Polaris launches collateral-free salary advance for customers

In line with its commitment to creating innovative financial solutions, Polaris Bank has launched a quick credit solution called, “Polaris Salary Advance”.

Polaris Salary Advance is a customer-led product that enables employees to get up to 50 per cent of their net monthly salary to meet basic needs before their next payday. The product is designed to provide short term financing to 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, said the product is 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 others.

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

“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 has been affirmed to be the fastest in the industry, as one can easily access the salary advance and get his/her account credited in a minute, with no documentation required. Customers can access up to 50% of their net monthly salary capped at N500,000 for a 30-day tenor or next salary date by dialling *833*12#. The service is available 24/7 on all telecommunication networks.

Commenting on the new development, the Bank’s Managing Director/CEO, Tokunbo Abiru, said: “our commitment to the road-not-traveled 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.”

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services, and platforms across all the key market segments.