Parallex becomes the first microfinance to transform into a commercial bank

The latest entrant into commercial banking in Nigeria, Parallex Bank, officially launched its operations on Friday, January 14, with the promise of quality and unique services to stakeholders.

In an elaborate ceremony at its headquarters in Adeola Hopewell, Victoria Island, Lagos, Parallex Bank unveiled the bank’s logo and officially launched its brand in the presence of stakeholders and dignitaries from different walks of life.

Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank, Business day reports.

In her keynote address, Parallex Bank Chairman Dr Adeola Phillips said the emergence of the bank would make a unique statement and redefine what a bank should look like.

Dr Phillips said: “What we are celebrating today is very dear to our hearts and to the nation as a whole, as we are about to witness a historic transformation in the banking industry.

“The bank that started as a microfinance bank is now a full-fledged bank and it is only through innovation, commitment and sacrifice that we achieve this.

“Our bank offers its customers stress-free services and programs that will always put us one step ahead of others, which will further enable us to respond digitally to the needs of our customers.

Parallex Bank Managing Director Mr. Olufemi Bakre said, “We are not going to bank as usual, we are going the extra mile for our customers.”

“From any angle in our mobile app, you can make five transactions per day and 150 per month with no transaction fees.

“Parallex Bank will pay up to 5% on current account balances not less than N100,000. This is not about taking advantage of a customer under the guise of making money. It’s a mutually beneficial relationship.

“Account maintenance fees are common in the industry. We tell Parallex Bank from day one that you won’t encounter any.

“It will never be in our dictionary to say it can’t be done. Our watchword is how can this be done?

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