Many individuals find banking costly, profitable primarily for financial institutions. In response, Lotus Bank, a prominent non-interest bank in Nigeria, has reiterated its commitment to providing interest-free banking solutions and removing Commission on Turnover (CoT) charges. This approach aligns with the bank’s mission to promote financial inclusion and empower clients through Sharia-compliant financial options.
At a recent media event in Lagos, Lotus Bank engaged with media representatives and stakeholders to deepen understanding of non-interest and ethical banking principles. Managing Director Mrs. Kafilat Araoye appreciated the media’s role in enhancing public knowledge about non-interest banking.
The forum highlighted Lotus Bank’s growth three years post its establishment as a national non-interest bank, showcasing its balance sheet expansion from N30 billion to over N350 billion. Moreover, customer numbers surged from 250,000 in 2023 to nearly 500,000 by October 2024, with operations now covering 55 locations across 17 states.
Executive Director Dr. Isiaka Ajani-Lawal discussed the importance of media relationships in promoting Lotus Bank’s mission. The discussions focused on the bank’s profit-sharing model, zero account maintenance fees, and commitment to socially responsible banking. Mrs. Araoye emphasized the forum’s role in reaffirming transparency, community impact, and ethical partnerships, aiming to educate stakeholders about the values of non-interest banking.
Sharia Auditor Lukman Rajih explained that non-interest banking principles prohibit interest-based transactions, supporting only clear and tangible dealings while enhancing financial inclusion for the banked, unbanked, and underbanked populations.
