| Parallex Bank Limited | |
| Former Name: | Paralled MicroFinance Bank |
| Type: | Private Company |
| Genre: | Banking |
| Location City: | 1261 Adeola Hopewell St, Victoria Island, Lagos, 106104 Lagos State |
| Location Country: | Nigeria |
| Area Served: | Nigeria |
| Key People: | Dr. Adeola Adejoke Phillips Chairman Femi Bakre Managing Director |
| Industry: | Finance |
| Services: | Banking |
Parallex Bank Limited is a Nigerian financial services provider that operates as a licensed commercial bank, regulated by the Central Bank of Nigeria, the country's central bank and national banking regulator. [1] In December 2023, Parallex Bank was awarded Reputable Bank of the Year by the Global Reputation Forum in UK for being the first bank and only bank to transit to from Microfinance to being a Commercial Bank in Nigeria.[2]
Parallex Bank, previously called Parallex Microfinance Bank, was first incorporated in May 2008, and began as a Microfinance Bank. Femi Otenigagbe held the office of MD/CEO from inception till 2019.[3]
By March 2012, Parallex Microfinance Bank upgraded from a Unit to a state Microfinance Bank, and by October 2013, it was licensed by the Central Bank of Nigeria to operate at National level, becoming one of the ten National Microfiance Banks in Nigeria in 20 months of operation.
After operating for ten years, Parallex Microfinance Bank applied for a Commercial Banking License and by November, received an Approval in Principle for conversion from a MicroFinance to a Commercial Bank. By January 2021, Parallex Microfinance Bank was granted a Commercial Banking Regional operating license to operate as Parallex Bank Limited. As at the time of Parallex Bank's transitioning, it left behind 875 Microfinance Banks in Nigeria, out of which 9 have national licenses, 98 operate at state level, and 768 operate as Unit Microfinance Banks. In 2021, Mr. Femi Bakre was appointed as managing director of Parallex Bank.[4]
| YEAR AWARDED | RECOGNITION | AWARDS | |
|---|---|---|---|
| 2015 | 2015 Best Internet bank | Nigerian Banking Tech Awards | |
| 2015 | Best Technology bank | Nigerian Banking Tech Awards | |
| 2022 | Most outstanding young commercial bank in Nigeria | Marketing Edge Awards and Summit[5] | |
| 2022 | Challenger Bank of the Year | BusinessDay Banks and Other Financial Institutions Awards[6] | |
| 2023 | Most Innovative Bank 2022 | Champion Newspapers[7] | |
| 2023 | Regional Bank of the Year 2022 | National Daily Newspapers |
In 2022, Parallex Bank introduced and sponsored a new category of Awards at the Headies, 'The Humanitarian Award' where the winner receives 10 million naira for donation to charity along with a headies plaque.[8]