The Central Bank of Nigeria (CBN) has granted a non-interest banking licence to Lotus Bank Limited.
This disclosure is contained in a statement titled ‘CBN grants Lotus Bank licence to commence non-interest banking operations’ issued by Lotus on Thursday.
The statement partly reads “Lotus Bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for all Nigerians”.
The statement said that Lotus Bank is managed by a team of seasoned professionals and financial experts led by the Managing Director/Chief Executive Officer, Mrs Kafilat Araoye, who has over 25 years of commercial banking experience.
Lotus bank, founded and chaired by Mrs Hajara Adeola, the founder and managing director of Lotus Capital (the pioneers of non-interest finance in Nigeria), the bank said it was starting its operations on a solid foundation of experienced leadership and a strong advisory council of experts.
Lotus Bank is the first non-interest bank to commence operations from South-west, Nigeria with a focus to serve people of all faith.
With its flagship branch located at Victoria Island, Lagos, the bank will open its doors to customers from July 2021.
According to the statement, “Our values are deeply rooted in partnership. A critical component of our mission is the provision of innovative solutions that drive ethical prosperity for all stakeholders, we pride ourselves on digital solutions that provide our customers with the convenience of unlimited access to our services and products.’’
Non-interest banking was geared towards supporting the real sector, and Lotus Bank aimed to improve financial inclusion in the country while delivering an alternative option to interest-based banking and also operating transparent pricing models as it was the norm in non-interest banking.
According to the managing director, Lotus Bank’s focus and guiding principle are to deliver an alternative option to interest-based banking and cater to the needs of the banked, unbanked and underbanked.
Araoye also said the bank’s products and service offerings will include non-interest business financing, deposit products (current, savings and investment accounts) and personal financing.
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