As non-interest banking gradually gains ground in Nigeria, CHIMA NWOKOJI examines service offerings of the newest licenced non-interest bank. Although a few other operators are already playing this field in Nigeria, Lotus Bank, according to the promoters, is coming with a touch of technology and experience. All these are meant to take Islamic banking, referred to as ‘non-interest banking’ in Nigeria, from its infancy to maturity. This explains why the CBN recently granted a non-interest banking licence to Lotus Bank Limited. Non-interest banking is geared towards supporting the real sector and LOTUS Bank aims to improve financial inclusion in the country, applying transparent pricing models as it is the norm in non-interest banking.

Source: Nigerian Tribune July 05, 2021 04:41 UTC