Parallex Bank becomes Nigeria’s newest commercial bank

Parallex Limited, formerly a microfinance institution, has announced its move to commercial banking, making it the latest arrival into Nigeria’s competitive banking landscape.

The Lagos-based bank, which was founded in 2008, began its transformation on January 14, a year after receiving a license from the Nigerian Central Bank. Commercial banks have a greater equity structure and higher risk-adjusted capital costs.

A minimum paid-up share capital of N10 billion (for regional banking license) is required to obtain a banking license from the Central Bank of Nigeria. Parallex Bank stated that it was founded with the goal of redefining the banking scene in Nigeria and, by extension, Africa.

In her introduction, the bank’s chairman, Adeola Phillips, stated that the bank is entering the commercial banking area to encourage consumer-centric innovation that will propel the banking industry to new heights.