Parallex Bank Becomes First Microfinance To Move Into Commercial Banking

Parallex Bank became the newest bank to enter into the highly competitive commercial banking space in Nigeria.

Not only did it become the latest bank to enter into the commercial banking space, it also became the first microfinance bank to successfully transition into the commercial banking space.

The bank used the opportunity of an official public launch, which took place yesterday at its corporate head office situated at 1261 Adeola Hopewell St, Victoria Island 106104, Lagos, to announce its entry.

At the elaborate ceremony, the bank unveiled its logo to the excitement of invited guests, customers, staff, and onlookers.

The bank promised its stakeholders continued customer service improvement and the safety of depositors' funds.

The chairman of Parallex Bank, Dr. Adeola Phillips, said that the bank's emergence will redefine banking and restore depositors’ confidence in the Nigerian banking system again.

Dr. Phillips said: "What we are celebrating today is very dear to our hearts and the nation as a whole because we are about to witness a landmark transformation in the banking sector.

"The bank that started as a microfinance bank is now a full bank and it is only through innovation, commitment, and sacrifice that we are making this achievement.

"Our bank is introducing customers to stress-free services and programs that will always put us a step ahead of others, and this will further allow us to meet the needs of our customers digitally.

Mr. Olufemi Bakre, managing director of Parallex Bank, said, "We are not going to do banking as usual; we are going the extra mile for our customers."

From any angle within our mobile app, you can make five transactions in a day and 150 in a month without transaction charges.

"Parallex Bank will pay up to five percent on current account balances not lower than N100,000. It is not about taking advantage of a client under the canopy of making money. It is a mutually beneficial relationship.

Account maintenance charges are common in the industry. We are saying at Parallex Bank, from day one, you won’t encounter any.

"It shall never be in our dictionary to say it cannot be done. Our watchword is, "How can it be done?"

The bank boasts a high-level management team that has gathered more than 30 years of experience in the banking space. Olufemi Bakre spent most of his banking career at FCMB.