Nigerian lender, Polaris Bank is one of the largest financial services providers in West Africa and Central Africa, with headquarters in Nigeria. The bank has its subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea.
Polaris Bank has redefined the industry with its unique services which projects the future.Polaris Bank, leverages its investment in cutting-edge information technology to harness emerging opportunities. The bank probably pioneered the use of information technology, as a way to mitigate against the disruptive effect of the COVID-19 pandemic on its business.
This gave out impressive financials of the bank in the erstwhile year. The management of the bank said investment in technology infrastructure, comprehensive corporate transformation and a keen focus on customer experience would continue to give the bank comparative advantage in the Nigerian financial services sector.
The performance and outlook of Polaris bank in the past years was the result of a corporate transformation that started in September 2018, the Managing Director, Mr. Tokunbo Abiru, once revealed.Proving its pace-setter status and giving it a fresh cutting-edge over its contemporaries, Polaris Bank has commenced payment of US dollars to all beneficiaries of money transfer across all its branches in Nigeria.Polaris Bank has sealed a strong relationship with all leading and licensed global money transfer operators, which makes it easy for Nigerians to receive foreign money through Polaris Bank.
This service allows Polaris Bank to pay beneficiaries of money transfer to now receive their remittance in US dollars in cash or directly into a domiciliary account in the Bank. The bank added that the service is also open to both account and non-account holders alike.This amendment to the payout policy is in line with the Central Bank of Nigeria’s recent directive which allows recipients of money transfer from anywhere in the World to receive their funds in US dollars from any branch of the Bank in the country.Polaris Bank also disclosed that all beneficiaries are able to receive their funds conveniently in dollars within minutes with a valid identification, including BVN.
With this added service, Nigerians in the Diaspora and their beneficiaries can take advantage of the seamless remittance dollar cash payout option service in the Bank to receive their transfers this festive season.According to reviews, with over 15 million Nigerians in the Diaspora and an estimated $25 billion in annual remittances, Nigeria is the 5th largest receiver of diaspora remittances in the WorldA cross-section of customers has commended Polaris Bank’s US Dollar payment initiative, which is in line with Central Bank of Nigeria’s (CBN) recent payout policy directive.
The Bank noted shortly after it sent out notices to customers that beneficiaries of money transfer who received their remittance in US dollars in cash or directly into a domiciliary account have been very impressed with the Bank’s seamless service. Mrs. Osaretin Efosa, a beneficiary who walked into the Forestry branch of the Bank in Benin, Edo State during the festive season, said she received money remitted to her for the very first time from her son who recently traveled to the United States of America. Mrs. Efosa, who was accompanied to the branch by her daughter, was nonetheless nervous being her first time. “The money transfer attendant I met in the branch received and attended to me well and in less than 5 minutes I was counting dollars with my own hands,” she said.Also, Mr. Segun Adetiloye from Ikotun branch said he doubted that the Bank was serious about paying customers in dollars when he received the Bank’s notice until he went to the branch to pick up his remittances and was handed crisp dollar notes.
Full of excitement that he has a fun-filled Yuletide despite the unfortunate impact of Covid-19 on his ability to earn an income for most of the year, Mr. Adetiloye left dancing his way out of the banking premises overjoyed. “Polaris Bank made my Christmas and new year celebrations memorable,” was the excited remark from another customer, Okechukwu Nnamdi of Alekuwodo branch in Osogbo, Osun State branch of the Bank, who could not hold back her joy. Polaris Bank has an existing relationship with all leading and licensed global money transfer operators, making it easy for Nigerians to receive money through the Bank’s extensive network of over 300 branches and dedicated money transfer locations across major cities.Polaris Bank is a future-determining bank committed to delivering industry-defining products for individuals and businesses.
