Parallex moves from microfinance to commercial banking

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

The bank unveiled its new brand entity, over the weekend, at its headquarters in Victoria Island, Lagos State.

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

“Parallex Bank Limited was incorporated as a limited company on May 22, 2020, having successfully converted from Parallex Microfinance Bank (a national microfinance bank incorporated in 2008 as an MFB unit) to a commercial bank duly licensed by the Central Bank of Nigeria to provide commercial banking services,” read a statement on the bank’s website.

Speaking at the event, Adeola Phillips, Chairman of Parallex Bank, said the bank is immersing itself in the commercial banking space to drive consumer-centric innovation that will propel the Nigerian banking industry to greater heights. .

While emphasizing that the bank’s goal is to foster convenient and efficient commerce through digital platforms, she explained that Parallex’s digital products have been designed to provide increased flexibility to reduce consumer pressure when of carrying out transactions.

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

“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.

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 meet the aspirations of Nigerians.

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