Lotus Bank Limited has secured a non-interest banking licence from the Central Bank of Nigeria (CBN). This follows Lotus Bank’s determination to deliver alternative option to interest-based banking and cater to the needs of the banked, unbanked, and underbanked population.
This disclosure is contained in a statement titled ‘CBN grants Lotus Bank licence to commence non-interest banking operations’ issued by Lotus.
The bank’s statement reads, “Lotus Bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians.”
It added that non-interest banking was geared towards supporting the real sector and Lotus Bank aimed to improve financial inclusion in the country. It says it plans to operate transparent pricing models as it was the norm in non-interest banking.
The statement further says, “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.”
It also states that Lotus Bank is managed by a team of financial experts and seasoned professionals led by the Managing Director/Chief Executive Officer, Kafilat Araoye, who has over 25 years of commercial banking experience.
Araoye pointed out that 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.
She stated that the bank’s products and service offerings will include non-interest business financing, deposit products (current, savings and investment accounts) and personal financing.
The bank 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 bank said it was starting its operations on a solid foundation of experienced leadership and a strong advisory council of experts.
Lotus Bank is the first non-interest bank to commence operations from South-west, Nigeria with a focus to serve people of all faith.
With its first branch located at Victoria Island, Lagos, the bank will open its doors to customers from July 2021.
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