Nigeria: CBN Grants Lotus Bank License for Non-Interest Banking

24 June 2021

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

Disclosed this in a statement, the bank said it will pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians.

Founded & Chaired by Mrs. Hajara Adeola, who is 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 the Managing Director/Chief Executive Officer, Mrs. Kafilat Araoye who has over 25 years 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 under-banked 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.'

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