Parallex Bank To Shift From Microfinance To Commercial Bank

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Parallex Bank Limited has transitioned from a microfinance bank to commercial banking, becoming the latest entrant into the competitive commercial banking industry in Nigeria.

The Lagos-based bank, registered in 2008, launched its transition on January 14, a year after it received a licence from the Central Bank of Nigeria.


The bank said it set out with a mission to redefine the banking landscape in Nigeria, and Africa by extension.

The bank’s chairman, Adeola Phillips, in her introduction, said the bank is delving into the commercial banking space to drive consumer-centric innovation that will propel the banking industry to greater heights.

While emphasising that the company’s goal is to drive convenient and efficient commerce through the bank digital platforms, she explained that the Parallex mobile app has been designed to provide enhanced flexibility to reduce the strain carried out by consumers while carrying out transactions.

“We see our coming to the market as an opportunity to empower the banking public and to drive convenient and efficient commerce through our digital platforms. This will undoubtedly position us further to meet the needs of modern banking customers,” she said.

“Parallex Bank Limited will disrupt the market and delight customers with very attractive offers. Most transactions on Parallex mobile app are free but beyond that, customers will have the freedom to do much more with the app. Our platform will eliminate inconveniences and hardship often faced by customers while paying for goods and services.”

The Managing Director of Parallex Bank, Olufemi Bakre, said the bank’s promise to its customers is to be an enabler of limitless banking.

He also said the vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation.

He assured customers of excellent banking products and services, stating that the bank’s unique value propositions included ensuring convenience – via instant account openings and internet-enabled ‘contactless’ banking, service reliability, prompt resolution to complaints, both technically and practically, as well as fostering socio-impactful partnerships that will also improve the banking industry in Nigeria, as well as address the yearnings of Nigerians.

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