Polaris Bank Introduces ‘Refer & Win’ Reward for VULTe Users

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Polaris Bank has reaffirmed its commitment to the promotion and growth of Small and Medium Enterprises (SMEs), especially those operating in the fashion industry in Nigeria. This position was emphasized in a statement issued by the Bank while disclosing plans to support this year’s Fashion Souk – the niche fair for fashion enthusiasts and businesses convened by Eventful Limited, Nigeria’s pioneer and leading events management company. The one-day business fair scheduled to hold on Sunday, December 5th, 2021 at the Harbor Point, Victoria Island, Lagos will provide a platform for over 100 SMEs in Nigeria’s fashion industry who will showcase their creativity, product lines and economic potentials. A report by the continent’s development finance powerhouse, Africa Development Bank (AfDB) quotes the global fashion industry as worth over $2.5 trillion with Africa’s share estimated at less than 1% of the total values in 2020, putting Africa’s entire textile/clothing market at more than $31 billion, while Nigeria’s fashion industry is valued at $10 billion according to statistics quoted by Fashion Association Designers of Nigeria (FADAN). Shedding more light on Polaris Bank’s sponsorship, the Group Head Strategic Brand Management, Nduneche Ezurike noted that Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country. According to him,” Polaris Bank will be sponsoring one of the best fashion fairs in Nigeria. The fair is curated to facilitate exhibition from four categories of SMEs in the fashion industry including Manufacturers, Retailers, Leather and Jewelry/ accessories with over 120 SME businesses in attendance with expected 2,500+ visitors and buyers expected at the fair”. He further noted that Polaris Bank remains the preferred Bank in the provision of unique products and services across all the key market segments of the Nigerian economy; serving and impacting the public and private sector; including large and small corporate organizations, SMEs, professional groups and institutions across; health, education, trade, merchandising, utilities, hospitality etc. Commenting on the essence of the SOUK, the Convener, Mrs. Yewande Zaccheaus said: “Eventful Limited has been deliberate in using the platform of the Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. The opportunities for scaling businesses have been fully optimised by our vendors through their participation at the Souk as well as the Business Pitch. We are proud to be contributing to the growth of the nation’s economy through this laudable initiative

Polaris Bank has announced the launch of a new reward: ‘Refer & Win’ exercise in which existing and new users of the Bank’s digital banking platform, VULTe, stand a chance to win up to N1,300 instant cash reward each time they refer someone who opens an account and enrolls on the newly-launched innovative digital solution. 

To benefit from the reward initiative, all a referrer (who could be an existing customer or non-customer of the Bank) needs do, is to refer a new user to open a Polaris Bank account by enrolling on the VULTe digital bank platform, while for every referral completed, both the referrer and referred’s account will be credited with N300 and N200 respectively, instantly. 

Speaking on the new reward initiative, Polaris Bank’s Managing Director/CEO, Mr. Innocent C. Ike, said the Referral Campaign is aimed at positioning VULTe as a unique digital solution to reward both the existing and new customers of the Bank. 

‘‘VULTe stands out as a very unique innovative digital bank platform in many respects. It not only provides users unique offerings as a self-service solution, it also offers convenience, speed and reliability on the go. The Referral Campaign aligns with our Bank’s commitment to provide new experience and easier accessibility to banking services for all customers, and to reward them for their continued loyalty,’’ he said.  

While encouraging existing and new customers to take advantage of the ‘Refer & Win’ exercise to increase their savings and earn extra money, the Polaris CEO added that the campaign is a season of reward for staff, customers and non-customers of the Bank once their referrers successfully enroll on the Polaris Bank’s VULTe platform. 

Polaris Bank’s Chief Digital Officer, Mr. Dele Adeyinka, while explaining the mechanics for participating in the reward exercise, disclosed that participants are required to enroll, fetch their referral code from VULTe and share with prospects.
‘‘The referral code is the indicator to the individual that introduced the Application to the new user. This, will also be used, in aggregating the total payout due to the referrer,’’ he said.
Adeyinka added that the participants will only qualify for rewards, after the referred have successfully set up an account on VULTe.
The campaign, he explained further, is split into two reward categories, and a referrer will be paid for referring users based on the account level/referred customer category.
Category one is where the customer opens and completes an account on VULTe using Bank Verification Number (BVN). 

According to the CDO, for a new user that is successfully enrolled under category one, the referrer will earn a maximum of N300 per referral; while the referred earns N200.

For category two, a customer is required to open an account with Know-Your-Customer (KYC) information supplied on VULTe, plus obtaining a debit card through the platform. A referrer earns N1,300 per referral and N200 for the referred; that is additional N1,000 from the N300 base amount from category one.

‘The referral figures will automatically display on VULTe as the enrolment process is complete and the participants can log on VULTe app to check performance. So, for each successfully completed referred enrollment, winnings will be credited into the participant’s account immediately’’, Adeyinka explained.
He assured participants that the reward programme is transparent, and promised that Polaris Bank would continue to delight its customers and non-customers with innovative services that can make life, lot better.  
Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

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