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Parallex Bank Becomes Nigeria’s Newest Commercial Bank

Parallex Limited, previously a microfinance bank, has announced its transition to commercial banking, becoming the latest entrant into that competitive banking cadre 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.

Commercial banks have a higher equity structure and have higher costs of capital relative to risk.

To obtain a banking license from the Central Bank of Nigeria, minimum paid-up share capital of N10 billion (for regional banking licence) must be maintained.

Parallex 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.

“Parallex Bank was first established as a Microfinance Bank in 2008 and by dint of hard work, resourcefulness, and commitment to excellence, we recorded great success as a Microfinance Bank. By January 2021, the Central Bank of Nigeria found us worthy of being a commercial bank and granted us the Commercial Banking License.

“The Management, and the staff of Parallex Bank Limited have adopted and shall operate by S.E.E.E.D.D, an acronym which stands for Speed, Execution, Extra mile, Executive touch, Digital innovations, and Discipline. This we do, by making available to all Nigerians, our unique digital platforms that make our services available anytime, anywhere.

“Our value propositions to our customers are Instant account opening, convenience, reliability, prompt resolution to complaints and partnerships. This is how we plan to disrupt the market and delight our customers.”

He explained that the company’s electronic app is fitted to help deliver on all its value propositions.

“To deliver on these propositions, we developed the mobile app with features and benefits that are quite rare in this market. On the Parallex mobile app, you can create your unique account number. You can increase you transfer limit. You can transfer money to any bank in Nigeria, five times per day for free. You can request for a free debit card, which can be delivered to you for free. You can also send inquiries on the app, and these will be attended to swiftly.

“There is more! You will enjoy up to 5 per cent interest rate on your current account provided you maintain a minimum average balance of N100,000. Every personal banking customer that maintains an account with us will also enjoy zero maintenance fee. In this new era, Parallex Bank is indeed the enabler of limitless banking. This is our brand promise to customers.”

Key dignitaries at the event of the launch the Deputy Governor of Delta State, Kingsley Otuaro, former Executive Chairman of the Nigerian Communications Commission (NCC), Ernest Ndukwe, and others.

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