Lotus Bank, a prominent non-interest bank in Nigeria, has reaffirmed its commitment to providing interest-free banking services and eliminating charges like Commission on Turnover (COT). This approach supports its mission of financial inclusion and empowerment through Sharia-compliant financial solutions.
In a recent media forum in Lagos, Lotus Bank’s leadership engaged with journalists and stakeholders to enhance understanding of non-interest and ethical banking. Managing Director Mrs. Kafilat Araoye expressed gratitude to the media for raising awareness about this banking model.
Three years after its establishment as a national non-interest bank, Lotus Bank has reported significant growth, with total assets increasing from N30 billion to over N350 billion, and customer numbers doubling to nearly 500,000. The bank currently operates in 55 locations across 17 states, providing easy access to innovative non-interest services.
Addressing the Central Bank of Nigeria’s recapitalization directive, bank representatives assured stakeholders of compliance with capital requirements and ongoing capital investments, ensuring financial stability. Dr. Isiaka Ajani-Lawal highlighted the importance of media partnerships to communicate the bank’s mission and values.
Discussions covered the bank’s profit-sharing model, absence of account maintenance fees, and the importance of socially responsible banking, reinforcing Lotus Bank’s dedication to ethical practices and community engagement.
Sharia Auditor Lukman Rajih emphasized non-interest banking principles, which prohibit interest-based transactions, promoting only transparent and tangible activities, ultimately supporting economic prosperity.
