Palallex Bank Becomes First Microfinance Bank to Transform to Commercial Bank

Palallex Bank Becomes First Microfinance Bank to Transform to Commercial Bank

  • A Nigerian microfinance bank, Paralllex Bank has move to the commercial banking hemisphere after launching over 10 years ago
  • The bank said it made the decision in order to provide a top-notch financial service to its customers
  • According to the bank's statement, it will drive massive growth and employ the best technology as it focuses on satisfying the customer

A microfinance bank in Nigeria has blazed the trail and transited from a small player in the microfinance sphere to a full-fledged commercial bank.

Parallax bank, launched in 2008 as a microfinance bank, announced its decision on January 14, 2022 to jump into the fray and compete as a commercial bank in Nigeria.

Parallex Bank
Board Members, Parallex Bank, Vale Odu-Thomas, Thomas Ehis Amenkhienan, Adeola Phillips, Mr. Olufemi Bakre, Mr Ernest Ndukwe, Deputy Governor of Delta State, Mr. Kingsley Otuaro Credit: Prallex Bank
Source: UGC

In a press release sent to, the bank said it has set out to redefine the banking topography in the country and Africa as a whole.

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Now in the big league

During the launch of the now commercial bank, several prominent persons attended the event including the Deputy governor of Delta State, Kingsley Otuaro, ex-Executive Chairman of Nigerian Communications Commission (NCC) Ernest Ndukwe, non Executive Directors 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 and Mr Bolaji Balogun.

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The bank’s chairman, Adeola Philips said the bank is entering into the commercial banking space to drive consumer-focused innovation and also move the banking industry forward.

She emphasized that the company’s goal is to drive convenient and efficient commerce via the bank’s digital platforms.

Customer-focused services is the goal

According to her, Parallax mobile app has been designed to give enhanced flexibility to customers and reduce hassles encountered by bank customers.

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She said:

"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.

The Managing Director of the bank, Olufemi Bakre echoed the chairman’s statement and said the bank is an enabler of banking without limits, saying the goal is to become the preferred financial solutions provider to customers.

Bakre said:

“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.

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Microfinance bank beats Dangote reports that information compiled by Statisense from National Pension Commission (PENCOM) has revealed that Dangote Cement Nigeria, the most valuable company on the Nigerian exchange, is not among the top five employers of labour.

The report released recently also showed that Commercial, Microfinance banks, Security, construction companies have more employees on their payroll.

According to the report two construction firm, Julius Berger of Nigeria and Chinese Construction Company(CCECC) are the highest employer of Labour in Nigeria for 2021.


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