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Banking: Latest Debutante, Parallex Bank Transits From Microfinance To Commercial Banking

The Oasis Reporters

January 19, 2022



‘..Parallex Bank to focus on consumer centric innovations’ – Adeola Philips

.. powered by Christ Embassy

With groundbreaking value-drivers, prominent financial institution Parallex Bank has become the latest entrant into the commercial banking industry in Nigeria.

L-R; Board Member, Parallex Bank, Reverend Thomas Ehis Amenkhienan, Chairperson, Board of Directors Parallex Bank, Dr. Adeola Phillips, Managing Director of Parallex Bank, Mr. Olufemi Bakre, and Deputy Governor of Delta State, Mr. Kingsley Otuaro, at the ribbon cutting during the launch Parallex Bank at Victoria Island, Lagos, on Friday, January 14, 2022.




(L-R) Chairperson, Board of Directors Parallex Bank, Dr. Adeola Phillips, Board member, Thomas Ehiz Amenkhienan, Deputy Governor of Delta State, Mr Kingsley Otuaro, Managing Director of Parallex Bank, Mr. Olufemi Bakre.

Loveworld Nation, also known as Christ Embassy, seems to be behind the commercial financial institution, called Parallex Bank, launched with a view to redefining customer experience through digital innovation.

The CEO of Loveworld Nation, Dr. (Pastor) Adeolu Phillips, is the bank’s chairman.

Checks on the bank’s website revealed that Parallex Bank was formerly a microfinance bank until the Central Bank of Nigeria, CBN, granted it license to go into full banking services.

“Parallex Bank Limited was incorporated as a limited liability company on the 22nd day of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of Nigeria to carry out commercial banking services,” the bank stated on its website.

Having launched on Friday, January 14, 2022, at the bank’s headquarters in Victoria Island, Lagos, Parallex Bank has set out with a mission to redefine the banking landscape in Nigeria, and Africa, by extension.

Several key dignitaries including the Deputy Governor of Delta State, 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 Denham, Mr. Bolaji Balogun, among others, were in attendance to witness this historic event.

Introducing the bank to the gathering, the bank’s chairman, Dr. Adeola Phillips, said that Parallex Bank is delving into 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 the bank digital platforms, she explained that the Parallex mobile app has been designed to provide enhanced flexibility to reduce the strain carried out by consumers while carrying out transactions.

“We see our coming to the market as an opportunity to empower the banking public and to drive convenient and efficient commerce through our digital platforms.

This will undoubtedly position us further to meet the needs of modern banking customers.

“Parallex Bank Limited will disrupt the market and delight customers with very attractive offers. Most transactions on Parallex mobile app are free but beyond that, customers will have the freedom to do much more with the app. Our platform will eliminate inconveniences and hardship often faced by customers while paying for goods and services.”

Part of the special features of the bank includes “5 Free Interbank Transfer Daily” and “No Maintenance Fees on all accounts.”

According to the bank, “it will be leveraging the best talents and technology to deliver unparalleled value to our stakeholders.”

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

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

“Parallex Bank was first established as a microfinance bank in 2008 and by dint of hard work, resourcefulness, and commitment to excellence, we recorded great success as a microfinance bank. By January 2021, the Central Bank of Nigeria found us worthy of being a commercial bank and granted us the Commercial Banking License.

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

“Our value propositions to our customers are Instant account opening, convenience, reliability, prompt resolution to complaints and partnerships. This is how we plan to disrupt the market and delight 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.

He also listed several fringe benefits provided to consumers of this record-breaking financial institution, as well as unique features that distinguish Parallex Bank as a profoundly customer-centric brand in Nigeria.

“To deliver on these propositions, we developed the mobile app with features and benefits that are quite rare in this market. On the Parallex mobile app, you can create your unique account number.

You can increase your transfer limit. You can transfer money to any bank in Nigeria, five times per day for free. You can request 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 attended to swiftly.

“There is more! You will enjoy up to 5% interest rate on your current account provided you maintain a minimum average balance of N100,000. Every personal banking customer that maintains an account with us will also enjoy a zero maintenance fee. In this new era, Parallex Bank is indeed the enabler of limitless banking. This is our brand promise to customers.”

Greg Abolo

Blogger at The Oasis Reporters.

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