Christ Embassy owned Parallex Bank breaks record

Christ Embassy owned micro finance bank, Parallex Bank transitioned into a commercial bank, ENigeria Newspaper reports.

The CEO of Loveworld Nation, Pastor Adeola Philips serves as Chairman of the Board, while Mr. Olufemi Bakre serves as Managing Director. The bank’s offices are located in Victoria Island, Lagos.

Loveworld Nation, also known as Christ Embassy, has founded Parallex Bank, a commercial financial institution aimed at revolutionizing customer experience through digital innovation.

Parallex was officially a microfinance bank until the Central Bank of Nigeria, CBN, awarded it a license to venture into full banking services, according to our correspondent’s research on the bank’s website.

On Friday, the shift to a commercial bank was officially announced at the bank’s headquarters in Victoria Island, Lagos.

ENigeria Newspaper reports that Parallex Bank Limited was established as a limited liability company on May 22, 2020, after successfully converting 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, according to the bank’s website.

“5 Free Interbank Transfers Daily” and “No Maintenance Fees on All Accounts” are two of the bank’s unique characteristics.

“It will be leveraging the best people and technology to create unprecedented value to our stakeholders,” the bank says.

This would be the first time in Nigeria that a micro finance bank transitioned into a commercial bank.