CBN Grants Lotus Non-Interest Banking License

The Central Bank of Nigeria (CBN) has granted Lotus Bank Limited
licence to operate as a non-interest banking institution.

In a statement on Thursday, Lotus is starting its operations on
a solid foundation of experienced leadership and a strong Advisory
Council of Experts (ACE).

The bank said it seeks to pursue the mission of creating value
and growth for all through digital innovation and best-in-class
customer experience for Nigerians.

According to the statement, the bank is founded and chaired by
Hajara Adeola and will be led by Kafilat Araoye, managing
director/CEO, who has over 25 years commercial banking
experience.

Speaking on the licence, Araoye said Lotus Bank’s focus and
guiding principle is “to deliver an alternative option to
interest-based banking and to cater to the needs of not just the
banked but also the underbanked and unbanked population.

“Non-Interest Banking is geared towards supporting the real
sector and LOTUS Bank aims to improve financial inclusion in the
country. In addition, the bank will operate transparent pricing
models as is the norm in non-interest banking.

“Our products and service offerings will include non-interest
Business Financing, Deposit Products (current, savings and
investment accounts) and personal financing”.

The statement also noted that the bank’s flagship branch is
located at Adetokunbo Ademola Street, Victoria Island, Lagos and
will open its doors to customers from July 2021.

It added that Lotus Bank is the first non-interest bank to
commence operations from the south-west.

The Central Bank of Nigeria (CBN) has granted Lotus Bank Limited
licence to operate as a non-interest banking institution.

In a statement on Thursday, Lotus is starting its operations on
a solid foundation of experienced leadership and a strong Advisory
Council of Experts (ACE).

The bank said it seeks to pursue the mission of creating value
and growth for all through digital innovation and best-in-class
customer experience for Nigerians.

According to the statement, the bank is founded and chaired by
Hajara Adeola and will be led by Kafilat Araoye, managing
director/CEO, who has over 25 years commercial banking
experience.

Speaking on the licence, Araoye said Lotus Bank’s focus and
guiding principle is “to deliver an alternative option to
interest-based banking and to cater to the needs of not just the
banked but also the underbanked and unbanked population.

“Non-Interest Banking is geared towards supporting the real
sector and LOTUS Bank aims to improve financial inclusion in the
country. In addition, the bank will operate transparent pricing
models as is the norm in non-interest banking.

“Our products and service offerings will include non-interest
Business Financing, Deposit Products (current, savings and
investment accounts) and personal financing”.

The statement also noted that the bank’s flagship branch is
located at Adetokunbo Ademola Street, Victoria Island, Lagos and
will open its doors to customers from July 2021.

It added that Lotus Bank is the first non-interest bank to
commence operations from the south-west.