Polaris Wins CBN’s Best ‘Bank in Consumer Protection’ Award

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Polaris Bank has emerged the ‘Best Deposit Money Bank (DMB) in Consumer Protection’ in Nigeria’s banking industry.

The bank said the award was an attestation of its show of strong leadership in prompt resolution of transaction issues.

The award was presented to the bank at the Jos Bankers forum— an annual dinner and award event organised by the Central Bank of Nigeria’s (CBN) Jos branch. The award was to recognise and reward banks for their performance last year.

Speaking on the award, a statement quoted the Managing Director/CEO of Polaris Bank, Mr. Tokunbo Abiru, to have thanked the organisers for their due diligence in selecting Polaris Bank among other awardees and, “recognising its stellar performance in promptly resolving customer complaints”.

On the challenges faced by customers over issues bothering on response to various customer complaints including ATM cash retract, excess charges and other E-channels dispute received from the CBN for resolution, Abiru noted in particular, steps being taken to resolve some of these issues.

He stated with emphasis that these occurrences which experts ascribed to infrastructure deficit, remained the most common pain points among customers who engage in banking transactions which banks and relevant stakeholders are doing all within their powers to ameliorate for the benefit of customers.

Additionally, the banker said, “for us at Polaris Bank, because we know how embarrassing cash retract and other payment service challenges can be for customers, we ensure that their complaints are promptly and satisfactorily resolved with feedback to the CBN.”

Other categories of awards recognised at the event include: Best DMB in Banking Activities; Best DMB in Corporate Social Responsibility; Best DMB in Financial Inclusion and Best Micro Finance Bank in Plateau State. The awards were presented based on how DMBs responded to various customer complaints within the year.