Parallex Bank Debuts, To Offer Free Transfers, Account Maintenance

Parallex Bank Limited, the latest regional bank in the country, has made its debut in the Nigerian banking space promising customers no charges on the first five transfers to any bank within the country every day.

Speaking at the launch of the bank, managing director and chief executive of the bank, Mr. Olufemi Bakare said the aim of the bank is to give customers a new experience in banking.

Bakare noted that Parallex Bank seeks to cut down the burden of bank charges on its customer noting that with Parallex, customers will not only make five transfers without charges daily, but will also not have to pay account maintenance charges.

He also said as part of perks that customers would enjoy when they bank with Parallex, “free debit cards, which will be delivered to them for free.

“Also customers will enjoy zero maintenance fees while current account holders will further enjoy up to five per cent interest rate provided, they maintain a minimum average balance of N100,000.”

Noting that the bank will be investing heavily on its digit platform to further advance it, he said currently, “Parallex has a robust product portfolio that is customer focused, innovative and simple. Customers can choose to create their unique account numbers, increase their transfer limits, “

In her address, chairperson of the bank, Dr Adeola Phillips said Parallex Bank is set to make a unique statement about what innovation can do in an industry that is constantly reinventing.

She stated further that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers.

“The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms.”

She added that the Parallex mobile app offers customers the freedom to do much more.

“The app will eliminate inconveniences and hardships often faced by customers while carrying out transactions.

“The bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms,” she stated.

The bank which received its regional banking licence last year is the first bank in the country to transition from a microfinance bank into a full fledged commercial bank.

While it was a microfinance bank, it was assigned ‘BBB+’ ratings by Agusto & Co and it was ranked one of the first five in the industry with 10 branches across the country.