Categories: Business Loans
| On 2 years ago

Lotus Bank – Everything you need to know

Lotus Bank is a customer-centric financial institution that offers financial services as well as professional customer service. The bank aims to provide an alternative to interest-based banking. Also, it aims to cover the needs of both the banked and the underbanked population in Nigeria. Here’s everything you need to know about Lotus Bank.

Lotus Bank

An overview of Lotus Bank

Lotus Bank is a privately held financial institution founded in 2007. The bank is a non-interest Nigerian bank noted for ethical banking and investing. A non-interest bank is a bank that operates on a zero interest rate. 

Lotus bank specialises in business/commercial lending, professional customer service, mortgage lending as well as full-service banking. Before 2015, Lotus bank was a full-service bank providing banking services to help individuals attain their financial goals. However, it became a subsidiary of Level One Bank in 2015. A Level One Bank is a full-service consumer and commercial bank that aims to strengthen communities and build quality relationships with clients.

What service does Lotus Bank offer?

Lotus Bank offers a wide range of services. They include:

1. Smart Banking

Basically, Lotus smart banking is USSD Banking. To opt for Smart Banking, simply dial *5045# and register on your phone. Thereafter, you can execute 90% of your transactions conveniently without airtime or data. Some important features of Smart banking include:

  • To check your balance enquiry, dial *5045*5*1#
  • For transfering money from Lotus to other banks, dial *5045*3*amount*account number#
  • Also, to buy airtime for yourself, dial *5045*amount#
  • Purchase airtime for others by dailing *5045*amount*phone number#
  • To buy data, dial *5045*2#
  • Lastly, to make a money transfer from Lotus to Lotus, dial *5045*amount*account number#

2. E-solution and services

The E-solution involves the electronic services that Lotus offers. They include:

a. Point of sale terminal:

With Lotus POS terminal, merchants are 100% safe and secure with their payment processing. Some of its features and benefits include:

  • It specialises in collections management services
  • You get instant value for every payment you make.
  • It reduces cash handling charges
  • Lotus POS eliminates the stress of clearing and confirming cheques.
What is the requirement to be eligible for Lotus POS?

To be eligible for Lotus POS, you must have a Lotus current or savings account. Basically, this means you have to open an account and actively bank with Lotus.

How can I apply for a Lotus POS?

To apply for a Lotus POS, follow the steps below:

  • Download the POS enrollment form from Lotus Bank official website,
  • Fill in your details on the enrollment form
  • Lastly, visit any branch near you to complete the process.

b. Merchant Payment/settlements

Merchant settlements are transactions the bank completes a day after the transaction date. Usually, Lotus bank attends to transactions you execute on Fridays and weekends on Monday. 

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3. E-Naira

E-Naira is the official digital currency for Nigerians. The Central Bank of Nigeria issued it as a legal tender. It is the Naira in digital form and you can use it just like cash. The E-Naira uses block chain technology and has the same value as the Fiat Naira. This digital currency assures you a faster, secure and convenient means of transaction. The app will soon be available on the play store for Android and App Store for IOS devices.


Lotus bank provides you with foreign exchange for your foreign transactions. These transactions include your Personal and Business travels, payment for foreign education, medical expenses, and other invisible transactions. However, you can only use the PTA/BTA services for legitimate travel purposes. Read more about travel loans here.

What are the terms and conditions of the Lotus PTA/BTA service?

Below are the terms and conditions of the PTA/BTA service:

  • Your travel documents must be valid
  • You can only apply for this service once a quarter.
  • The bank prohibits application on behalf of a third party. Also, you must be 18 years and above to apply.
  • You have to return unused PTA/BTA to the bank within 2weeks of the initial purchase.
  • Lastly, you must not use fake documents to apply.

How can I apply for PTA/BTA?

To apply for this service, follow the steps below:

  • Go to Lotus website,
  • Click on the ‘services’ toolbar
  • Click on PTA/BTA
  • Thereafter, fill the form with your details and submit it.

How can I open a Lotus Bank account?

To open a Lotus Bank account, follow the steps:

  • Login to Lotus website,
  • Click on the ‘Become a customer’ toolbar
  • Lastly, Fill in and submit the online account opening form

Where can I download the Lotus Mobile Banking app?

You can download the Lotus Bank app on google play store for Android and App Store for IOS. With the app, you can make transactions seamlessly and conveniently. Also, you can open an account, make money transactions and pay bills on the app.

How can I contact Lotus Bank?

You can contact Lotus through any of the means below:

Phone Number: 0700 56887 2265, 0700 0100 0000

email address:

Address: 30a, Adetokunbo Ademola Street, Victoria Island, Lagos.



Lotus bank is a financial institution that combines ethics with commercial banking services. Also, the bank is known for having zero interest rates on transactions. They provide quick, easy, and seamless service to ensure maximum satisfaction for you.

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