LOTUS Bank, REA partner to deepen renewable energy access in NigeriaContinue Reading
By Kadiri Abdulrahman
LOTUS Bank, one of Nigeria’s leading ethical, non-interest banking service providers, has partnered with the Rural Electrification Agency to expand renewable energy access in underserved communities, to promote sustainable development and inclusivity in the country.
The Managing Director/CEO of LOTUS Bank, Dr Isiaka Ajani-Lawal, said this in Abuja at the signing of a Memorandum of Understanding with REA, under which it will provide accessible funding of up to N100bn to empower certified Renewable Energy Service Companies.
The managing director reaffirmed the bank’s commitment to inclusive, sustainable development of the country.
Ajani-Lawal described the collaboration as a clear reflection of the Bank’s mission to harness ethical finance in addressing critical, important and national development needs.
“LOTUS Bank was established to redefine the impact that financial institutions can have on the society, we serve – not simply through financing, but through partnership, empowerment, and shared prosperity.
“Our involvement with REA and the DARES programme underscores our commitment to supporting sustainable development goals, while driving financial inclusion across Nigeria.
“We believe non-interest finance must go beyond innovation — it must deliver tangible socio-economic value to all segments of society,” Ajani-Lawal assured.
In his remarks, Managing Director of the REA, Abba Aliyu, emphasised the importance of addressing financing barriers for off-grid energy developers.
“While Nigeria has made strides in expanding energy access, financing remains a key constraint for RESCOs. Collaborations like this are essential in unlocking private sector investment and delivering sustainable energy solutions at scale.”
“The partnership of the agency and the bank is expected to accelerate clean energy project delivery, reduce financing bottlenecks, and stimulate private sector participation
“A development that supports Nigeria’s National Electrification Strategy and Implementation Plan (NESIP) and contributes to Sustainable Development Goal 7 (SDG7) for affordable, reliable, and clean energy for all.”
The News Agency of Nigeria (NAN) reports that LOTUS Bank’s expansion into renewable energy financing aligns with its broader strategy to deepen ethical and inclusive finance by supporting initiatives that have measurable social, environmental, and economic impact.
Since its inception in 2021, the Bank has positioned itself as a “Bank for all” with a strong focus on financial inclusion through innovative non-interest products designed for individuals, women, youth, and MSMEs.
The bank has also focused on community empowerment and CSR initiatives; expansion of digital accessibility and making ethical banking more accessible to people in urban and underserved locations nationwide
It has also engaged in financial literacy campaigns and stakeholder engagement to deepen understanding and adoption of non-interest banking principles.
In recognition of its role in deepening financial inclusion and ethical finance, LOTUS Bank has been several times honoured in the banking sector.
The bank was recently named the “Best Ethical and Financial Inclusion Bank of the Year” at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, highlighting the institution’s leadership in inclusive financial innovation. (NAN)(www.nannews.ng)
Edited by Isaac Aregbesola
