Christ Embassy Launches Commercial Bank In Nigeria

A commercial bank that is centred on redefining customer experience through digital innovation has been launched by Loveworld Nation, popularly known as Christ Embassy. Parallex Bank was said to be a microfinance bank before it got the license to run full banking services by the Central Bank of Nigeria.

Last weekend, the launching of its transition into a commercial bank was held at Victoria Island, Lagos. While speaking during the launching, the Chairman of the bank, Pastor Adeola Phillips said, ‘’Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing. 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’s digital platforms. 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.’’

Also, Managing Director of the bank, Olufemi Bakre said, ‘’The bank’s promise to its customers is to be an enabler of limitless banking. Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank. Parallex Bank will achieve more as it partners with customers to explore more business opportunities.”

According to the website of the bank, “Parallex Bank Limited was incorporated as a limited liability company on May 22, 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."

Some of the features of the bank include, no maintenance fees on all accounts and five free interbank transfer daily. Also, the bank stated that it will be leveraging the best talents and technology to deliver unparalleled value to its stakeholders.

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