Polaris Launches Collateral-free Salary Advance Solution for Customers


Polaris Bank Limited has launched a quick credit solution called “Polaris Salary Advance.”
Polaris Salary Advance, according to a statement, is a customer-led product that enables employees get up to 50 per cent of their net monthly salary to meet basic needs before their next payday.

The product was designed to provide short term financing to its customers via convenient and accessible digital channels such as the mobile phone.
Explaining the key features that set the new solution apart from competition, the Bank’s Group Head, Products & Markets Development, Adebimpe Ihekuna, disclosed that the product was designed to provide leverage for consumers to meet pressing financial needs such as paying their child/ward school fees, emergencies requiring funding, bill payments, amongst other needs.

“Beyond the financial empowerment that Polaris Salary Advance offers to our customers, access to such soft loans improve consumer lifestyle and help them to be in charge of their resources rather than banking on uncertain sources”

Continuing, Adebimpe noted, “the social impact of the Polaris Salary Advance solution cannot be over-emphasized given its ability to meet customers’ needs on the go.”

On the process of accessing the funds, she explained that it had been affirmed to be the fastest in the industry, saying customers could easily access the salary advance solution and get his/her account credited with no documentation required.

Commenting on the new development, the Bank’s Managing Director/CEO, Tokunbo Abiru said: “Our commitment to the road not travelled, has led to the development of several product innovations beginning with the salary advance initiative.

“Over the next few weeks, we will be unveiling other tailor-made products targeted at making life more meaningful and convenient for our customers and the general banking public.

“Our product development strategy derives from customer feedback on the needs and aspirations of the new age. As an enterprise, we are focused on partnering with our customers into the future which is largely digitally enabled.”