Lotus Capital, one Nigeria’s provider of non-interest banking has received a grant of USD250,000 from The Enhancing Financial Innovation & Access, EFInA.
The grant will be used by Lotus Capital to market and provide funding for its Lotus Health is Wealth Savings Plan.
According to Lotus Capital, the Lotus Health is Wealth Savings Plan LHIWSP is a dynamic non-interest, fixed income savings product that will also offer health insurance.
The plan is structured around monthly collections of deposits from customers which will be invested in non-interest, low-risk instruments, and non-interest fixed term investments to give customers returns on their savings.
A small portion of customers’ deposits will be allocated to pay the monthly premiums for health insurance. The project will be piloted in Lagos, Abuja and Kano States. Lotus Capital will target traders, market associations, religious associations, service companies and women pressure groups.
Managing Director of Lotus Capital, Hajara Adeola said: “Since our founding, we have being dedicated to creating wealth ethically for our clients. Our firm belief is that with the right financial plan and education, everyone can and should improve the quality of their life. Through this project, we hope to encourage the development of an investment culture among the low income and financially excluded segment of the population”.
Chief Executive Officer of EFInA, Chidinma Lawanson, stated that, “The EFInA Access to Financial Services in Nigeria 2014 survey revealed that 16.8 million adults representing 18 per cent of the adult population who do not use non-interest banking products stated that they are likely to take up such products if they are readily available.”
Lotus Capital is a Nigerian pioneer in the emerging financial niche of Islamic finance with a unique equitable interest-free solution. Islamic Finance is the world’s fastest growing financial sector worth over US$1.3 trillion in assets in 2013 and growing at 15-20% per annum since 2006.
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