Parallex transforms from microfinance to commercial bank

Parallex Bank says it has officially transitioned from a microfinance institution to a commercial bank.

The bank unveiled its new brand entity, over the weekend, at its corporate head office in Victoria Island, Lagos state.

According to the bank, its transformation into a commercial bank is a first-of-its-kind achievement in the Nigerian banking space.

“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,” a statement on the bank’s website reads.

Speaking during the event, Adeola Phillips, chairman of Parallex Bank, said the bank is delving into the commercial banking space to drive consumer-centric innovation that will propel the Nigerian banking industry to greater heights.

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

“Parallex Bank Limited will disrupt the market and delight customers with very attractive offers,” Phillips said.

“Most transactions on the 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.”

On his part, Olufemi Bakre, managing director of Parallex Bank, assured customers of excellent banking products and services, adding that the bank’s offerings would address the yearnings of Nigerians.