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Polaris Bank, reconsider your ban on loan


Sir: Permit us space in your prestigious newspaper to call on the management of the Polaris Bank, formerly known as Skye Bank to reconsider its ban on granting loan to its customers since the advent of COVID-19, particularly to those of us who have our salary accounts with the bank.
I write on behalf of my 50 other colleagues working with federal establishments in Ibadan, Oyo State capital with our salary accounts with the Polaris Bank. Our salaries have been consistently paid by the Federal Government. It is on this basis that we approached the Polaris Bank to grant us loan with a repayment tenure of three years as approved by the Central Bank.


But to our amazement, Polaris in Ibadan told us that  its management has suspended granting loan to salary earners because of COVID-19. All our arguments that our salaries are consistent in coming from the Federal Government fell on deaf ears. We feel cheated because this is the bank through which our salaries are paid regularly on a monthly basis by the Federal Government.
We feel this is unfair because we have the means to repay the loan. Is it not ironic that those of us who will pay back our loans through our salaries are denied the opportunity, whereas some big men who may probably refuse to repay the bank loan are the ones who are expeditiously granted bank facilities. Are we not in this country when it was reported that five men owed various banks billions of naira? Yet, those of us with a loan need of two or three million naira are denied! Polaris Bank should change this narrative by lifting its ban on loan and assist us with this facility.

This is the time banks should assist its customers with loan so as to mitigate the effects of coronavirus.
Fatai Obatola, on behalf of 50 other salary earners, wrote from Ibadan Oyo State.


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COVID-19Polaris Bank
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