Nigeria: Parallex Bank Limited expands its market, opens Marina branch

A financial services provider in Nigeria, Parallex Bank Limited has expanded its market with the launch of a new branch in Lagos. The bank plans to open 12 more before the end of the year.

Speaking at the official launch, Olufemi Baker, managing director at Parallex Bank, said the bank was the first microfinance bank that migrated to be a commercial bank.

“As of today, we remain the only microfinance bank that achieved that particular feat because the feat is quite audacious,” he said.

According to Adeola Philips, chairman at Parallex Bank, the branch opening is just the beginning of an exciting new chapter for the bank as it is set to open five new branches in strategic locations which are Lekki, Ibadan, Abuja, Warri and Isolo.

“These expansions really define our unwavering commitment to reaching more communities and contributing to the economic growth of our nation,” she said.

She added that the bank is not just expanding its physical footprint but will offer banking solutions to a wider audience.

“We understand that the world of banking is rapidly evolving, driven by technological advancement and changing customers’ expectations but at Parallex Bank we are committed and determined to stay at the forefront of this evolution.”

In January 2021, the bank was granted a commercial banking regional operating license to operate as Parallex Bank Limited.

At the time of the bank’s transition, it left behind 875 Microfinance Banks in Nigeria, out of which nine have national licenses, 98 operate at the state level, and 768 operate as unit microfinance banks. In 2021, Femi Bakre was appointed as managing director of the bank.

“As a bank we have over 100 thousand customers which is just the starting point. Our vision is clear: Parallex Bank wants to be the most preferred service provider, redefining customer experience in the banking industry through innovation,” Bakre added.