Parallex was formally a microfinance bank until the Central
Bank of Nigeria, CBN, granted it license to go into full banking services.
The transition into a commercial bank was launched on Friday
at its headquaters in Victoria Island, Lagos.
“Parallex Bank Limited was incorporated as a limited
liability company on the 22nd day of May 2020, having successfully converted
from Parallex Microfinance Bank (a National Microfinance Bank incorporated in
2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of
Nigeria to carry out commercial banking services,” the bank stated on its
website.
Introducing the bank to the gathering at the bank’s headquarters, the chairman of the bank, Dr. Pastor Adeola Phillips, CEO of Loveworld Incorporated said Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing. She further stated that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers.
The goal is to empower the banking public and to drive
convenient and efficient commerce through the bank digital platforms.
She added that the Parallex mobile app offers customers the
freedom to do much more. The app will eliminate inconveniencies and hardships
often faced by customers while carrying out transactions.
Corroborating the Chairman’s claims, the Managing Director
of Parallex Bank, Mr. Olufemi Bakre, popularly known as Mayor, said the bank’s
promise to its customers is to be an enabler of limitless banking.
He established that Parallex Bank is the first bank in
Nigeria to migrate from a microfinance bank to a commercial bank. He is
convinced that Parallex Bank limited will achieve more as the bank partners
with customers to explore more business opportunities.
Mr Olufemi 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 offerings are designed to address the yearnings of
Nigerians.
With a strong ecosystem anchored around the customer, Mr
Femi informed the guests that the bank has a robust product portfolio that is
customer focused, innovative and simple.
According to him, the Parallex mobile app has unique
features and benefits that are quite rare in this market. On the app, customers
can choose to create their unique account numbers, increase their transfer
limits, make five free transfers per day to any bank in Nigeria. They can
request for free debit cards, which will be delivered to them for free. They
will receive prompt responses to enquiries.
Beyond the app, he added that customers will enjoy zero
maintenance fees while current account holders will further enjoy up to 5%
interest rate provided, they maintain a minimum average balance of N100,000
($200).
The bank which began as a micro-finance bank is now a full
blown commercial bank.