Lotus Bank to Commence Operations in July 2021 Offering Shariah-Compliant Financial Solutions in Nigeria

Set to open up in Lagos, Nigeria, Lotus Bank is expected to start operations in July 2021, making it the first non-interest bank to operate out of the South-west region of the country. Lotus Bank was granted a non-interest banking licence by the Central Bank of Nigeria in June 2021.

Why it Matters?

With the global Islamic finance industry currently valued at USD 2.2 trillion and expected to grow to USD 4.0 trillion by 2022, Hussein Hassan, Global Managing Director of Islamic Banking at JP Morgan, observed that the growth of Islamic finance or non-interest banking is a key aspect of international business that cannot be ignored. Through its operations, Lotus Bank aims to cater to the needs of the unbanked and under-banked segments of the population,...