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Polaris Bank Customers to win N26million in ‘Save and Win’ Promo Campaign

Polaris Bank has commenced a nationwide savings promotional campaign to give away N26,000,000.00 (twenty-six million naira) to its loyal and prospective customers who emerge winners in its ‘Save & Win’ promo. Eight millionaires will emerge alongside 180 lucky customers who will be rewarded with other cash gifts of N100,000 per person.

The promo is aimed at making millionaires of everyday Nigerians by encouraging current and prospective customers of the Bank to save minimum incremental of N10,000 monthly for any 3 consecutive months within the promo period, starting from November 2020 to April 2021, to qualify and be part of the winners of the promo.

The first draw, which will herald the first set of winners, will be announced in February 2021. On that day, the first 60 winners of N100,000 each will emerge from the 6 geo-political zones, plus one Millionaire.

The same process will be repeated in March while the month of April will be for the Grand-finale leading to the emergence of sixty winners of N100,000 each across the  six geo-political zones and six ‘Millionaires’  of N1,000,000.00 (one million naira) each, across the six geo-political zones, bringing the entire draw to a total of 188 winners.

The Managing Director/CEO of the Bank, Mr. Innocent C. Ike while kicking off the campaign, noted that “the essence of the exercise, is to give back to customers and encourage savings amongst Nigerians”. The campaign he further explained, is a reward for the traders, artisans, public servants and indeed professionals who in spite of the challenging times, are able to put aside some money. 

He reiterated that in tough times such as we are now, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day.

Explaining further on the dynamics of the campaign, the Bank’s Group Head Product and Market Development, Adebimpe Ihekuna, noted that”  both current and new savings account customers of the Bank, are eligible to participate in the promo.

She disclosed that the magic of winning lies in the ability of the customers to continuously top up their savings with the minimum sum of N10,000 each month, for 3 consecutive months, which ensures that such customers have greater chances of winning above others.

Winners will emerge through a transparent electronically generated process that will be supervised by regulatory institutions.

Savings Account accessibility is simple and swift in Polaris Bank. Prospective customers can dial *833*0# on their phones to follow the prompt or simply create or reactivate their own savings account from their devices by visiting https://accounts.polarisbanklimited.com/opening/or any of the Bank’s branches across the country.

Polaris Bank is a future-determining bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy.

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Polaris Bank offers its Salary Advance product to non-Customers

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Polaris Bank has re-launched its popular Payday loan with an added capability of enabling non-account holders to access quick funds with same speed and ease as the Bank’s customers.

According to the Bank’s Group Head, Products & Markets Development, Mrs. Bimpe Ihekuna, “The phenomenal success and testimonials from beneficiaries of the initial offering, informed the need to extend the opportunity to more Nigerians to enjoy the benefits.”

She explained that “this added feature has made Polaris Salary Advance, a readily available, convenient, and accessible solution to customers’ immediate financial needs, as well as serving identified new markets,”

Salary Advance is a small, short-term unsecured loan that relies on the borrower having previous payroll and employment records. As a Salary Advance beneficiary, you repay it either out of your next paycheck or over an agreed time span.

Polaris Salary Advance has enabled Nigerians across board, meet pressing needs and some unexpected expenses with less difficulty which explains the high adoption rate and patronage it has enjoyed across the country.

Scores of workers in private employment, corporate Nigeria, civil servants in state and federal employment have accessed easily and benefitted immensely from the facility extended from the Bank, long before they receive their salary.

As an instantly available, no-collateral facility, which customers can access anytime, anywhere, Polaris Salary Advance is available to all salary earners (both Polaris account holders and non-account holders).
The product can be accessed via *833*12# USSD Smartcode platform.

Polaris Bank is a future-determining Bank committed to delivering industry-defining products, and services, across all the sectors of the Nigerian economy.

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Polaris Bank Announces Segun Opeke as Executive Director

Polaris Bank Limited has announced the appointment of Mr. Segun Opeke as an Executive Director of the Bank by the Board of Directors and AMCON.

The development is coming on the heels of the recent appointment of Mr. Innocent C. Ike as the Acting Managing Director of the Bank.

Segun Opeke has over twenty-six years of hands-on work experience acquired from leading Nigerian commercial banks with over fifteen of these years in Senior and Executive Management roles.

Until his appointment, Mr. Opeke was the Directorate Head, Lagos Business. The Lagos Directorate under, his leadership, recorded outstanding growth and contributed significantly to the turnaround of the Bank, evidenced by its impressive financial performance recorded in the 2019 financial year. Since the CBN intervention in the erstwhile Skye Bank Plc in July 2016, Segun has played a prominent role in the Bank’s transformation initiatives and very instrumental to the several milestone achievements of the Bank.

By this appointment, he is expected to strengthen the Bank’s leadership aspirations in the banking industry leveraging his wealth of experience and contributing greatly to its ongoing corporate transformation programme.

Segun has occupied strategic roles in various institutions including FSB International Bank, Prudent Bank and Chartered Bank where he started his banking career.

Following the emergence of Skye Bank in 2006, Segun worked as the Bank’s Treasurer and Regional Director for Victoria Island and Ikoyi. He was also the Group Head for Corporate Banking, Aviation and Maritime Group at various times. Mr. Opeke brought his leadership skills to bear as he successfully managed some large portfolios including the Bank’s Lagos Corporate and Commercial Banking Division and the Corporate Planning and Strategy Group.

As a member of the Bank’s Executive Committee, he has remained a strong asset for the institution making insightful contributions and bringing real value on board. Segun by this appointment as Executive Director, Lagos Business, will further strengthen the Management and Board in actualizing the Bank’s leadership aspirations.

Segun holds a BSc. (Banking and Finance) and an MBA from the University of Lagos. He is an alumnus of the Columbia Business School, New York. He has attended several professional, management and leadership programmes in world-class institutions including INSEAD and Euromoney, London.  He is credited with making immense contributions in change management, corporate finance/restructuring and digital transformation.

Polaris Bank is a future-determining Bank committed to delivering industry-defining products, and services, across all sectors of the Nigerian economy.

Babatunde Osibodu

Company Secretary


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Polaris Bank introduces Target Savings Account

...admonish Nigerians To Strengthen Their Savings Culture

Polaris Bank has launched ‘Polaris Target Savings Account’ to help Nigerians imbibe healthy savings culture as a means to building a strong financial base.

The Bank in a statement released at the weekend quoting its Group Head, Products & Market Development, Mrs Adebimpe Ihekuna said "The savings culture is gradually going into extinction as people generally spend than save, hence the launch of the target savings account to help Nigerians save for a better tommorrow.

“We recognize that there is never going to be enough money to save. That is what one must first accept - but the need to develop the habit of savings is as important as life in itself. A salary increase for most people will not necessarily get them to save more. Your children finishing school, will not get you to save more. A bigger client for your business will not get you to save more. Getting older, will not enable you to save more. Paying off your mortgage and other debts, will not get you to save more. All these are excuses not to start SAVING TODAY. If you are not saving with what you have today, chances are you might not save when you have more money." Mrs. Ihekuna declared.

Elaborating further, the top Banker explains: "It’s simply because we seem not have inculcated the culture of savings. One of the definitions we found describes culture, as a way of thinking and behaving in a society. In our own words – Anything done consistently becomes a habit; a habit done over and over, becomes a way of life i.e. culture. If we look at our society, we have a spending culture as opposed to a savings culture. This is why most often, a bigger salary means more spending; while we often assume, albeit erroneously, that we will invest or save more when we earn higher income. In ireality, the world is never going to run out of things one can buy. You may think you have the latest asset today, and a month later, another model or upgraded version of it will be there."

“The good news is that it is never too late to start saving. Nigerians who want to take up the challenge and begin to save for specific goals for the future, no matter how small, can now do so with ease, through the Polaris Target Savings account. The product was designed to help customers plan and achieve their set financial targets”.

According to the Group Head, the Target Savings Account is open to all customers, Polaris and non-Polaris account holders.

“Polaris Target Savings account can be adopted by individuals - men, women, young adults and Children", she added.

The product offers flexible tenor and competitive interest rate. Other benefits include opportunity to _get_ soft loans against savings, Advisory and financial coaching services, etc”.

‘’The Polaris Target Savings Account is easy to use; customers can deposit daily, weekly, monthly or quarterly earnings, through online direct deposits, standing order instructions or mobile and internet banking platforms.

The account can be linked to existing Polaris Bank accounts. Customers can sign up through the Bank’s mobile or internet banking platforms, and at all Polaris Bank branches nationwide.”

Accessibility is simple and swift. Customers can create their own target savings from their devices by visiting https://accounts.polarisbanklimited.com/opening/ to open an account within a few minutes or visit the Bank's website www.polarisbanklimited.com for additional information on the product.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services across all sectors of the Nigerian economy.


The Board of Polaris Bank Limited is pleased to announce that the Managing Director/CEO of Polaris Bank Limited, Mr. Tokunbo Abiru, will be proceeding on his retirement, having successfully completed his two terms of two years each, first as Group Managing Director/CEO, Skye Bank Plc and Managing Director/CEO Polaris Bank Limited. This takes effect from 31 August 2020. We all wish him the best in his future endeavours.

In line with a culture of good corporate governance and succession planning, the Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, have announced the appointment of Mr. Innocent C. Ike as the Acting Managing Director/CEO of Polaris Bank Limited effective 1 September 2020.

The incoming Acting Managing Director/CEO was until now the Executive Director, Technology & Services while also overseeing the South-South/South East Directorate of the Bank. Accordingly, not only has he been a pivotal part of the Bank since July 2016, but a major driver of the Corporate Transformation journey. This gives an assurance of continuity: a definite continuation of the strategic plans and initiatives that brought the Bank the successes it has recorded till date.

Mr. Innocent Ike has garnered over three decades’ professional experience in the Banking Industry. He is a graduate of Accounting from the University of Lagos, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Certified IFRS Expert and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN). He holds an Executive Certificate in Strategy & Innovation from MIT Sloan School of Management; Boston and he is also a Member of Institute of Directors (IOD).

With this change of baton, the Bank is set to continue to deliver on the sterling performance reflected in the full year 2019 results in which the Bank posted Profit After Tax (PAT) of N27billion. To buttress the fact that this is sustainable, the Bank’s first half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.

The Board of Directors of the Bank is confident that Polaris Bank will benefit immensely from Mr. Ike’s skills and wealth of experience. With his hard work and diligence, the Bank is bound to continue to thrive under his leadership.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all sectors of the Nigerian economy.

Babatunde Osibodu

Company Secretary

Polaris Bank CEO, Tokunbo Abiru Retires

....Thanks Staff, CBN for Support

The Managing Director/Chief Executive Officer of Polaris Bank Limited, Mr. Tokunbo Abiru, has announced his retirement from the service of Polaris Bank, effective August 31, 2020, having successfully completed his second two-year tenure at the helm of the Bank.

In an emotion-laden farewell message to the staff of the Bank, Mr. Abiru explained that having served meritoriously in the banking industry for nearly three decades, he had resolved to retire to enable him contribute his quota in other areas of the society.

Sharing his scorecard while serving as the CEO of the Bank, Mr. Abiru noted: "It gives me great pleasure to say that, with the support of the Board, Executive Management and all of you, we have delivered on the mandate given to us by the Central Bank of Nigeria upon assumption of office in 2016."

Going down memory lane, he reminded staff of the Bank's poor state before he assumed office in 2016 as the Group Managing Director of the erstwhile SkyeBank.

He noted that all prudential ratios were out of compliance with regulatory requirements, Capital was negative, the loan book was mostly delinquent, while liquidity faced deposit attrition. Furthermore, the IT infrastructure was dilapidated and employee morale was low, resulting in erosion of public confidence.

He praised the staff for working with him to reverse the trend and bring about an institution that has become a compelling case study in corporate turnaround within Nigeria’s financial services industry. In his words: "We have reversed almost all regulatory ratios for good and currently rank amongst the very best in the industry. There can be no better testament to the much-improved state of the Bank than the full year 2019 results in which the Bank posted Profit After Tax (PAT) of N27billion.  To buttress the fact that this is sustainable, the Bank’s first half 2020 result showed a PAT of over N18billion, despite the tremendous headwinds brought on by the COVID-19 pandemic.” 

He went on to say: “We also commenced the refreshment of the Bank’s IT infrastructure, which had largely become outdated and dilapidated due to years of under-investment.  As a result of the successful completion of the first phase of the IT Refresh Program, which consisted mainly of upgrade of the infrastructure and digital platforms, and relocation of the Bank’s Data Centres to Tier III data locations as mandated by CBN regulations and in line with global best practices, the Bank’s customers are now experiencing significantly improved service delivery. In addition, by introducing and committing resources to the Agency Banking model, we have contributed in no small measure to deepening financial inclusion for the unbanked and under-banked throughout the length and breadth of Nigeria.”

He restated that today's Polaris Bank has been successfully positioned as a bank of choice in Nigeria due to the work that has been put in by the various stakeholders including the loyal customers of the Bank.

On the issue of leadership succession, Mr. Abiru said, "During this period leading to my final disengagement, I will work closely with the CBN, the Board of Directors and Executive Management of our Bank to ensure a seamless transition and smooth handover to my successor.”

Tokunbo Abiru was appointed the Group Managing Director and Chief Executive Officer of the then SkyeBank in July 2016.

Before his appointment, he had served in several capacities in some of the leading Banks in Nigeria's banking industry, including at one time as an Executive Director in First Bank of Nigeria Plc. 

He was at various times appointed as Non–Executive Director in some leading companies, including Econet (now Airtel) Mobile Networks Limited, and FBN Capital Limited (now FBN Merchant Bank Limited). 

Mr Abiru has also had a brief stint in public service, having served from 2011 to 2013 as the Honorable Commissioner of Finance for Lagos State Government under the dynamic and transformational leadership of Governor Babatunde R. Fashola (SAN).

Following the establishment of Polaris Bank in September 2018, the Central Bank of Nigeria affirmed the performance of the Bank's Board of Directors, and reappointed Mr. Tokunbo Abiru to lead the new Bank; a position he held until opting for voluntary retirement from the Bank.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products for individuals and businesses.

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Polaris Bank Partners Facebook to build capacity for SMEs


Polaris Bank has partnered with the global social media giant, Facebook to provide free digital marketing training to SMEs in Nigeria.


The Bank explained that this move is intended to equip Small and Medium-scale Enterprises (SMEs) who are focused on leveraging social media tools to drive business and sales.


According to the Bank’s Group Head, Products & Market Development, Mrs. Adebimpe Ihekuna, “This partnership is part of Polaris Bank’s non-financial offerings to SMEs in their bid to scale to the next level" 


“As an enterprise positioned to meet the challenges of the digital age, especially in the era of COVID-19, we want to assist as many SMEs as we can to ensure they remain relevant in their line of business,” she stressed.


This virtual training is scheduled for August 3rd—August 7 and will hold for 5 days with a maximum of 2 modules daily, at different time intervals (i.e. morning and afternoon) while a repeat session will hold the following week for the next set of SMEs who were not accommodated in the first week.


Participants will among other things, learn how to find new customers and build business communities using digital tools. They will also be exposed to strategies to grow their business internationally, build an online business presence with Facebook, use WhatsApp to grow their business, learn how to create Facebook Ads, and scale advertising with Ads Manager and unearth tools to drive their business.


It would be recalled that the Bank in conjunction with Digivate 360 ran a similar training across eight (8) locations: Lagos, Enugu, Abuja, Kano, Ilorin, Port Harcourt, Abeokuta and Benin in October 2019 through which 723 SME’s (existing and non-existing customers) were trained.


Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

List Of Operational Branches And Cash Centers

In continuation of our commitment towards the fight against the COVID-19 pandemic, we have ensured that all our alternative channels (PolarisMobile, *833#, PolarisXperience, ATM and SurePadi Agents) remain available 24/7 for your banking needs, to reduce person to person interactions. 

We therefore encourage that you play your part by using them more, from the comfort of your personal space instead of visiting our branches.

However, if it is important that you visit any of our branches, Click here to view the list of branches and cash centers that will be open for banking services. We implore you to adhere to these safety measures when you come into our branches:



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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.


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. 
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Nigeria’s Health Sector has Massive Wealth Potential, says Abiru

Polaris Bank CEO, Mr. Tokunbo Abiru has disclosed that Nigeria’s health sector holds immense potential to create wealth for the country if an enabling environment is put in place for the sector to thrive. 

Mr. Abiru said this during a webinar hosted by the Bank on: ‘Managing Healthcare Business During & Post-COVID-19’.

While speaking on the gap and opportunities in the health sector, he drew participants' attention to the current state of medical services globally which according to him, are overstretched. 

He noted that Nigeria’s case is however peculiar owing to what he referred to as pandemic preconditions that existed in the nation’s health sector before the outbreak of COVID-19 but further re-enforced by the realities of COVID-19.

“Despite these unfortunate realities, with the right policies and legislation, the health sector has the potential to create wealth for the country. This will include exploring ways to make medical services affordable by providing a well-defined and incentivised insurance framework to cover the formal and informal sectors. He further noted that Nigeria’s large population offers a huge demand potential for turning the health sector into a money-spinner for the country."

According to him, “If the right legislation is in place, medical tourism can be a thing of the past while providers of capital would have the comfort to bridge funding gap thus getting the sector to work optimally.” 

Dr. Abiodun Oyenuga, the quality assurance adviser of Medical Credit Fund, who spoke on the ‘Overview of the Pandemic and its Impact on Healthcare Business’ noted that: “There is a decrease in the ability to afford healthcare as a result of the business shutdown; loss of income and loss of jobs among several drawbacks. He however advocated for more participation from financial institutions by providing credits and financing; and also a renewed focus of Government in reviving the healthcare industry as these will gravitate towards improving patient satisfaction; as well as an increase in profit. 

With respect to expanding coverage, improved and timely  access to primary health care services, Mr. Adil Shaikh, Chief Technology Officer of MeCure, explains that Telemedicine provides patients the opportunity to access online consultation, prescription and delivery of prescribed drugs from certified pharmacies across Nigeria.  Mr. Shaikh noted however that telemedicine comes with challenges especially for providers of medical services who wish to explore the field; ranging from technology infrastructure, user education & general awareness and connectivity issues on the part of the consumer. He identified three major areas financial institutions could help to bridge the gap including: leveraging reach to generate awareness, innovating on digital payments, and partnerships with health institutions. 

On her part, Dr. Itunu Akinware, Managing Director Medbury Medical Services, advocated for effective collaborations within the health sector drawing from the saying, “You shouldn’t let a good crisis go to waste,” she emphasized that 'now that a lot of light has been shone on the health sector and we can see the gaps in infrastructure, processes, and systems, this is the time for all of us to work together and ensure that we can improve healthcare in Nigeria".

Speaking from the perspective of what her organization is doing differently to stay afloat despite the impact of COVID-19, Dr. Akinware said, "we have developed a three-pronged strategy: to increase or maintain revenue; reduce or re-align cost and manage cash."

Mr. Omoshola Yusuf, Divisional Head, Medical & Technology, Hygeia HMO who spoke on how the increasing cost of care is being moderated by the HMO scheme  encouraged Nigerians,  employers of labour, as well as individuals, to embrace the scheme.

Mr. Segun Opeke, Directorate Head, Lagos Business, Polaris Bank spoke on the product offering of the Bank to the health sector which he described as two-pronged: Polaris Healthcare Loan and the CBN 100billion healthcare support fund to cushion the impact of COVID-19 and improve the gaps/deficit in the healthcare business, going forward.

"The Polaris Healthcare Loan has two variants: what can be available as overdraft facility for working capital purposes; purchase of consumables; discounting of invoices, etc. Interest is very competitive while Loan amount is subject to the applicant’s capacity", Opeke explained.

Continuing, Mr. Opeke noted, "There is also the Term Loans available for renovations, expansion, purchase of equipments for hospitals, vehicles, etc. depending on what the need is. Interest rate is in single-digit", he added.

Mr. Opeke in response to a question posed by a participant on the role of Polaris Bank in assisting healthcare providers access the CBN  intervention fund, said that the NGN100 Billion Credit Support for the Healthcare sector, is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.  Polaris Bank is at the fore-front and has over the past few months assisted a number of healthcare businesses to access facilities under the Apex Bank intervention Fund.

In his closing remarks, Polaris Bank MD/CEO, Mr. Abiru said, “If there’s any major lesson to take out of this pandemic, it is for us not to lose the opportunity it presents to improve the quality of our health sector and provide a system that is beneficial to all; regardless of social status.” 

The webinar attracted thousands of participants from across the world comprising, individuals; business owners; students, lecturers and entrepreneurs across different sectors of the economy but majorly from the healthcare value chain. 

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.