LOTUS Bank Commits N100bn to REA for Off-grid Clean Energy Access

LOTUS Bank Limited, Nigeria’s leading ethical non-interest bank, has committed up to N100 billion in funding to the Rural Electrification Agency (REA) to boost off-grid clean energy access in underserved communities.
The commitment came via a Memorandum of Understanding (MoU) signed Monday in Abuja, empowering certified Renewable Energy Service Companies (RESCOs) with accessible financing under REA’s DARES programme.
Speaking during the signing of the deal, the managing director/CEO of LOTUS Bank, Dr Isiaka Ajani-Lawal, described the collaboration as a clear reflection of the Bank’s mission to harness ethical finance to address critical, important and national development needs.
The Banker clarified: “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.
In his remarks at the event, MD/CEO of the REA, Abba Abubakar Aliyu, emphasized the importance of addressing financing barriers for off-grid energy developers.
He said: “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 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.