Lotus Bank, a leading non-interest bank in Nigeria, organized a Stakeholder Engagement Forum at Four Points Hotel in Victoria Island, Lagos.

The event convened the bank's senior management team, media representatives, and other key stakeholders to enhance comprehension and engagement regarding the principles of non-interest and ethical banking. 

Discussions centered around the bank's groundbreaking offerings and unwavering dedication to ethical and inclusive financial practices. Key topics included the profit-sharing framework of non-interest banking, Lotus Bank's initiative to eliminate account maintenance fees, and the significance of socially responsible banking practices.

The Executive Director, Dr. Isiaka Ajani-Lawal, standing in for the Managing Director, expressed appreciation to the media for their crucial role in educating the public about non-interest banking. 

He emphasized the significance of their partnership in effectively communicating the organization's mission and values. Dr. Ajani-Lawal highlighted the importance of this engagement in expanding the understanding and adoption of ethical banking practices in Nigeria.

L-R: Chief Risk Officer, Olusesan Ajayi; Team Lead, Internal Sharia Auditor, Lukman Rajih; Group Head, Public Sector, Adeoye Abiodun; Executive Director, Isiaka Ajani-Lawal; Chief Audit Executive, Saheed Ekeolere; Divisional Head, Business Development, Tunde Lawal, all of Lotus Bank at the inaugural Stakeholder Engagement Forum hosted by Lotus Bank in Lagos on Tuesday November 5, 2024.

The Managing Director, Mrs. Kafilat Araoye, in a statement shared through Dr. Ajani-Lawal, emphasized that the forum served as more than just a networking event; it was an opportunity to reaffirm the Bank's unwavering commitment to transparency, collaborative partnerships, and impactful community engagement. 

"This gathering underscores our dedication to educating and engaging with our stakeholders, fostering a deeper understanding of the principles and values of non-interest banking. We firmly believe in raising awareness about ethical banking practices and providing financial solutions that resonate with the values and beliefs of the communities we serve," she conveyed.

By this means of communication, Lotus Bank reiterates its dedication to transparency and inclusive banking, with the objective of fostering more robust collaborations with stakeholders to advance financial literacy and ethical banking practices throughout Nigeria.

The forum served as a platform for Lotus Bank to highlight its development and influence three years following its establishment in July 7, 2021 as a national non-interest bank (NIB).

Since its launch, the bank's balance sheet has increased significantly, rising from N30 billion to more than N350 billion. Furthermore, its customer base has doubled, growing from 250,000 in 2023 to almost 500,000 by the end of October 2024. Lotus Bank currently operates in 55 locations across 17 states, thereby improving access to its unique non-interest banking services.

Recently, the non-interest bank was honored with the 'Best Financial Inclusion Initiative and Debit Card of the Year' at the Global Retail Banking Innovation Awards 2024, which took place in Singapore. Additionally, the bank was recognized with the 'Ethical Banking Leadership Award of the Year' at the BAFI Awards. These accolades highlight LOTUS Bank's commitment to innovation in financial services and its focus on ethical banking practices that prioritize the needs of all customers.

Lotus Bank is a non-interest financial institution in Nigeria that prioritizes ethical banking and is committed to fostering ethical investments and economic prosperity. The bank plays a vital role in promoting financial inclusion and enhancing the variety of non-interest products available to both the banked and unbanked communities. For further details, please visit www.lotusbank.com.