Last updated on December 29th, 2023 at 09:09 pm
Lotus Bank is a Non-Interest or Islamic bank in Nigeria, joining the likes of Jaiz Bank, Sterling Alternative Finance, and Taj Bank. Today, Lotus Bank has 36 branches spread across Lagos, Abuja, Kwara, Oyo, Nasarawa, Ogun, Kano, Ondo, Osun and Niger States.
Non-interest banks make it easy for small businesses and entrepreneurs to tap into the array of benefits they bring into the banking sector, including using tools such as Zintego to generate invoices for customers.
The spread of Non-interest banking in Nigeria
After Jaiz Bank PLC kicked started Islamic banking in 2003, it took another one, Sterling Alternative Finance, over a decade to emerge, while Taj Bank followed in 2019.
In one of our reports, we pointed out how interest-free can help Small and Medium Enterprises to grow and expand as against double-digit loans which is peculiar to other commercial banks in Nigeria.
History of Lotus Bank
The latest in town at the time of publication is LOTUS Bank, a Non-Interest bank with its head office at Adetokunbo Ademola Street Eti-Osa LGA, Victoria Island, Lagos.
With its non-interest products for business owners, LOTUS Bank received an operation licence from the Central Bank of Nigeria (CBN) on July 17, 2021, and opened its doors for business the following month.
Less than two months after obtaining the CBN licence, the bank which was founded by Hajara Adeola has now opened more branches across Nigeria.
LOTUS which promises to uphold ethical banking and ethical investing aims to target the banked, millions of unbanked or under-banked Nigerian population through its extremely refined digital banking.
There are about 64 million unbanked Nigerians who do not have have bank account or an account with mobile money platform, the World Bank says in its report, “The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19″.
The owner of Lotus Bank
The founder of Lotus Bank is Mrs Hajara Adeola. The bank operates on the principle of Shari’ah financing which prohibits interest. It is a non-interest bank like JAIZ Bank.
She is also the founder of Lotus Capital Limited, a Nigerian pioneer in Shari’ah compliant Asset Management, Private Wealth Management Advisory Services and Financial Advisory Services. Hajara’s husband is Fola Adeola, is a co-founder of Guaranty Trust Bank.
The MD of the Lotus
The Managing Director of Lotus Bank is Mrs Kafilat Araoye. She was a former senior staff member of Guaranty Trust Bank (GTBank).
Mrs Araoye had close to three decades of banking experience at GTB. She was a former head of GTB’s Human Resources Group. Other areas of her experience include International and Domestic Operations, Payments, General Management, Business Development, and Risk Management.
Board of Directors
The board of directors of the bank are made up of individuals with “intimidating” banking profiles and track records in financing.
They are:
- Hajara Adeola: Chairperson
- Kafilat Araoye: Managing Director
- Adeoye Fadeyibi: Non-Executive Director
- Muhammed Atiku- Abubakar: Non-Executive Director
- Gen. Sansadeen Awosanya: Non Executive Director
- Toyin Kekere-Ekun: Non-Executive Director
- Muhammed Babangida: Non-Executive Director
- Moinuddin Malim: Non-Executive Director
- Alhassan Abdulkarim: Executive Director
- Nurudeen Lemu: Non-Executive Director
- Nuratu Batagarawa: Non Executive Director
Branches of Lotus Bank in Nigeria
Lagos State:
- 11 Simbiat Abiola Way, Ikeja.
- Adetokunbo Ademola Street Eti-Osa LGA.
- 6 Adeola Hopewell Street, Victoria Island.
- 136 Nnamdi Azikiwe Street, Lagos Island.
- 171 Abeokuta Expressway, Iyana-Ipaja.
- 182 Awolowo Rd, Ikoyi.
- 20 Lagos Road, Ikorodu.
- 109 Allen Avenue, Ikeja.
- 6 Afric Rd, Iponri, Lagos.
- 60 Obalende Road, Lagos Island.
- 557 Ikorodu-Ososun Road, Lagos.
- 32 Akowonjo Road, Egbeda, Lagos.
- Plot 1, 2889 Block 11, Orchid Rd, Lekki-Epe Expressway, Ikota, Lagos.
- 135 Ago Palace Way, Okota.
- Capricorn Block, Eleganza Plaza, Apapa.
- 137 Old Ipaja Road, Agege.
- Eti-Osa, Sangotedo.
- 24 Idumagbo Avenue, Lagos Island.
- Terminal 2, Oshodi Transport Interchange, Oshodi.
- 60 Adeniran Ogunsanya Street, Surulere.
- Ogba Multipurpose Shopping Complex, Lagos
- 3 Iddo Yard, Ijora Olopa, Lagos.
- WheelOil Filling Station, Adeniyi Road, Itire.
- Shop C315, Road 1, Ikota Shopping Complex, Ikota.
Abuja:
- Plot 100 Adetokunbo Ademola Crescent, Wuse II, FCT.
- PLOT 2097 Herbert Macaulay Way, Abuja.
Kwara State:
- 168 Ibrahim Taiwo Road, Ilorin, Kwara.
Oyo State:
- 120-122 Saki-Iseyin Road, Iseyin, Oyo.
Nasarawa State:
- Abuja-Keffi Road, New Karu, Nasarawa, Nigeria
Ogun State:
- KLM 5 Ayetoro Rd, Abeokuta, Ogun State.
- 13 Ake Road, Abeokuta, Ogun State.
Kano State:
- 59 Murtala Mohammed Way, Wapa, Kano, Nigeria
Ondo State:
- 53 Oyemekun Road, Akure, Ondo, Nigeria
Osun State
- 19 Ibadan – Iwo Rd, Iwo, Osun.
- Olosan Ogo-Oluwa Gbongan Road, Osogbo.
Niger State:
- Blue Mart Shopping Complex, Minna, Niger, Nigeria
Conclusion
With its issues of free debit cards to account holders and zero account opening plus interest-free loans, other commercial banks in Nigeria have strong competition in the market.
Please sir, I need the customer’s care phone contact of Osogbo office for an enquiry that would ease my visit for business any day.
What are the criteria for getting lotus bank loan?
Hi Williams,
Lotus bank operates a Non-Interest Banking system, as such it doesn’t give loans, the bank specialises in business/commercial lending. If you have a business account with Lotus bank, you can take advantage of its non-interest lending
Am unable to do transactions cause no BVN any time i try to do transaction is saying customer BVN not found please how do i add my BVN
Good day pls how do I add my bvn
Where is Lotus branch in Abuja
This is highly recommend and very impressive to hear about this new bank. May it be of benefits to the nation, Ameen.