LOTUS Bank Limited, one of Nigeria’s leading non-interest banking institutions, has signed a landmark Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to expand renewable energy access in underserved communities. The agreement, formalised in Abuja on Monday, will provide up to N100 billion in funding to certified Renewable Energy Service Companies (RESCOs) to accelerate clean energy deployment nationwide.
Brandspur Banking News Desk reports that the collaboration is part of LOTUS Bank’s mission to leverage ethical finance for national development priorities, combining financial inclusion with sustainable energy initiatives. Dr Isiaka Ajani-Lawal, Managing Director and Chief Executive Officer of LOTUS Bank, stated, “Our involvement with REA and the DARES programme underscores our commitment to supporting sustainable development goals while driving financial inclusion across Nigeria. Non-interest finance must deliver tangible socio-economic value to all segments of society.”
Abba Aliyu, Managing Director and CEO of REA, highlighted that financing remains a significant barrier for off-grid energy developers. “While Nigeria has made strides in expanding energy access, collaborations like this are essential in unlocking private sector investment and delivering sustainable energy solutions at scale,” he said.
The partnership aims to accelerate project delivery, reduce financing bottlenecks, and stimulate private sector participation. It aligns with Nigeria’s National Electrification Strategy and Implementation Plan and supports Sustainable Development Goal 7, which seeks to provide affordable, reliable, and clean energy for all.
Since its establishment in 2021, LOTUS Bank has positioned itself as a ‘bank for all,’ championing financial inclusion through innovative non-interest banking products for individuals, women, youth, and MSMEs. The bank’s expansion into renewable energy financing further reinforces its commitment to community empowerment, digital accessibility, and measurable socio-economic impact.
Industry analysts say the LOTUS Bank–REA collaboration represents a critical step toward scaling clean energy projects nationwide, unlocking private investment, and supporting Nigeria’s transition to sustainable energy solutions.
