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Parallex Bank Makes History as First to Transit from Microfinance to Commercial Bank  

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With groundbreaking value-drivers, prominent financial institution Parallex Bank has become the latest entrant into the commercial banking industry in Nigeria.

Parallex Bank Makes History as First to Transit from Microfinance to Commercial Bank  

Having launched on Friday, January 14, at the bank’s headquarters in Victoria Island, Lagos, Parallex Bank has set out with a mission to redefine the banking landscape in Nigeria, and Africa, by extension.

Several key dignitaries including the Deputy Governor of Delta State, Mr. Kingsley Otuaro, former Executive Chairman of the Nigerian Communications Commission (NCC), Mr. Ernest Ndukwe; Non-Executive Directors, Parallex Bank, Messrs Thomas Ehis Amenkhienan and Vale Odu-Thomas, Founder, Retro Group of Companies, Otunba Lekan Osifeso, investment banker and Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun, among others, were in attendance to witness this historic event.

Introducing the bank to the gathering, , Dr. Adeola Phillips, the bank’s chairman said that Parallex Bank is delving into the commercial banking space, to drive consumer-centric innovation that will propel the banking industry to greater heights.

While emphasizing that the company’s goal is to drive convenient and efficient commerce through the bank digital platforms, she explained that the Parallex mobile app has been designed to provide enhanced flexibility to reduce the strain carried out by consumers while carrying out transactions.

“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.

“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, customers will have the freedom to do much more with the app. Our platform will eliminate inconveniences and hardship often faced by customers while paying for goods and services.”

Corroborating the Chairman’s claims, Mr. Olufemi Bakre, managing director of Parallex Bank, affirmed that the bank’s promise to its customers is to be an enabler of limitless banking. He also 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 unique value propositions included ensuring convenience – via instant account openings and internet-enabled ‘contactless’ banking, service reliability, prompt resolution to complaints, both technically and practically, as well as fostering socio-impactful partnerships that will also improve the banking industry in Nigeria, as well as address the yearnings of Nigerians.

“Parallex Bank was first established as a Microfinance Bank in 2008 and by dint of hard work, resourcefulness, and commitment to excellence, we recorded great success as a 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.

“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.

“Our value propositions to our customers are Instant account opening, convenience, reliability, prompt resolution to complaints and partnerships. This is how we plan to disrupt the market and delight our customers.”

With a strong ecosystem centred around the “best talents Nigeria can offer, as well as innovation,” Mr Femi Bakre explained that the company’s electronic app is fitted to help deliver on all its value propositions.

He also listed several fringe benefits provided to consumers of this record-breaking financial institution, as well as unique features that distinguish Parallex Bank as a profoundly customer-centric brand in Nigeria.

“To deliver on these propositions, we developed the mobile app with features and benefits that are quite rare in this market. On the Parallex mobile app, you can create your unique account number. You can increase you transfer limit. You can transfer money to any bank in Nigeria, five times per day for free. You can request for a free debit card, which can be delivered to you for free. You can also send inquiries on the app, and these will be attended to swiftly.

“There is more! You will enjoy up to 5% interest rate on your current account provided you maintain a minimum average balance of N100,000. Every personal banking customer that maintains account with us will also enjoy zero maintenance fee. In this new era, Parallex Bank is indeed the enabler of limitless banking. This is our brand promise to customers.”


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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