Parallex Bank becomes Nigeria’s newest commercial bank

Parallex Limited, formerly a microfinance bank, has announced its transition to commercial banking, becoming the latest entrant into this competitive banking framework in Nigeria.

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

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

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

Parallex Bank said it was on a mission to redefine the banking landscape in Nigeria, and Africa, by extension.

The bank’s president, Adeola Phillips, in her introduction, said the bank was diving into the commercial banking space to drive consumer-centric innovation that would propel the banking industry to greater heights.

While emphasizing that the company’s goal is to foster convenient and efficient commerce through digital banking platforms, she explained that the Parallex mobile application was designed to provide increased flexibility to reduce pressure from consumers when carrying out transactions.

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

“Parallex Bank Limited is going to disrupt the market and delight customers with some very attractive offers. Most transactions on the Parallex mobile app are free, but beyond that, customers will have the freedom to do so much more with the app. Our platform will eliminate the inconveniences and difficulties often encountered by customers when paying for goods and services. »

Parallex Bank Managing Director Olufemi Bakre said the bank’s promise to its customers was to be a catalyst for unlimited banking services.

He also stated that Parallex Bank’s vision is to be the preferred financial solutions provider redefining the customer experience through innovation.

He assured customers of excellent banking products and services, stating that the bank’s unique value propositions included convenience – through instant account openings and “contactless” internet banking, reliability of service, rapid resolution of complaints, both technically and practically, as well as fostering social impact partnerships that will also improve the banking sector in Nigeria, as well as meet the aspirations of Nigerians.

“Parallex Bank was established as a microfinance bank in 2008 and through hard work, ingenuity and a commitment to excellence, we have achieved great success as a microfinance bank. In January 2021, the Central Bank of Nigeria deemed us worthy of being a commercial bank and granted us the Commercial Banking License.

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

“Our value propositions for our customers are instant account opening, convenience, reliability, rapid complaint resolution and partnerships. This is how we plan to disrupt the market and delight our customers.

He explained that the company’s electronic application is designed to help realize all of its value propositions.

“To make these proposals a reality, we have developed the mobile application with features and advantages that are quite rare in this market. On the Parallex mobile application, you can create your unique account number. You can increase your transfer limit. You can transfer money to any bank in Nigeria, five times a day for free. You can apply 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 dealt with promptly.

“There’s more! You will enjoy an interest rate of up to 5% on your checking account provided you maintain a minimum average balance of N100,000. Every personal banking client who maintains an account with us will benefit also zero maintenance fees.In this new era, Parallex Bank is indeed the catalyst for unlimited banking.This is our brand promise to our customers.

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

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