Salary Advance: Polaris Disburses over N1bn to Customers in Four Months

Tokunbo Abiru

Polaris Bank has disbursed over N1 billion to customers through its Polaris Salary Advance which was launched barely four months ago.

The beneficiaries, who are mostly middle and low income earners made up of professionals across all disciplines, are all customers whose salary accounts are with the bank.

As one of the bank’s popular product, a collateral-free solution called “Polaris Salary Advance”, enables salaried account owners to get up to 50 per cent of their net monthly salary to meet basic needs before payday and right on their phones by dialing *833*12#.

The service, which is available on all telecommunication networks, has since its commencement helped many families provide short-term financing to their emergent and lifestyle needs.

Announcing the development, which analysts described as a significant milestone in stimulating consumer confidence, Polaris Bank’s Group Head, Products & Market Development, Adebimpe Ihekuna, described the development as “a thing of pride that our bank is impacting the lives of millions of families in Nigeria through the salary advance solution”.

According to her, “Polaris Bank also offers other arrays of solution ranging from auto loans, mortgages, holiday loan, rent loan, etc. These loans are bundled with convenience and flexibility for easy access.”

Expressing excitement on the response of Nigerians to the product benefits just within a space of four months, the banker stated: “We are proud of this feat.”

She further assured the bank’s customers of the readiness of Polaris Bank to disburse more funds in 2020 to enable them achieve their goals and aspiration.

Giving a breakdown of the beneficiaries of the disbursement, Ihekuna explained that the spread was pan-Nigeria with customers from every part of the country embracing the opportunity offered by the product.

One of the beneficiaries, an Abuja-based civil servant, Ahmed Maiwada, was full of appreciation for the Polaris salary advance.

Maiwada said: “Polaris Bank has made life easy for me with the salary advance product. Polaris Salary Advance saved me when my wife had a medical emergency here in Maiduguri, I got credited within one minute and I paid minimal interest. Now I don’t go looking for where to borrow money again. God bless Polaris Bank.”

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