Parallex Microfinance Bank , Gets CBN’s Nod For Commercial Banking

Parallex Microfinance Bank Limited has said it has upgraded to a commercial bank, having received approval from the Central Bank of Nigeria.

Its Chairman, Board of Directors, Dr Adeola Phillips, said the transition to a commercial bank would support the growth of the nation’s economy.

She said this during her welcome address at the official launch of the commercial bank over the weekend in Lagos, according to a statement.

She said, “Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing. We have a history of thriving during uncertainties. We will operate broadly with a competitive mindset. We will also support the growth of the nation’s businesses in an ethical manner while also subscribing to corporate governance at all levels.

“The emergence of Parallex Bank into the Nigerian market and subsequently into the global market will strengthen the e-banking space. And with the introduction of customer-centric, stress-free and affordable products and services, our bank is set to offer competitive services that are astep ahead of competitors.”

She assured stakeholders that the new financialinstitution would get competitive returns and offer best services to banking customers to meet their expectations.

Phillips expressed optimism that the bank would record giant strides in its fundamentals while focusing on its several strategic initiatives to grow the bank.

“This will be made possible with the adoption of new operational processes, implementation of modern business enterprises, heavy investment in banking information technology, expansion of operations, productinnovations and being more market focused,” she added.

The Managing Director of the bank, Olufemi Bakre, noted that a formidable financial institution had been put in place that would be recognised and connected within all spheres.

“In terms of vision, we want to be the preferred financial solution provider in this country, redefine customer experience through innovation. We are not going to do it the usual way primarily because the market is somehow saturated, and if you are coming to market at this point in time, certainly, you must have something new to offer,” he added.