A chat with Akinlabi Adegoke about Lotus Bank’s human-centred digital strategy

When Lotus Bank launched on July 7, 2021, it immediately recognised a fundamental issue. For many Nigerians, banking remained “complicated, costly, and distant” and, for some, ethical, non-interest banking was nowhere to be found.

As Lotus’s Chief Digital Officer, Akinlabi Adegoke explains, “Our digital strategy was shaped by these gaps. We wanted to simplify the experience, build trust through transparency, and extend access to people no matter where they live.” The mission was to deliver digital banking that is ethical, inclusive, and human-centred.

That vision sets Lotus Bank apart. While many banks “have gone digital,” the CDO emphasises that “our approach is anchored in values as much as in technology.”

Lotus uniquely offers non-interest products, rooted in Islamic finance principles like Murabaha and Ijarah, designed to provide clarity and peace of mind, rather than opacity and hidden fees. The result is platforms that are “stripped of unnecessary complexity,” showing customers clearly how their money is used, and ensuring transparency in charges and value received.

A core frustration in traditional banking is the lengthy paperwork and long queues that burn time and patience. Lotus Bank tackled this head-on with its Oshodi Digital Service Centre, which is paperless, fully digital, and stress-free, allowing customers to open accounts and sign documents electronically.

The digital-first branch dramatically “improved satisfaction levels” and has become a replicable model the bank plans to scale.

Bridging gaps: Access, trust, and security in Nigeria

In Nigeria, digital banking’s challenges are deeply rooted in infrastructural and trust deficits. Adegoke acknowledges that while “there is an incredible appetite for digital solutions,” issues like poor connectivity, erratic power supply, and low trust are persistent.

These dual fronts, trust and access, are being actively addressed through robust security built into every platform (multi-factor authentication, fraud monitoring), alongside customer education on safe digital practices.

In areas where data service is unreliable, Lotus ensures inclusivity by offering USSD options and leveraging its agent banking network. This dual-channel strategy ensures “no one is excluded, regardless of geography or digital literacy.”

The broader context is stark. According to the Nigeria Inter-Bank Settlement System (NIBSS), electronic transactions surged to ₦1.08 quadrillion in 2024, an 80% increase from the previous year, while fraud losses ballooned to ₦52.26 billion—a 4.5-fold jump over 2023.

As one editorial rightly frames it: digital banking convenience has become intertwined with an alarming rise in cybercrime, underscoring the necessity of Lotus Bank’s vigilance.

A unique path forward: Partnering, securing, and complying

Lotus Bank views fintech entities not as threats but as natural allies in expanding inclusion. “They have been instrumental in driving inclusion … Their creativity and speed complement the scale and structure that banks provide.” Lotus can deliver services more widely and affordably by collaborating with payment platforms and agents.

Fintech overlaps in digital wallets or lending are opportunities to learn and co-innovate rather than compete.

Security remains non-negotiable. Lotus has layered access controls, biometrics, multi-factor authentication, and device binding and employs AI-driven monitoring systems to detect anomalies in real time.

They couple this with customer education campaigns to combat phishing, SIM swap fraud, and other prevalent threats. In Adegoke’s words: “Security is not just about technology; it is also about building a culture of awareness across both staff and customers.”

That reflects broader global trends. A 2025 systematic review identifies phishing and malware as top threats to digital banking, with MFA, biometrics, and AI-based fraud detection among the best defences.

On compliance, Lotus embeds regulatory checks into every product at design, not as an afterthought. They stay in close dialogue with the Central Bank of Nigeria to stay aligned with evolving frameworks like ISO 20022 messaging standards or POS geo-tagging. This proactive posture ensures innovation and compliance march together, reassuring customers and regulators alike.

Looking ahead, Lotus’s vision is that every banking activity should be seamless from devices, with physical branches existing only as optional support. The company’s Digital Service Centres exemplify what a branch could be when fully digital. They offer mobile platforms that continually enhance functionality, backed by strategic partnerships to extend reach. The goal is to deliver banking that “feels effortless, inclusive, and fully digital.”

The roadmap is already in motion. Lotus is exploring AI and open banking. AI promises personalised service, smarter fraud detection, and improved risk management. Open banking will empower customers to connect platforms, giving them unprecedented flexibility and control over their finances. “Both fit into our vision of making banking more transparent, connected, and user-friendly,” Adegoke notes.

Meanwhile, the role of the Chief Digital Officer is evolving. It’s not just about tech deployment, it’s about shaping strategy, building trust, and connecting innovation to human needs. As Lotus grows, the CDO ensures the bank’s digital transformation remains grounded in what customers, individuals, SMEs experience.