“POS geo-tagging is a tool for protection, not punishment” – Lotus Bank’s Akinlabi Adegoke
- Lotus Bank is the first non-interest bank headquartered in Lagos, Nigeria.
- The bank surpassed the ₦20 billion capital requirement set by the Central Bank of Nigeria.
- Lotus Bank is implementing geo-tagging for POS machines to enhance fraud controls.
Lotus Bank's proactive approach to regulatory compliance and ethical finance positions it well in the evolving banking landscape. However, the challenge remains in effectively communicating the benefits of geo-tagging to customers to avoid misconceptions about surveillance. The balance between compliance and customer trust will be crucial for the bank's long-term success.
