Lotus Bank gets non-interest banking licence

The Central Bank of Nigeria (CBN) has granted a non-interest banking licence to Lotus Bank Limited.

Its Managing Director, Mrs. Kafilat Araoye, said the bank’s focus and guiding principle is ‘to deliver an alternative option to interest-based banking and to cater to the needs of not only the banked but also the underbanked and unbanked.

She said the bank is creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians.

“Our values are deeply rooted in partnership. 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.

“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, Mrs Araoye added.

According to its founder & chairperson by Mrs. Hajara Adeola, also the founder and Managing Director of Lotus Capital (the pioneers of non-interest finance in Nigeria), the bank is starting its operations on a solid 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 Mrs. Araoye, who has over 25 years’ commercial banking experience.

She 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 organisation that will satisfy its customers across all touch-points.”

With its flagship branch located at Adetokunbo Ademola Street, Victoria Island, Lagos, the bank will open its doors to customers from July 2021.

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