CBN Upgrades Parallex Microfinance Bank To DMB

CBN Upgrades Parallex Microfinance Bank To DMB

The Central Bank of Nigeria (CBN) has upgraded the status of Parallex Microfinance Bank Limited to that of a Deposit Money Bank (DMB).

The financial institution, which was barely three days old, according to its Chairman, Board of Directors, Dr. Adeola Phillips, secured the CBN nod to run as a conventional bank with a promise to support Nigeria’s economic growth.

Phillips stated: “Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing.

“We have a history of thriving during uncertainties. We will operate broadly with a competitive mindset. We will also support the growth of the nation’s businesses in an ethical manner while also subscribing to corporate governance at all levels.

“The emergence of Parallex Bank into the Nigerian market and subsequently into the global market will strengthen the e-banking space.

“And with the introduction of customer-centric, stress-free, and affordable products and services, our bank is set to offer competitive services that are a step ahead of competitors.

“This will be made possible with the adoption of new operational processes, implementation of modern business enterprises, heavy investment in banking information technology, expansion of operations, product innovations, and being more market focused.”

Corroborating Philips’ statement, the Managing Director of Parallex, Olufemi Bakre noted that a formidable financial institution had been put in place that would be recognised and connected within all spheres.

“In terms of vision, we want to be the preferred financial solution provider in this country, redefine customer experience through innovation.

“We are not going to do it the usual way primarily because the market is somehow saturated, and if you are coming to market at this point in time, certainly, you must have something new to offer,” he maintained.

Leave a Reply