Lotus Bank, a prominent non-interest bank in Nigeria, has renewed its dedication to providing interest-free banking services and eliminating Commission on Turnover (COT) charges. This initiative reflects the bank’s mission to enhance 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 the principles of non-interest and ethical banking. Managing Director Mrs. Kafilat Araoye expressed gratitude to the media for their role in promoting non-interest banking awareness.
The forum also highlighted the bank’s growth achievements since gaining national non-interest bank (NIB) status, with its balance sheet expanding from N30 billion to over N350 billion. Customer numbers have doubled from 250,000 in 2023 to nearly 500,000 by October 2024, with operations across 55 locations in 17 states.
In response to the Central Bank of Nigeria’s recapitalization directive, a bank executive confirmed that Lotus Bank adheres to capital standards and continues to bolster its financial stability, reinforcing its commitment to ethical banking practices.
Discussions included Lotus Bank’s profit-sharing model, zero account maintenance fees, and the importance of socially responsible banking. It emphasized the significance of media partnerships in fostering awareness of ethical banking in Nigeria.
