The latest entrant into the commercial banking industry in Nigeria, Parallex Bank officially launched operations on Friday, January 14, 2022, with the promise to redefine the banking landscape in Nigeria and Africa at large.
The bank launch was graced by several dignitaries from both the private and public sector. Also in attendance were several celebrities who witnessed the unveiling of the bank’s logo.
Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank.
While it was a microfinance bank, it was assigned ‘Bbb+’ ratings by Agusto & Co and it ranked was one of the first five in the industry with 10 branches across the country.
Speaking during the event, the chairman of the bank, Adeola Phillips said Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing.
“The bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms,” Philips said.
Corroborating the Chairman’s claims, the Managing Director of Parallex Bank, Olufemi Bakre, said the bank’s promise to its customers is to be an enabler of limitless banking.
“The vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation,” Bakre said.
He assured customers of excellent banking products and services stating that the bank offerings are designed to address the yearnings of Nigerians.
According to him, the Parallex mobile app has unique features and benefits that are quite rare in this market.
“On the app, customers can choose to create their unique account numbers, increase their transfer limits, make five free transfers per day to any bank in Nigeria. They can request for free debit cards, which will be delivered to them for free. They will receive prompt responses to enquiries,” he said.
Beyond the app, Bakre added that customers will enjoy zero maintenance fees while current account holders will further enjoy up to 5 percent interest rate provided they maintain a minimum average balance of N100,000.
He further stated that the bank will be customer-focused and will operate with the acronym called ‘SEED’, which means, speed, execution, executive support and digital.