Parallex Bank changes From Microfinance To Commercial Banking.

With ground-breaking value-drivers, prominent financial institution Parallex Bank has emerged as the newest entrant into Nigeria’s commercial banking industry. Parallex Bank, which launched on Friday, January 14, 2022, at its headquarters in Victoria Island, Lagos, has set out on a mission to redefine the banking landscape in Nigeria and, by extension, Africa.

Dr. Adeola Phillips, the bank’s chairman, introduced the bank to the audience, saying that Parallex Bank is entering the commercial banking space to drive consumer-centric innovation that will propel the banking industry to greater heights.

While emphasizing that the company’s goal is to drive convenient and efficient commerce through bank digital platforms, she explained that the Parallex mobile app has been designed to provide enhanced flexibility to reduce the strain experienced by consumers while conducting transactions.

“Through our digital platforms, we see our entry into the market as an opportunity to empower the banking public and drive convenient and efficient commerce.” This will undoubtedly strengthen our position in meeting the needs of modern banking customers.

“With very appealing offers, Parallex Bank Limited will disrupt the market and delight customers.” The majority of transactions on the Parallex mobile app are free, but customers will be able to do much more with the app. Our platform will eliminate the inconveniences and hardships that customers frequently face when paying for goods and services.”

Mr. Olufemi Bakre, Managing Director of Parallex Bank, confirmed the Chairman’s claims and stated that the bank’s promise to its customers is to be an enabler of limitless banking. He also stated that Parallex Bank’s vision is to be the preferred financial solution provider that redefines customer experience through innovation.

He assured customers of excellent banking products and services, stating that the bank’s unique value propositions included ensuring convenience – through instant account openings and internet-enabled ‘contactless’ banking, service reliability, prompt resolution of complaints, both technically and practically, as well as fostering socio-impactful partnerships that will also improve the banking industry in Nigeria and address Nigerians’ yearnings.

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

“The Management and Staff of Parallex Bank Limited have adopted and will operate under the acronym S.E.E.E.D.D, which stands for Speed, Execution, Extra Mile, Executive Touch, Digital Innovations, and Discipline.”

This we do by making our unique digital platforms available to all Nigerians, allowing our services to be accessed at any time and from any location. “Our value propositions to our customers are instant account opening, convenience, reliability, prompt resolution of complaints, and partnerships.” This is how we intend to disrupt the market while also delighting our customers.”

“With a strong ecosystem centred around the “best talents Nigeria can offer, as well as innovation,” Mr. Femi Bakre explained that the company’s electronic app is fitted to help deliver on all its value propositions.

Several key dignitaries, including Delta State Deputy Governor, Mr. Kingsley Otuaro, former Executive Chairman of the Nigerian Communications Commission (NCC), Mr. Ernest Ndukwe; Non-Executive Directors, Parallex Bank, Messrs Thomas Ehis Amenkhienan and Vale Odu-Thomas, Founder, Retro Group of Companies, Otunba Lekan Osifeso, investment banker and Chief Executive Officer, Chapel Hill Den were present at the launch.