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CBN grants Lotus non-interest banking licence

CBN grants Lotus non-interest banking licence
June 18
09:01 2021

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

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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.

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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”.

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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.

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