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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 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.

POLARIS BANK ANNOUNCES THE APPOINTMENT OF INNOCENT C. IKE AS ACTING MANAGING DIRECTOR/CEO

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.

Polaris Bank Disburses billions of naira under Its Health Sector Loan in 30 days…still counting

Polaris Bank in its undisputable support for SMEs in the health sector (Private hospitals, Pharmacies, Retailers, Diagnostic centres, etc…) launched a one stop-solution, in September 2019, and has disbursed billions to support the growth of the Nigerian health sector through tailor-made banking products for businesses in this space. This drive was further re-enforced by the CBN N100billion Health sector support fund set aside by the Apex Bank to help cushion the effect of COVID-19 on the nation’s economy and the health sector in particular.

This was made known by the Bank’s Group Head, Products and Market Development, Adebimpe Ihekuna, while commenting on the recently concluded webinar tagged “Managing Health Care Business During and Post-COVID-19".

Eligible participants under the scheme comprise healthcare product manufacturers – pharmaceutical drugs and medical equipment; and healthcare service providers/medical facilities – hospitals/clinics, diagnostic centres/laboratories, fitness and wellness centres, rehabilitation centres, dialysis centres and blood banks. Others include pharmaceutical/medical products distribution and logistics services; and other human healthcare service providers as may be determined by the Central Bank Of Nigeria (CBN) from time to time.

Adebimpe explained that the chunk of the disbursements are under the CBN intervention funds at 5% and up to 10 years loan tenor; as well as direct disbursement from Polaris Bank at a with highly competitive terms and conditions. 

She confirmed that healthcare firms/businesses in the value chain who wish to take advantage of the scheme to expand and grow their business, should submit their application at any branch of Polaris Bank or send a mail to: smebusiness@Polarisbanklimited.com to engage a Product Manager for guidance.
Applicants can also visit the Polaris Bank website: www.polarisbanklimited.com for additional details on the CBN N100 billion Health sector support fund and other lines of products.

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.

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Polaris Bank Agency Banking, SurePadi impacts millions of households in 100 days of operation …processed over N10bn in transaction value

Within its first 100 days of introduction, Polaris Bank’s Agency Banking initiative, SurePadi, has serviced over half a million customers impacting directly an estimated two million households across the seven business regions of the Bank nationwide. 

Beyond the direct impact on customers and households in Nigeria, the sheer volume and value in financial numbers on the gross earnings of the Bank has been significant as the Agency recorded giant strides in the number of services and transaction volumes it processed which was valued N10 billion.

The Bank in a statement quoted its Chief Digital Officer (CDO), Mr. Dele Adeyinka, as explaining that, in the first 100 days of introducing SurePadi, it had carried out over 500,000 services, and transaction volume above N10billion directly servicing over two million households, giving them easy access to cash for businesses and family needs. 

According to Adeyinka: “As a result of this milestone, SurePadi was ranked 5th in Q1, 2020 by the Shared Agent Network Expansion Facility (SANEF) report—an indication that it is bridging the gap and helping people to meet their needs of accessing funds; as well as sending money to their loved ones.” 

The CDO further stated that: “This is also part of Polaris Bank’s ongoing effort to drive financial inclusion among the underbanked and unbanked in line with the Central Bank of Nigeria’s (CBN) regulatory mandate; intimating that 'from what we have seen so far, we are already making significant progress in this regard.” 

"With SurePadi’s spread across far-flung areas nationwide, this laudable initiative by the Bank has shown another way to bank—without physically visiting a bank’s branch—which allows the customer to make cash deposits, transfer money and enjoy other banking services like bills payment and purchase of airtime amongst others", he opined.

SurePadi Agents ensure individuals in the suburbs do not have to travel long hours to the city for their basic banking needs. This is because the gap between the tech-savvy and the low literacy clients has been bridged by the Agent who represents a convenient and comfortable alternative.

Aside from cash deposits and transfers, Polaris SurePadi is also intended to attract prospects to a host of other products and services that could better their lives as they enjoy the ease, convenience and cost-saving benefits from completing transactions in the comfort of their locality.

SurePadi offers financial benefits for stakeholders with the Bank’s introduction of viable partnerships with Supermarkets, Retail outlets, dealers in FMCG, Petrol Stations, etc. It is unique with comprehensive features to solve financial needs as users now have the opportunity to complete transactions to solve emergency needs without visiting the Bank. 

In this COVID-19 era, where movement is restricted in some major parts of the world—including Nigeria, this platform also serves as one of the many measures by Polaris Bank to support the need to promote social distancing and reduce drastically where physically possible, interactions of customers in bank branches in line with protocols of preventing the spread of the disease

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Polaris Bank Webinar: Expert identifies Telemedicine as a pathway to healthcare delivery in Nigeria

With the widespread incidence of COVID-19 in the country and its impact on healthcare delivery, the practice of telemedicine is being advocated as one of the quickest and effective means of accessing primary healthcare by the majority of Nigerians.
 
This position was canvassed by Mr. Adil Shaikh, the Chief Technology Officer of MeCure, at a recently held Webinar on “Managing Health care Business During and Post COVID-19 era” put together by Polaris Bank.
 
Mr. Shaikh believes that telemedicine offers a game-changing solution to our already overstretched medical services delivery in the country if properly explored and harnessed concertedly by stakeholders, including financial institutions.
 
With respect to expanding coverage, improved and timely access to primary health care services, it was explained 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 initiative; ranging from technology infrastructure, user education & general awareness and connectivity issues on the part of the consumer.
 
He further identified three major areas financial institutions could assist to bridge the gaps. Financial institutions could leverage reach as a result of their large customer base to generate awareness; innovate on digital payments and partner with health institutions.
 
The objective of the webinar among other things was to deepen conversation on healthcare business in Nigeria and explore the huge potentials in the health sector.
 
The virtual engagement attracted participation from all over the world with about 5,000 participants across virtual platforms and social media handles comprising, individuals and business owners from 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.
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COVID-19: Polaris Bank Mobilizes Healthcare Businesses on funding and Collaboration

Polaris Bank LogoPolaris Bank is positioned to lead and drive the conversation on the need to revolutionize Nigeria's health system and is organising a maiden Webinar with a rich faculty comprising subject matter experts, to brainstorm and aggregate thoughts on the theme: Managing Health Care Business During and Post COVID-19.

The Group Head, Products and Market Development, Mrs. Adebimpe Ihekuna explained that Polaris Bank’s intervention in the sector is informed by the glaring impact of COVID-19 outbreak on healthcare businesses, health and safety of Nigerians at large.

According to Adebimpe: “Government’s ability to effectively tackle the pandemic and other health-related issues during and post COVID-19 is hinged on resilient collaboration of stakeholders in both public and corporate Nigeria.”

The webinar which is scheduled to hold on Tuesday, 26th of May, 2020 from 2pm–3.30pm, will feature some of the leading authorities in the healthcare business, as panelists. They include: Dr. Abiodun Oyenuga of Medical Credit Fund, a Dutch non-Governmental organization, set up to provide support in bridging the gaps in healthcare sector in Africa ; Mr. Adil Shaikh of MeCure Limited , a pioneer provider of Telemedicine and Dr. Itunu Akinware of Medbury Medical Services.

The guest panelists will be speaking on relevant topics including: (1) Overview of the pandemic and its impact on Healthcare businesses with emphasis on how to manage the impact on businesses, Dos and Don’ts and Operational Management going forward; (2) Telemedicine: The possibilities, gaps, business challenges and the role of financial institutions; and (3) Testimonials from the viewpoint of a medical practitioner,” respectively.

The Managing Director/CEO of Polaris Bank, Mr. Tokunbo Abiru will be leading the panel alongside Mr. Segun Opeke, Directorate Head, Lagos Business, as they shed light on Polaris Bank’s contribution to the sector; as well as the Bank’s product offerings and how customers can access health loans from Polaris Bank.

The webinar will be moderated by Dr. Bongo Adi, an Economist and Senior Faculty Member, Lagos Business School.

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.