Nigeria: Lotus Bank Achieves CBN’s Minimum Capital Requirement Ahead of New Mandate

Lotus Bank Limited, Nigeria’s pioneering non-interest bank, has confirmed it has met the Central Bank of Nigeria’s (CBN) updated minimum capital requirement for non-interest national banks, well in advance of the newly announced threshold.

Speaking at a recent media briefing in Lagos, Executive Director Isiaka Ajani-Lawal, who represented Managing Director Mrs. Kafilat Araoye, affirmed: “Even before the CBN announced the updated minimum capital base, we were already compliant as a national bank.” The CBN’s new capital requirements stipulate a minimum base of N20 billion for national non-interest banks and N10 billion for regional non-interest banks.

Ajani-Lawal emphasized Lotus Bank’s unique positioning as a non-interest bank rooted in ethical banking principles, committed to ethical investments and shared prosperity. He highlighted the bank’s dedication to broadening financial inclusion through a variety of non-interest products for Nigeria’s banked, unbanked, and underbanked communities.

Also addressing the media, Shariah Auditor Lukman Rajih stated, “Lotus Bank serves all Nigerians, transcending religious differences. Our mission is to foster value and growth for everyone, driven by digital innovation and exceptional customer experience.”