Parallex Bank launched, promises zero-maintenance charges, other innovative services to customers

By Odunewu Olusegun, Lagos

Managing Director/Chief Executive Officer of Parallex Bank Ltd, Olufemi Nojeemdeen Bakre has revealed that the bank is ready to revolutionize the banking industry with its innovative services driven by cutting-edge technology.

Bakre who revealed this at the commissioning of its new head office in Victoria Island, Lagos on Friday January 14, said while other banks impose maintenance charges on accounts, Parallex Bank would not.

He said the bank which is located at the heart of the commercial center of Lagos with strategically placed branches across three geopolitical zones in Nigeria, including the Federal Capital Territory, Abuja is leveraging the best talents and technology to deliver unparalleled value to all its stakeholders.

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“We‘ll be committed to our customers. From the MD to the other executives, we shall be knocking at their doors from time to time to offer not just financial advice, but also to help develop their business ideas and listen to any issues they may have.”

The CEO stated that with Parallex Bank, customers can make five transfers across its online mobile platform daily, and 50 in a month without paying any charges at all. He also added that the bank would give 5% interest on deposits by customers not below N100,000 in a current account.

Earlier in her remark, Chairman of the Board of Directors, Dr. Adeola Adejoke Phillips said the vision of the new bank is to be the preferred financial solution provider, not just in the country but in the world.

“While we have 11 branches strategically positioned to serve our teeming population with our diverse opportunities, Parallex Bank is here to make a unique statement about what innovation can do in an industry that is reinventing.

“We have a history of thriving through uncertainties, and so will operate broadly with a competitive mindset and so forth the growth of the nation’s businesses in an ethical manner while also subscribing to corporate governance at its highest levels.

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“The bank has on its board, men and women of integrity, with experience in diverse fields to drive the vision and mission of this great institution. The emergence of Parallex Bank into the Nigerian markets and subsequently into the global market will strengthen the banking space.

Dr. Phillips reassured Nigerians that Parallex Bank is set to offer competitive services that are a step ahead of others. “We see our confidence in the markets as an opportunity to empower the banking public and to drive convenience and efficient commerce through our digital platforms.

She also restated that most transactions on the bank’s products mobile banking app are free, stressing that customers would have the freedom to do much more with the app and will eliminate inconveniences and hardships faced by customers.

“In our pursuit to remain relevant to economic growth with our five year strategic plan, I believe with the adoption of our new operational processes, implementation of modern business enterprises, investments in banking, information technology, expansion of operations, product innovations, particularly being more market focused, we’re empowered to lead with thought to grow and add value to customers.

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“We assure stakeholders that the new bank is well positioned to offer the best service to banking customers and to exceed their expectations,” she added.

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.

Dignitaries at the colourful unveiling included the Deputy Governor of Delta state, Barr. Kingsley Burutu Otuaro; former EVC/CEO of the Nigerian Communications Commission and Chairman, Board of Directors of MTN Nigeria, Ernest Ndukwe; Assistant Inspector General of Police, Zone 2 Lagos, Bode Adeyinka Adeleke and many other captains of industries and government officials.