Banking can be costly, benefiting primarily financial institutions. In response, Lotus Bank, a top non-interest bank in Nigeria, has reaffirmed its dedication to offering interest-free banking services and canceling charges such as Commission on Turnover (COT). This strategy aligns with the bank’s mission to promote financial inclusion and empower individuals and businesses through Sharia-compliant financial solutions.
During a recent media forum in Lagos, Lotus Bank gathered its executive team, media representatives, and stakeholders to discuss non-interest banking principles. Managing Director Mrs. Kafilat Araoye acknowledged the media’s role in enhancing public awareness. The forum allowed Lotus Bank to highlight its growth and influence, as it has evolved from N30 billion to over N350 billion in assets over three years and increased its customer base from 250,000 in 2023 to nearly 500,000 by late October 2024.
Operating in 55 locations across 17 states, the bank emphasized that it meets the Central Bank of Nigeria’s recapitalization standards. Executive Director Dr. Isiaka Ajani-Lawal highlighted media partnerships in promoting the bank’s ethical mission. The discussions touched on the bank’s profit-sharing model, zero account maintenance fees, and socially responsible banking. Mrs. Araoye reiterated the bank’s commitment to transparency, community support, and financial options that align with community values, while Sharia Auditor Lukman Rajih explained the principles prohibiting interest-based transactions in non-interest banking.
