Lotus Bank, a prominent non-interest bank in Nigeria, has reiterated its dedication to offering interest-free banking services and removing Commission on Turnover (COT) charges. This commitment is part of the bank’s mission to enhance financial inclusion and empower individuals and businesses through Shari’a-compliant financial solutions.
During a recent media forum in Lagos, Lotus Bank’s executives engaged with the press and stakeholders to discuss the principles of non-interest banking. Managing Director Mrs. Kafilat Araoye expressed appreciation to the media for their role in promoting awareness of non-interest banking.
Since becoming a national non-interest bank three years ago, Lotus Bank has expanded significantly, with its balance sheet growing from N30 billion to over N350 billion. The bank’s customer base has also doubled, rising from 250,000 to nearly 500,000 by October 2024, with operations now spanning 55 locations across 17 states.
In response to the Central Bank of Nigeria’s recapitalization directive, bank officials assured stakeholders of Lotus Bank’s compliance with capital standards and ongoing capital injections. Dr. Isiaka Ajani-Lawal highlighted the need for media collaboration to communicate the bank’s mission. Lotus Bank’s ethical model, focusing on profit-sharing and zero account maintenance fees, underlines its commitment to socially responsible banking.
Sharia Auditor Lukman Rajih elaborated on the non-interest banking principles, emphasizing the prohibition of interest-based transactions. Lotus Bank remains steadfast in expanding financial services to underserved populations through innovative products that promote economic growth.
