Lotus Bank obtains non-interest banking licence from CBN
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Lotus Bank, a non-interest Nigerian bank deeply rooted in ethical banking, has obtained a non-interest banking operating licence from the Central Bank of Nigeria.
According to a statement by the apex bank, Lotus Bank seeks to create value and growth through innovation in Nigeria.“Lotus Bank seeks to pursue the mission of creating value and growth for all through digital innovation and best-in-class customer experience for Nigerians,” the statement said.
According to the bank, the non-interest financial institution which was founded and is chaired by Hajara Adeola, who is also the managing director of Lotus Capital, was beginning its operations on a solid foundation of experienced leadership and a strong advisory council of experts.
The statement also noted that Lotus is managed by a team of professional and financial experts led by Kafilat Araoye, the managing director and chief executive officer who has more than two decades and a half of commercial banking experience.
Kafilat Araoye, Lotus Bank managing director, while commenting on the bank’s receipt of CBN operating licence 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 was geared towards supporting the real sector and Lotus Bank aimed to improve financial inclusion in the country.
“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. Our products and service offerings will include non-interest business financing, deposit products (current, savings and investment accounts) and personal financing,” Araoye stated.
In the meantime, the bank has said it would operate transparent pricing models as it was the norm in non-interest banking.