LOTUS Bank, REA partner on N100bn renewable energy financing push

LOTUS Bank, one of Nigeria’s leading ethical, non-interest banking service providers, has partnered with Rural Electrification Agency to expand renewable energy access in underserved communities, promoting sustainable development and inclusivity.
Managing Director/CEO of LOTUS Bank, Dr Isiaka Ajani-Lawal, said this at the signing of Memorandum of Understanding (MoU) with the REA, to demonstrate its commitment to deal.
The managing director reaffirmed the bank’ commitment to inclusive, sustainable development of the country
Ajani-Lawal noted that under the agreement there will be provision of accessible funding of up to N100 billion to empower certified Renewable Energy Service Companies (RESCOS)
He described the collaboration as a clear reflection of the Bank’s mission to harness ethical finance to address 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 program 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,” he said.
In his remarks at the event, MD/CEO 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.”
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.
community empowerment and CSR initiatives; expansion of digital accessibility and making ethical banking more accessible to people in urban and underserved locations nationwide; and 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 honored 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)