First ? NO NO

The latest entrant into the commercial banking industry in Nigeria is Parallex Bank, owned by Chris Oyakhilome’s Christ Embassy Church.

The bank which was officially launched on Friday, January 14, 2022, promises to redefine the banking landscape in Nigeria and Africa at large.

Introducing the bank to the public at the bank’s headquarters in Victoria Island Lagos, the chairman of the bank, Dr. Pastor Adeola Phillips, CEO of Loveworld Nation said Parallex Bank is here 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.

She 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.

Corroborating the Chairman’s claims, the Managing Director of Parallex Bank, Olufemi Bakre, father to an alumni of Big Brother Naija, Tobi Bakre, said the bank’s promise to its customers is to be an enabler of limitless banking.

He established that Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank. He is convinced that Parallex Bank limited will achieve more as the bank partners with customers to explore more business opportunities.

Olufemi 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 offerings are designed to address the yearnings of Nigerians.

With a strong ecosystem anchored around the customer, the bank also has a robust product portfolio that is customer focused, innovative and simple.
According to Olufemi, 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, Femi added that customers will enjoy zero maintenance fees while current account holders will further enjoy up to 5% interest rate provided they maintain a minimum average balance of N100,000 ($200).

The bank which began as a micro-finance bank is now a full blown commercial bank.