Parallex Bank promises limitless possibilities

The latest entrant into the commercial banking industry in Nigeria, Parallex Bank has officially launched out at the weekend, with a promise to redefine the nation’s banking landscape even across Africa n continent.

The bank’s launch was graced by several dignitaries from both the private and public sector, including several celebrities who witnessed the unveiling of its official logo.

Introducing the bank to dignitaries who gathered at its headquarters on Victoria Island Lagos, Chairman of the bank, Dr. Adeola Phillips, said Parallex Bank had come to make a unique statement about what innovation can do in an industry that is constantly reinventing.  She further stated that 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 added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

Also speaking, the Managing Director of Parallex Bank, Mr. Olufemi Bakre, said the bank’s promise to its customers is to be an enabler of limitless banking. He stated that Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank, stressing he was convinced that it will achieve more as it partners with customers to explore more business opportunities.


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Mr Olufemi said the vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation, while assuring customers of excellent banking products and services. The bank chief hinted that the organisation’s offerings are designed to address the yearnings of Nigerians. With a strong ecosystem anchored around the customer, the managing director  informed guests that the bank has a robust product portfolio that is customer focused, innovative and simple.

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.

Beyond the app, he said customers will enjoy zero maintenance fees while current account holders will further enjoy up to 5 per cent  interest rate provided, they maintain a minimum average balance of N100,000.