Lotus Bank, a prominent noninterest bank in Nigeria, is enhancing its commitment to providing interest-free banking services while eliminating charges like Commission on Turnover (COT). This strategy aligns with Lotus Bank’s mission of promoting financial inclusion and empowering individuals and businesses through Sharia-compliant solutions.
At a recent media forum in Lagos, Lotus Bank’s executive team engaged with members of the press and various stakeholders to expand the understanding of noninterest and ethical banking. Managing Director Mrs. Kafilat Araoye expressed appreciation for the media’s role in raising awareness about noninterest banking.
During the forum, the bank showcased significant advancements three years post-establishment as a national noninterest bank (NIB), with its balance sheet growing from N30 billion to over N350 billion and a 100% increase in its customer base from 250,000 in 2023 to nearly 500,000 by October 2024. Operations now extend across 55 locations in 17 states.
Addressing the Central Bank of Nigeria’s recapitalization directives, bank executives reassured stakeholders of meeting capital standards. Dr. Isiaka Ajani-Lawal highlighted the importance of media partnerships in articulating Lotus Bank’s mission. Discussions at the forum emphasized the bank’s profit-sharing model and its commitment to ethical banking, advancing community impact and transparency.
Sharia Auditor Lukman Rajih clarified the principles of noninterest banking, which rejects interest-based transactions in favor of tangible and clear models, advocating for financial accessibility for all.
