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Polaris Bank Unveils VULTe; A New Digital Bank Platform

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Polaris Bank, Nigeria’s leading retail Bank has launched a digital bank called VULTe.

Speaking at the well-attended unveiling ceremony which held in Eko Hotel, Lagos the Chairman of the Bank, M.K Ahmad (OON) disclosed that the corporate goal of Polaris is to offer customers and non-customers of the Bank, a 24-hour seamless service using VULTe.

In his words, “This is a milestone in our pursuit of a strong and digitally-led retail brand. When we started the Polaris journey almost three years ago, we were very clear on the type of Bank we must build and the direction we must go.

“This was largely informed by the fast pace of change in financial service provisioning and the apparent technology-defined outlook of our business.”

“We are therefore bringing VULTe to the market place today. And this is not another mobile App, but one with a world of difference, a mobile digital bank.

“This is your Bank in your hand, affording you total Control of your financial service needs. With VULTe, you serve yourself, the way you want to be served,” the Chairman explained.

In his address, the Acting Managing Director/CEO of the Bank, Mr. Innocent C. Ike said the newly-launched banking platform, is returning all powers to the customer as king.

He noted that customers are now at liberty to enjoy unhindered, contactless and refreshing banking experience all at the tip of their fingers thanks to the newly launched VULTe app.

“With VULTe, we affirm our resolve to serve the customer better and make their banking experience, more pleasurable. Therefore, we will continue to launch an array of banking products to cater to the varying needs of our diverse customers.”

Explaining the premium value the Bank places on its customer with the VULTe, Ike said: “Ultimately, VULTe represents our bold declaration to hand over CONTROL of banking services to our customers and allow them to serve themselves as they would want to be served.

“As a Polaris Bank customer, you are at liberty to determine your banking experience since we have put the Bank in your hand 24/7. You now have total CONTROL to serve yourself; it’s no more customer service but customer self-service.

“Are you opening an account, setting limits on your account, verifying your identity documents, registering your biometrics, making inquiries, taking an instant loan? You are in total CONTROL – you do it at your time, at your convenience, and on your terms – you determine how delightful your banking experience will be”.

The highlight of the launching was the practical demonstration of the uniqueness of the VULTe application by the Bank’s Chief Digital Officer, (CDO) Mr. Bamidele Adeyinka to the excited guests.

According to him; “The Digital Banking Platform, VULTE, will change everything that happens in the ‘brick & mortar’ space (i.e. branches) to clicks and buttons.” Continuing, he stated, “VULTE comes in mobile (Android and iOS) and Web Applications and it allows customers with either of the options, to access banking services at the click of the button,” he added.

The CDO explained that all Bank customers in the country can take advantage of VULTe to carry out their banking transactions including account opening, bills payments, transfers, balance enquiry, airtime recharge and quick loans.

He further stated that on-boarded customers will be able to access PayDay Loan on both mobile and web digital platform where eligibility will be displayed to the customer within the VULTe application.

Also, on-boarded customers will be enabled to pay taxes and levies for different government parastatals in addition to several other benefits such as ability to perform intra-bank and inter-bank transfers.

“To onboard, customers with BVN will input their BVN and take a selfie (photo of their face) which will be compared automatically with the photo on their BVN profile (via Facial Recognition – an advanced cognitive and artificial intelligence facial recognition technology),” the CDO disclosed.

Meanwhile, the Bank also announced special reward packages for early users of the VULTe app. Reeling out giveaways and free gifts, Mr. Muhammed Abdullahi, Executive Director, Abuja and Northern Region of the Bank said: “For your loyalty and positive acceptance of VULTe and all other banking services offered by Polaris Bank, on behalf of the Board, Management and Staff, I’m happy to announce some mouthwatering offers to everyone following us to mark this occassion.

“Consequently, please note that the first 2000 persons who download VULTe from Appstore or PlayStore and make a transfers on the platform, stand to win a collection of beautiful mementos like; Mugs, Michael Cable Charger, Key Rings, Pop Socket among other collection of gifts,” the ED said.

The launch event had in attendance representatives of Central Bank of Nigeria (CBN), key Financial Technology (FinTechs) industry players and strategic partners of Polaris Bank who all in their goodwill messages attested to the bank’s unwavering determination to ensuring quality customer satisfaction at all times.


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E-Financial

NAICOM, World Bank Explore Opportunities for Collaboration

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The National Insurance Commission (NAICOM) and the World Bank have collaborated to explore opportunities for the latter’s growth and development.

During a courtesy visit, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, highlighted the National Insurance Commission’s dual role in regulating the insurance industry and driving growth and development in Nigeria.

Highlighting developments in the sector, the Commissioner emphasised the importance of the New Insurance Consolidated Bill, which has been passed by the Nigerian Senate and awaiting concurrence from the Federal House of Representatives.

He expressed optimism that the bill would receive presidential assent once passed by both chambers. He acknowledged the challenge of changing the public perception of insurance in Nigeria, citing past experiences of non-claim payment.

He introduced the Commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry players.

On penetration and enforcement, the Commissioner discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began on February 1, 2025.

He also highlighted NAICOM’s efforts to educate the public on the benefits of third-party insurance through various media channels.

He also emphasised NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.

In his part, the Deputy Commissioner, Technical, Dr Usman Jankara, added that NAICOM aimed to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.

He unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders. The Commission identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge.

Responding, the World Bank delegation leader, Mr. Mehnas S. Safavian, promised to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development.

The meeting marked a significant step towards fostering collaboration and growth in Nigeria’s insurance sector.


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Blockchain Technology Will Aid Market Regulation – SEC

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Dr. Emomotimi Agama, director-general, Securities and Exchange Commission
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Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC), has emphasized that the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.

Blockchain Technology Will Aid Market Regulation – SEC

Agama stated this during a session with a delegation from Algorand Foundation, at the Commission’s headquarters in Abuja.

Essentially, blockchain is a decentralized system that enhances trust and security by allowing multiple parties to independently verify and validate transactions without needing a central authority.

Agama said in Africa, where there are significant issues such as financial exclusion, lack of transparency, and inefficiencies in public and private sectors, blockchain presents an opportunity to build a future where the challenges can be addressed as blockchain is a digital ledger technology that securely records and verifies transactions across a network of computers.

Furthermore, the SEC DG said the commission is consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organization of Securities Commissions (IOSCO), adding that this ensures that the commission’s regulatory framework remains robust, adaptive, and aligns with global standards, enabling cross-border collaboration and fostering investor confidence.

He disclosed that the SEC has introduced several measures to ensure that these innovations are harnessed responsibly: Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.

These programs, he stated, foster innovation while ensuring that robust consumer safeguards are in place adding that the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programs is a testament to our commitment to enabling innovation.

According to him, in this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.

“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a block chain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.

“So wherever there is a toxin in the block chain we will find it and deal with it. We will extend it to the point where review of applications will be done on the block chain so whoever drops the ball will be seen. Each transaction is grouped into a block, and these blocks are linked together in a chronological chain. This structure ensures that once information is added to the blockchain, it cannot be altered or deleted, providing a transparent and tamper-proof record.

“We want to leave a legacy that each one of us will be proud of when we leave this Commission. But in getting that to happen, we must all be educated enough to drive that course,” Agama said.

The DG disclosed that the Commission being the apex regulator of the capital market cannot be left out in technological advancement hence the need to engage Algorand Foundation to explore the Commission’s needs and potential application and benefits of blockchain technology.

“It is very interesting that we are having this opportunity to do this for our organization, this is a knowledge-based institution and I am leading from the front. All our staff must begin to retool themselves because as regulators, we have to be on top of our game.

“As we begin our steps in moving the commission forward together, the foundation of everything that we do requires deep knowledge and understanding, without knowledge we cannot get it done. No matter what I say, without you all being part of that train we cannot get the work done. There is no way I can do everyone’s job; we all have to be equipped to regulate this market,” he added.

In his remarks, Mr. Eric Wragge, global head, Business Development, Algorand Foundation, said the team is in Nigeria to democratize technology and assist interested organizations and businesses take advantage of the numerous benefits of implementing blockchain technology in their operations.

“It is an honour to be here. We are here to tell you what block chain is all about and how it can help your work. We are here to democratize the technology, it’s free to use, anybody can use it. Our job is to go round the world, discover where the technology can be used and help people implement,” he stated

 

 

 


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Active Bank Accounts Hit 312m as @ 2024

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As of December 2024, the number of active bank accounts in Nigeria has reached 311.65 million, marking a significant increase from 202.6 million at the end of 2023.

Active Bank Accounts Hit 312m as @ 2024

This represents a growth of approximately 48.89 per cent over the year, with around 102.34 million new accounts activated during this period.

In addition to the rise in active accounts, there has also been an increase in dormant accounts, which reached about 19.7 million, and closed accounts, which totaled 25.49 million by December 2024.

The data reflects ongoing efforts towards enhancing financial inclusion within the country, driven by initiatives from the Central Bank of Nigeria and the Nigeria Inter-Bank Settlement System (NIBSS).


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