—-Promises limitless possibilities
History was made weekend in Lagos as Parallex Bank Limited became the first financial institution in Nigeria to migrate from Microfinance Bank (MfB) to Commercial Bank.
This was even as the bank has concluded plans to strengthen the e-banking space while promising to support the growth of the nation’s small businesses ethically and subscribing to corporate governance at all levels.
Speaking during the launch of the bank in Lagos, Chairman, Board of Directors, Parallex Bank Limited, Dr. Adeola Philips, expressed excitement with the public introduction of the bank, stating that it is here to make a unique statement about what innovation can do in an industry that is constantly reinventing.
She said, “What we are celebrating today is very dear to our heart, to Nigeria and Nigerians as well. It is the introduction of a unique financial institution that believes in the economy of this great nation and the potential it holds.
“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 a step ahead of competitors.
“We see our coming to the market as an opportunity to empower the banking public and to drive convenient and efficient commerce through our digital platforms. This will undoubtedly position us further to meet the needs of modern banking customers,” she said.
Speaking further, she noted that Parallex Bank Limited will disrupt the market and delight customers with very attractive offers. Most transactions on Parallex mobile app are free but beyond that, adding that customers will have the freedom to do much more with the app.
She said the bank’s platform will eliminate inconveniences and hardship often faced by customers while paying for goods and services.
According to her, the Board intends to focus on several strategic initiatives to grow the Bank.
“With our five-year strategic plan, crafted with the world’s best consultants, we believe strongly that the Bank will record giant strides in its fundamentals. 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, product innovations, and being more market-focused.
“With all these and more, we assure stakeholders that the new bank is well-positioned to offer the best services to banking customers and to meet their expectations. Our shareholders will get competitive returns as the Bank is being placed on a sustainable path,” she maintained.
According to her, the goal is to empower the banking public and to drive convenient and efficient commerce through the bank’s digital platforms.
She added that the Parallex mobile app offers customers the freedom to do much more, adding that the app will eliminate inconveniences and hardships often faced by customers while carrying out transactions.
Also speaking, the Managing Director of Parallex Bank, Olufemi Bakre, said the bank’s promise to its customers is to be an enabler of limitless banking.
He said, “We have a very robust history which has given credence to our competence and creativity in meeting the aspirations of customers as regards financial services. Parallex Bank was first established as Microfinance Bank in 2008 and by dint of hard work, resourcefulness, and commitment to excellence, we recorded great success as Microfinance Bank. By January 2021, the Central Bank of Nigeria found us worthy of being a commercial bank and granted us the Commercial Banking License.
“Today I am proud to announce to you all that Parallex Microfinance Bank is now Parallex Bank Limited. This is the first of its kind within the Nigerian banking space. It is an important day for us. A day that marks a major milestone in our drive to disrupt the status quo and revolutionize the face of the banking industry.
“The emergence of our brand will surely boost the profile and scope of financial services in Nigeria. Having served creditably in the lower banking genre, we will use the opportunity of our legacy to redefine banking services by making available our rich tradition of ethical conduct, quality service delivery, innovation, and customer care,” he said.
While speaking on the bank’s vision, he said, “it is to be the preferred financial solutions provider by redefining the customer experience through our innovation and our mission is to leverage the best talents and technology to deliver unparalleled value to all our customers and stakeholders.
“Our core values of professionalism, innovation, excellence, and collaboration and being customer-centric have truly worked for us and have made us the preferred bank by our customers.
“As a bank, we conduct ourselves in a manner consistent with the highest standards of integrity. We pursue new and bold ideas. With a resilient, focused, and agile workforce, coupled with the support of the board of directors who are visionary professionals, dynamic and versatile, we take pride in our ability to exceed expectations and create superior value.
“The Management and the staff of Parallex Bank Limited have adopted and shall operate by S.E.E.E.D.D, an acronym which stands for Speed, Execution, Extra mile, Executive touch, Digital innovations, and Discipline. This we do, by making available to all Nigerians, our unique digital platforms that make our services available anytime, anywhere,” he said.
Deputy Governor of Delta State, Barr. Kingsley Otuaro was among notable Nigerians who graced the occasion.
