Lotus Bank Exceeds CBN’s Capital Requirements

Lotus Bank Limited, Nigeria’s non-interest bank, has confirmed that it has surpassed the Central Bank of Nigeria’s (CBN) newly set minimum capital requirements.

This achievement, attained prior to CBN’s recent adjustment of the capital base for non-interest banks, highlights Lotus Bank’s financial stability and readiness to serve as a national bank. The new capital requirements set by the CBN dictate a minimum of N20 billion for national non-interest banks, while regional non-interest banks must maintain a capital base of N10 billion.

Speaking at a recent media meeting in Lagos, Dr. Isiaka Ajani-Lawal, Executive Director at Lotus Bank, highlighted the bank’s compliance, affirming that it met the national threshold well ahead of CBN’s policy update. Representing the Managing Director, Mrs. Kafilat Araoye, Dr. Ajani-Lawal noted: “Even before the CBN announced the new minimum capital base, we already have it as a national bank.”

As a non-interest bank founded on ethical principles, Lotus Bank continues to carve a distinct identity in Nigeria’s banking landscape. Dr. Ajani-Lawal emphasised the institution’s commitment to expanding financial inclusion, with a focus on providing ethical and interest-free financial products to meet the needs of Nigeria’s diverse population, including the banked, unbanked, and under-banked segments. “We are committed to deepening financial inclusion and broadening the array of non-interest products available to the banked, unbanked, and under-banked population,” he stated.

Mr. Lukman Rajih, Shariah Auditor at Lotus Bank, also stressed the bank’s inclusive approach. “Lotus Bank is here for Nigeria despite the religious differences. We are here to create value and growth for all through digital innovation and best-in-class customer experience,” he noted, reflecting the bank’s mission to bridge gaps and foster growth for all Nigerians.