Abuja: lotus Bank, one of Nigeria’s prominent ethical, non-interest banking service providers, has joined forces with the Rural Electrification Agency (REA) to expand renewable energy access in underserved communities, aiming to advance sustainable development and inclusivity across the country. This collaboration was formalized at a Memorandum of Understanding (MoU) signing event held in Abuja, where Dr. Isiaka Ajani-Lawal, Managing Director/CEO of LOTUS Bank, announced the provision of accessible funding up to N100 billion for certified Renewable Energy Service Companies (RESCOs).
According to News Agency of Nigeria, the partnership is a step forward in LOTUS Bank’s mission to leverage ethical finance in addressing crucial national development needs. Ajani-Lawal emphasized the bank’s dedication to fostering inclusive and sustainable growth, highlighting that the collaboration with REA reflects the bank’s commitment to empowering communities through ethical financial solutions. He stated that LOTUS Bank aims to redefine the societal impact of financial institutions by focusing on partnerships, empowerment, and shared prosperity, with a particular focus on supporting sustainable development goals and enhancing financial inclusion in Nigeria.
Managing Director of the REA, Abba Aliyu, underscored the significance of overcoming financing barriers for off-grid energy developers in Nigeria. He pointed out that while progress has been made in expanding energy access, financing remains a major challenge for RESCOs. Aliyu expressed that collaborations like the one between LOTUS Bank and REA are crucial for unlocking private sector investments and delivering sustainable energy solutions on a larger scale. The partnership is expected to expedite clean energy project delivery, alleviate financing constraints, and boost private sector involvement, aligning with Nigeria’s National Electrification Strategy and Implementation Plan (NESIP) and contributing to Sustainable Development Goal 7 (SDG7) for affordable, reliable, and clean energy for all.
The initiative aligns with LOTUS Bank’s broader strategy to deepen ethical and inclusive finance by supporting projects with measurable social, environmental, and economic impacts. Since its establishment in 2021, the bank has positioned itself as a “Bank for all,” with a strong emphasis on financial inclusion through innovative non-interest products tailored for individuals, women, youth, and micro, small, and medium enterprises (MSMEs). The bank has also engaged in community empowerment and corporate social responsibility initiatives, expanded digital accessibility, and promoted ethical banking to reach people in urban and underserved areas nationwide. Additionally, LOTUS Bank has conducted financial literacy campaigns and stakeholder engagement to enhance understanding and adoption of non-interest banking principles. The bank’s efforts in advancing financial inclusion and ethical finance have earned it multiple recognitions within the banking sector.