism in their respective assignments is the sure route to contributing to national and macro-economic development through their banking career.

“You have been trained to be professionals and leaders, who will make the difference in whatever area of the bank you are deployed to. You are undergoing today’s graduation not because we sought to do you a favour, but because you emerged successful from amongst thousands of Nigerians that sat for the same examination”. Continuing, Abiru noted that “The bank places a high premium on staff training and manpower development as a way of building an informed and competent work force to enable the employees excel in their assigned tasks.

The Polaris Bank boss advised the new management trainees to be nimble and innovative, saying, “Giving the knowledge and experience of the resource persons that you interacted with during this last few weeks, I’m assured that you have acquired positive learnings and memories that would create the foundation of the career that you are about to start.” Abiru added that: “The future of work is changing because we live in a fast-paced era, the bank of the future is therefore, one that harmonizes the strength of its traditional background and combines it with the customer-centric model of the new players; it is one that shifts its focus from trading and wholesale banking to retail banking as this has proven to reduce costs. Retail customers expect to be able to move seamlessly across digital channels such as online and mobile banking” He finally summed up by charging the new employees to remain committed, self-driven and focused on the the future. “Earlier, Polaris Bank’s Head of Human Capital Management, Mr. Taiwo Olupeka, said the 54 graduates were the first successful batch amongst the over 24,000 candidates who sat for the bank’s recruitment test." Olupeka described them as the ‘best of the best’ that emerged after a very rigorous exercise. He charged them to do their best to make the bank the first and leading commercial and retail bank in the country.

Speaking after she received her prize of excellence as the overall best graduating student of the PGIT Stream from the CEO, Miss Titilayo Fawunmi said ”the experience was very educative and I was able to learn a whole lot of new things which has exposed me to what banking industry is all about”. The new employees who are fresh graduates with diverse academic backgrounds and impressive academic records, successfully completed an intensive nine-week basic banking training program at the Polaris CIBN certified training school in Lagos.

A total of 54 fresh graduands successfully passed through the rigorous academic program from which three of the new hires; Titilayo Fawumi, Oluwatobi Giwa and Rantimi Adeyemi, emerged among the top three best graduating students of the stream, with Titilayo Fawunmi carting away the CEO’s grand prize of excellence for her outstanding academic feat.

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments of the Nigerian economy; serving a wide customer base in the public and private sector, including large and small corporate organizations, SMEs, professional groups and institutions.