The latest entrant into the commercial banking industry in Nigeria, Parallex bank, has been revealed to belong to Loveworld Nation, also known as Christ Embassy.
Parallex bank was formally a microfinance bank until the Central Bank of Nigeria (CBN), granted it a license to go into full banking services.
Recall that The Street Journal had reported that in an elaborate ceremony at its headquarters on Adeola Hopewell, Victoria Island, Lagos, Parallex bank unveiled the logo of the bank and officially launched its brand in the presence of stakeholders and dignitaries from different walks of life.
Parallex bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank.
“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,” the bank stated on its website.
Part of the special features of the bank includes “5 free interbank transfers daily” and “No maintenance fees on all accounts,” The Whistler reports
According to the bank, “it will be leveraging the best talents and technology to deliver unparalleled value to our stakeholders.”
In her opening address, the chairman of Parallex bank, Dr. pastor Adeola Phillips said the bank’s emergence will make a unique statement and redefine what a bank should look like.
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