In its efforts to constantly redefine banking products and services that meet the needs of individuals and businesses, Nigeria’s tier-2 lender Polaris Bank has introduced easy steps for dollar to naira conversion with Vulte, its digital banking app.
This is coming on the heels of the Central Bank of Nigeria’s liberalization of the foreign exchange market in order to allow the forces of demand and supply determine exchange rates.
The bank said conversion of US dollar to naira has become easier with the CBN’s introduction of the “willing seller, willing buyer” policy.
For its customers, the bank said with VULTe by Polaris Bank, they can instantly convert their dollar to naira simply by following five steps: log onto VULTe on the mobile app or Web, click on the “Sell FX” option, choose the Domiciliary Account to debit and Naira Account to credit, enter the amount of dollars to convert to naira (up to $10,000 daily), and enter the transaction PIN to confirm the conversion.
For non-Polaris Bank account holders, the bank urged them to open a domiciliary account on VULTe to enjoy the benefits.
In another development, Polaris Bank, which was adjudged Digital Bank of the Year in 2021 and 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, has also said with Polaris Salary account, customers can get quick and urgent funds to meet financial needs like paying school fees, house rent, buying a car or household appliances.
“Polaris Salary account offers you convenience to get loans to meet your financial needs when you need it. You can get multiple of your annual salary; or 50% of your monthly salary; Credit Card; auto loan and mortgage,” the bank said in a note.
It said salary account holders also enjoy pre-approved personal loan, instant loan disbursement, loan buy-over and top-up, zero operating and opening balance, no branch visit, and no paperwork.
