Parallex Bank Plans 12 New Branches

The Managing Director of Parallex Bank, Olufemi Bakre, has said that the disruption to the banking industry from financial technology sector will have no effect on its value proposition.

Bakre said this on Wednesday at the official opening of its Marina branch in Lagos Island.

He also said the lender was planning to open 12 new branches before the end of the year

He said, “We are still investing to remain competitive. The fintech arrival or disruption is not a disruption to our value proposition to our customers, rather, we are a bank to compete with and a bank to beat.”

Last October, the former governor of the Central Bank of Nigeria, Godwin Emefiele, at an insurance sector worsksop stated that the rapid evolution of fintech had altered the global financial landscape and called for regulatory frameworks to guide the activities of the financial technology firms.

Bakre encouraged other microfinance banks to transition in order to boost offerings in the market.

He said, “We are coming out as a model to encourage other microfinance banks to come out and compete with us. Technically, we are less than two years and irrespective of our newness and age, I‘m pleased to inform you that the bank has not only broken barriers, we are on a profitability path. As a bank, we have over 100,000 customers and this is just the starting point.”

Parallex bank which transitioned into a commercial bank from a microfinance bank in early 2022 is also set to open five new branches across the country next week and 12 branches in all before the end of the year.

The Chairman of the bank, Dr Adeola Philips, in her welcome address at the event said, “In the coming week, we are set to open five new branches in strategic locations in Lekki, Abuja, Ibadan, Warri and Isolo. These expansions define our unwavering commitment to reaching more communities, serving more customers and contributing to the economic growth of our nation.

September 21, 2023