LOTUS Bank, a non-interest commercial bank, has formed a partnership with Inter Lagos FC, a Nigerian National League (NNL) club, to offer crucial financial backing to enhance its local and global aspirations. This collaboration, the second of its kind in three years, illustrates a growing trend where banks use sports sponsorships to extend their brand reach and engage with the community.
“Football, much like other sports, serves as a potent tool for engaging youth, creating economic opportunities, and fostering social unity. Our association with Inter Lagos is in line with our goal of supporting initiatives that have a lasting positive effect,” stated Kafilat Araoye, Managing Director and CEO of LOTUS Bank.
Nigerian banks are increasingly investing in football to increase brand visibility and community involvement. For instance, in August 2024, PremiumTrust Bank secured a four-year, ₦1.2 billion deal with the Nigeria Football Federation (NFF), while Zenith Bank has been backing Nigerian football development since 2015. These investments align with global trends. A 2022 Global Sports Marketing Report by Nielsen revealed that sports sponsorships can boost brand awareness and increase purchase intent by 10%.
“LOTUS Bank shares our commitment to innovation and progress, and we have witnessed their dedication to sports development firsthand,” remarked Lanre Vigo, co-founder and CEO of Inter Lagos FC. “Teaming up with a forward-thinking financial institution bolsters our pursuit of excellence.”
Football stands as Nigeria’s most popular sport, making it an ideal platform for banks seeking to connect with customers. Similar strategies have been observed worldwide: In 2024, Morgan Stanley collaborated with ESPN on the TV series “In The Arena: Serena Williams” to engage diverse audiences as part of its broader marketing approach.
In Nigeria, sports sponsorships are also being utilized to drive financial inclusion, as banks aim to broaden their customer base beyond traditional urban markets. In 2022, LOTUS entered into a partnership with Ikorodu City FC, another NNL team.
The increasing focus of banks on football signifies its rising importance as a branding tool and a strategic move for deeper customer engagement.