LOTUS Bank begins operations in 3 new locations

With the simultaneous opening of three new locations in Lagos, LOTUS Bank Limited now has a physical presence in four locations in Lagos.

The newest and third Non-Interest Bank (NIB) in the country, LOTUS Bank obtained its regional licence from the Central Bank of Nigeria in May this year as a commercial bank. The Bank commenced operations from its flagship branch in Victoria Island on July 7, 2021, with a strong digital orientation. The new physical locations are to complement the bank’s digital capabilities in serving its growing customer base.

LOTUS Bank’s new locations are at Idumagbo on Lagos Island as well as Allen Avenue, Ikeja, and Oshodi Transport Interchange on Lagos Mainland. The Oshodi outlet is a purpose-built Digital Service Centre designed to offer customers an exciting banking experience.

Poised to have its customers experience banking with ease, LOTUS Bank launches with digital offerings, which enable customers to open accounts online on its website and transact via USSD banking. This is in addition to the issuance of free debit cards to account holders and zero account maintenance charges.

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Speaking about the bank’s offerings, the managing director, Kafilat Araoye stated that, “With evolving digital solutions and a millennial generation coming into centre-stage, LOTUS Bank is bringing onboard innovative and comprehensive non-interest compliant financial solutions in investment banking, consumer banking, asset management, private banking, and wealth management.”

“At LOTUS Bank, we believe in fairness to all parties in every business transaction. This is a requirement for building a strong economy. Everyone can thrive where fairness prevails. Non-Interest Banking stands for equity and ethics in business, as well as growth for the real sector” she added.

“Financial Inclusion is also a strong motive for setting up LOTUS Bank. The concept of financial inclusion targeting the unbanked and underbanked population cannot remain just a concept but must be seen as an actual necessity, for the nation’s economic growth” Araoye further noted.

With a growth strategy focused on continuously evolving by providing endearing financial products, innovative solutions, and expanding coverage across regions, LOTUS Bank aims to be of service to its current and future customers, who are looking for an alternative banking model in Non-Interest Banking.

Founded and chaired by 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).

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.