HomeBankingHow to Transfer Money From Polaris Bank to Other Banks

How to Transfer Money From Polaris Bank to Other Banks

Polaris Bank is one of the latest banks in Nigeria, as a recent bank they have to do lots of homework just for them to stand firm in the banking sector.

The Nigeria banking industry is a very competitive sector; this is why Polaris has to come up with lots of banking services that will entice its customers to stay behind and appreciate the services they have to offer.

One of the banking services in the Polaris Bank portfolio is USSD banking. Their USSD banking allows their customers to perform lots of banking tasks with their mobile phones even without an internet connection.

You may be wondering how! No need to worry, in this article, we will show you how to use the Polaris Bank USSD transfer code to send money to any bank account in Nigeria.

How to use Polaris Bank Transfer Code to send money

Transfer Money from Polaris Bank

It is effortless to use. To transfer from your Polaris bank account to another Polaris Bank, or any other bank account follow the steps below.

  • Dial *833*Amount*Account Number#  on your mobile phone,
  • Next, you will have to select the recipient’s bank,
  • On the next page on your phone screen, you will have to confirm the name of the recipient, if it is the account name you intend to transfer money to.
  • Finally, you will have to enter your transfer PIN to complete the transaction.

Please ensure that you are sending the USSD code from the mobile number that is linked to your Polaris Bank Account.

Brief History of Polaris Bank

Polaris Bank’s origin can be traced back to 1989 when the then Prudent Bank Plc., was incorporated as a limited liability company.

In 1990, the bank got its license to operate as a merchant bank in Nigeria. In the same year, it re-branded as Prudent Merchant Bank Limited.

In the year 2006, Prudent Merchant Bank Limited merged with four other banks due to the Nigeria bank consolidation by the Central Bank for every bank to increase their reserved capital to 25 billion Nigeria. After merging with four other banks, they came with the name “Skye Bank Plc.”

The four banks involved in the merging was; Bond Bank Limited, Reliance Bank Limited, EIB International Bank Plc. and Co-operative Bank Plc.

In 2011, the bank introduced a Naira denominated MasterCard debit card, called “MasterCard Verve,” the first of such in Nigeria. They also offer mobile banking and Internet banking.

In the year 2014, the bank acquired Mainstreet Bank Limited.

On 21 September 2018, the Governor of the Central Bank of Nigeria announced that the apex bank had revoked the license of Skye Bank.

The CBN also stated that a new entity, Polaris Bank, would fully take all the assets and liabilities of the bank.

The reason for this is due to the inability of Skye Bank’s owners to recapitalize the bank after the 2016 bailout intervention adequately.

So this was how Polaris Bank came to be in Nigeria.

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