For its drive and impact on improving financial inclusion in Nigeria, and its efforts at boosting non-oil export earnings of the country in less than two years since it obtained a banking licence, Lotus Bank is the LEADERSHIP Bank of the Year 2022
Lotus Bank is one of Nigeria’s three non-interest banks (NIB). In just over one year of its existence in the country, it has become the choice of many at the grass roots. Its focus is on expanding Nigeria’s financial inclusion through the use of technology.
The bank is the first non-interest bank to commence operations from the South-West geopolitical zone, with a view to serving people of all faith.
Lotus Bank was founded and is chaired by Mrs Hajara Adeola, who is also the managing director of Lotus Capital, the pioneers of non-interest finance in Nigeria. Lotus Bank is managed by a team of seasoned professionals and financial experts led by the managing director and chief executive officer, Mrs Kafilat Araoye, who has over 25 years of commercial banking experience.
Launched in July 2021, almost 10 years after NIB began in Nigeria, Lotus Bank currently has around 26 branches and several agent outlets that allow it to deploy technology in reaching out to its target customers. It hit the ground running, having achieved widespread popularity and acceptance in the market.
Lotus Bank was also able to make its impact in the industry, joining the race to achieve financial inclusion, boosting non-oil export earnings of the country as well as leaving footprints on the environment through its corporate social responsibility (CSR) activities.
As Nigeria strives to achieve a 95 per cent financial inclusion by 2024, Lotus Bank is at the forefront of reaching out to a segment of the populace that strongly believes in ethical banking. The bank, through its technologically innovative products, has been able to spur the interest of youths and the younger tech-driven generation in non-interest financial products.
In its drive for boosting financial inclusion, the bank had at its first anniversary launched its agency banking LOTUSMART.
Lotus Bank had also partnered Lagos State Parks and Gardens Agency (LASPARK) for a tree-planting exercise in line with institutional values to promote environmental friendliness and sustainability. The bank, notwithstanding its age, has also been able to make its mark in the drive for boosting Nigeria’s non-oil export earnings.
Not only does Lotus Bank make ethical funds available for its customers, it also builds capacity and creates forums that would help its customers to build their businesses better.