…Provides local funding for stock purchase
Lagos, Nigeria – September 14, 2023: Polaris Bank, in its show of commitment towards empowerment of Small and Medium-sized Enterprises (SMEs), is pleased to announce a strategic partnership with Export and Sell (EAS), a renowned expert in export solutions, to train and subsequently fund over 1,000 successful SMEs on export opportunities to the USA via Amazon and other international platforms.
Polaris Bank is leveraging the expertise of EAS as an intermediary between Online and African Stores in the US, UK and Nigerian businesses, for supply of Raw foodstuffs and other items from Nigeria. With a focus on e-commerce sales through Amazon, the training provides in-depth exposure to Nigerian SMEs on export opportunities and sales expansion into the American market. The training will provide an opportunity to educate SMEs on how to find buyers and how to meet specifications for export, especially into the US market.
The training programme is slated to commence in October 3, 2023 as a hybrid model, with in-person sessions slated to hold in Port Harcourt, Abuja and Lagos. Subsequently intensive sessions will hold for four days with over 1000 successful SMEs; many of whom could access facilities of up to ₦20m for SMEs and ₦1billion for large corporate.
This collaboration aims to equip SMEs with the knowledge and tools required to successfully export their products.
Similarly, in today’s global marketplace, SMEs face unique challenges, including, access to financing, shipping, product registration and finding buyers for their business. Polaris Bank recognizes the importance of fostering economic growth by supporting SMEs, as the backbone of the Nigerian economy. Through the partnership with EAS, Polaris Bank is taking a significant step towards fulfilling its commitment to SME growth and development in Nigeria.
The partnership and training programme, will provide SMEs with a comprehensive understanding of onboarding on Amazon and exporting successfully to the USA, with insights on export credit insurance and risk mitigation strategies. Participants will gain insights into available funding windows provided by Polaris Bank as well as be equipped on how to leverage them effectively.
The training sessions will be led by industry experts from both Polaris Bank and EAS, ensuring that participants receive the highest quality education and guidance.
Commenting on the Export and Sell Business Model, Polaris Bank’s Group Head, Products & Market Development, Adebimpe Ihekuna expressed enthusiasm for the partnership, stating, “At Polaris Bank, we understand the pivotal role SMEs play in driving economic growth. Through our collaboration with EAS, we aim to empower SMEs with the knowledge and tools necessary to access export financing opportunities and compete effectively on the global stage. This partnership underscores Polaris Bank’s commitment to SME development and Nigeria’s economic prosperity.”
A BusinessDay news article published on March 23, 2023, quoting Nigerian Bureau of Statistics (NBS) indicated that a total of N598.2billion worth of agricultural produce were exported in 2022, accounting for 18.5 percent increase when compared to the figure recorded in 2021.
Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 by Business Day’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.