Despite banking being costly for many, Lotus Bank, a leading non-interest bank in Nigeria, has reaffirmed its mission to provide interest-free banking services and eradicate charges like Commission on Turnover (COT). This approach aligns with the bank’s objective of fostering financial inclusion and empowering individuals and businesses via Sharia-compliant solutions.
During a recent media forum in Lagos, Lotus Bank’s executive team joined members of the press and other stakeholders to enhance understanding of non-interest banking principles. Managing Director Mrs. Kafilat Araoye expressed appreciation to the media for raising awareness about this banking alternative.
The forum showcased the bank’s substantial growth three years after becoming a national non-interest bank, highlighting an increase in its balance sheet from N30 billion to over N350 billion and a customer base expansion from 250,000 in 2023 to nearly 500,000 by October 2024. Lotus Bank currently operates in 55 locations across 17 states.
A bank executive assured stakeholders that Lotus Bank complies with the Central Bank of Nigeria’s recapitalization directive, emphasizing their commitment to ethical banking practices. Discussions at the forum included topics like the bank’s profit-sharing model and zero account maintenance fees. Mrs. Araoye noted that the gathering was pivotal in promoting awareness of non-interest banking and community engagement.
Sharia Auditor Lukman Rajih clarified that non-interest banking principles prohibit interest-based transactions, focusing on clear and tangible operations. Through its ethical banking approach, Lotus Bank continues to expand financial inclusion, catering to the banked, unbanked, and underbanked with innovative products that promote economic growth.
