All You Need To Know About Lotus Bank And Their Loans

Lotus Bank is a client-focused banking organization that provides both financial and professional customer service. The bank aspires to provide a viable alternative to traditional interest-based banking. It also aspires to meet the needs of both Nigeria’s banked and underbanked populations. Everything you need to know about Lotus Bank is right here.

About Lotus Bank

Lotus Bank was established in 2007 as a privately held banking organization. The bank is a Nigerian non-interest bank with a reputation for ethical banking and investing. A bank that pays no interest is known as a non-interest bank.

Lotus Bank is a full-service bank that specializes in business and commercial loans, as well as excellent customer care, mortgage lending, and full-service banking. Lotus bank used to be a full-service bank that offered banking services to help people achieve their financial goals. In 2015, however, it became a Level One Bank subsidiary. A Level One Bank is a full-service consumer and commercial bank with the mission of strengthening communities and cultivating long-term client connections.

What kind of services does Lotus Bank provide?

Lotus Bank provides a diverse set of services. They are as follows:

1. Smart Banking

Lotus smart banking is essentially USSD banking. Simply dial *5045# and register on your phone to use Smart Banking. Following that, you’ll be able to complete 90% of your transactions without using any data or airtime. Smart banking has a number of significant features, including:

  • Dial *5045*5*1# to check your balance. Dial *5045*3*amount*account number# to transfer money from Lotus to other banks.
  • You may also purchase airtime for yourself by dialing *5045*amount*phone number#. You can also purchase airtime for others by dialing *5045*amount*phone number#.
  • Finally, call *5045*2# to buy data, and *5045*amount*account number# to send money from Lotus to Lotus.
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2. Services and e-solutions

Lotus’ electronic services are included in the E-solution. They are as follows:

A Point of Sale Terminal: With the Lotus POS terminal, retailers may process payments safely and securely. The following are some of its features and advantages:

  • It is a company that specializes in collection management services.
  • Every payment you make receives immediate value.
  • It lowers the cost of cash handling.
  • The hassle of clearing and confirming cheques is eliminated with Lotus POS.

What is the procedure for applying for a Lotus POS?

Follow the steps below to apply for a Lotus POS:

  • visit Lotus Bank’s official website for a POS enrollment form available for download.
  • Fill out the enrolment form with your information.
  • Finally, go to any branch near you to finish the process.
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3. Payments/Settlements by Merchants

Merchant settlements are transactions that the bank completes one day after the date of the transaction. Lotus bank usually attends to transactions you do on Fridays and Mondays.

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You must have a Lotus current or savings account to be eligible for Lotus POS. To put it another way, you must open an account with Lotus and actively bank with them.

4. E-Naira

Nigerians use the E-Naira as their official digital money. It was issued as legal tender by the Nigerian Central Bank. It’s the Naira in digital form, and you may spend it in the same way you would cash. The E-Naira is a cryptocurrency that employs block chain technology and is worth the same as the Fiat Naira. This digital currency ensures that transactions are faster, more secure, and more convenient. The app will be available on the Google Play Store for Android and the Apple App Store for iOS devices in the near future.

5. PTA/BTA

For your international transactions, PTA/BTA Lotus bank provides foreign exchange. Personal and business travels, payments for international schooling, medical bills, and other invisible transactions are examples of these transactions. The PTA/BTA services, on the other hand, can only be used for authorized travel purposes.

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

The following are the PTA/BTA service’s terms and conditions:

  • Your travel documentation must be in good working order.
  • This service is only available once every quarter.
  • Application on behalf of a third party is not permitted by the bank. You must also be at least 18 years old to apply.
  • You must return any unused PTA/BTA to the bank within two weeks after purchase.
  • Finally, you must not apply with forged documents.

How do I apply for a PTA/BTA?

Follow the procedures below to apply for this service:

  • Visit the Lotus Bank website at www.lotusbank.com.
  • Select’services’ from the toolbar.
  • Select PTA/BTA from the drop-down menu.
  • After that, fill out the form with your information and submit it.

What steps do I need to take to open a Lotus Bank account?

Follow these steps to open a Lotus Bank account:

  • Go to www.lotusbank.com and log in.
  • To become a customer, go to the ‘Become a customer’ toolbar.
  • Finally, complete and submit the online account registration form.

Source: Nyscinfo

Updated: November 29, 2021 — 11:31 am

The Author

Stephen Adoga

Stephen Adoga is a trained journalist, researcher, creative writer, content creator, video editor and freelancer. He studied Mass Communication at the Lagos State Polytechnic, Ikorodu, where he acquired requisite training for the practice of journalism. He loves the media. His interest mostly lies in the print medium where his creative writing skill makes him a perfect fit.

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