The Central Bank of Nigeria (CBN) has granted a non-interest banking license to Lotus Bank Limited, becoming the first to play in such category from South-West, Nigeria attending to customers across all faiths.
The new bank which commences formal business from July 2021 at its flagship branch on Adetokunbo Ademola Street, Victoria Island, Lagos, seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians.
Lotus Bank is now joining Jaiz Bank in the non-interest cadre to give huge relief and create value for banks’ customers who are groaning under the killing interest rates charged by conventional banks.
Globally, non-interest banking is worth $2.23 trillion and is expected to grow to about $4trillion by 2024. This type of banking is gaining recognition worldwide and also among Nigerians who desire ethical and non-speculative business.
It is founded and chaired by Hajara Adeola, who is also the founder and managing director of Lotus Capital (the pioneers of non-interest finance in Nigeria). The new bank is starting its operations on a strong foundation of experienced leadership and a strong Advisory Council of Experts (ACE).
Lotus bank is managed by a team of seasoned professionals and financial experts led by the Managing Director, Kafilat Araoye who has over 25 years of commercial banking experience.
According to the Managing Director, LOTUS Bank’s focus and guiding principle is ‘to deliver an alternative option to interest-based banking and to cater to the needs of not just the banked but also the underbanked and unbanked population. Non-Interest Banking is geared towards supporting the real sector and Lotus Bank aims to improve financial inclusion in the country. In addition, the bank will operate transparent pricing models as is the norm in non-interest banking.’
“Our values are deeply rooted in partnership and a critical component of our mission is the provision of innovative solutions that drive ethical prosperity for all stakeholders. We pride ourselves on digital solutions that provide our customers with the convenience of unlimited access to our services and products,” she added.
Araoye further stated, “Our products and service offerings will include non-interest Business Financing, Deposit Products (current, savings and investment accounts) and personal financing. The bank aims to be a socially responsible organization that will satisfy its customers across all touchpoints.”
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