The Central Bank of Nigeria (CBN) has granted a non-interest banking license to Lotus Bank Limited.
This was revealed in a statement titled CBN grants Lotus Bank license to commence non-interest banking operations’ on Thursday 17, June 2021, at the bank’s corporate head office in Lagos.
According to the statement, Lotus bank is starting its operations on a solid foundation of experienced leadership and a strong advisory council of experts who are on a mission to create value and growth through digital innovation and best-in-class customer experience for Nigerians.
Lotus Bank is managed by a team of seasoned professionals and financial experts led by the Managing Director/CEO, Mrs. Kafilat Araoye, who has over 25 years of commercial banking experience.
According to the Managing Director, the focus and guiding principle is “to deliver an alternative option to interest-based banking and also to cater to the needs of not just the banked but also the under-banked and unbanked population.”
She further explained that non-Interest banking is geared towards supporting the real sector, adding that 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.