CBN grants Lotus Bank license to commence non-interest banking operations

Banking sector lending to critical sectors still paramount –CBN

The Central Bank of Nigeria (CBN) has granted a non-interest banking license to Lotus Bank Limited. The bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians.

 Founded & Chaired by Mrs. Hajara Adeola, who is also the Founder and Managing Director of Lotus Capital (the pioneers of non-interest finance in Nigeria), the bank is starting its operations on a solid foundation of experienced leadership and a strong Advisory Council of Experts (ACE).

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 Lotus Bank is managed by a team of seasoned professionals and financial experts led by Mrs. Kafilat Araoye who has over 25 years commercial banking experience, as managing director. 

 According to the CEO, Lotus Bank’s focus and guiding principle is ‘to deliver 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 said it will operate transparent pricing models as is the norm in non-interest banking environments’

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