Many individuals find banking costly, benefiting primarily financial institutions. In response, Lotus Bank, a leading non-interest bank in Nigeria, has reiterated its dedication to offering interest-free banking options and eliminating fees like Commission on Turnover (COT). This strategy aligns with the bank’s mission to promote financial inclusion and empower communities with Sharia-compliant solutions.
During a recent media forum in Lagos, Lotus Bank gathered executives, media representatives, and stakeholders to discuss non-interest and ethical banking principles. Managing Director Mrs. Kafilat Araoye thanked the media for enhancing public awareness of non-interest banking. The forum enabled the bank to highlight its progress three years after becoming a national non-interest bank, with assets increasing from N30 billion to over N350 billion and a customer base growing by 100%, rising from 250,000 in 2023 to nearly 500,000 by October 2024.
Lotus Bank now operates in 55 locations across 17 states, improving access to its unique non-interest services. Addressing the Central Bank of Nigeria’s recapitalization directive, a bank executive assured stakeholders that Lotus Bank meets capital requirements and continues to invest in its operations. Dr. Isiaka Ajani-Lawal, Executive Director, emphasized the importance of media collaboration in promoting the bank’s mission. Ultimately, the forum served as a reaffirmation of Lotus Bank’s commitment to transparency, community impact, and ethical partnerships.
