THE Nigerian banking sector has witnessed the birth of its newest player, the Parallex Bank. Registered as a Micro Finance bank in 2008, the financial institution completed its transition into a full-fledged commercial outfit on Friday, January 14, a year after obtaining its license having paid its N10bn minimum Paid-up capital for regional banking.
The bank appears set to change the competitive financial sector the same way Globacom changed the country’s Telecommunications sector. Glo, as it is better known, crumbled existing stifling charges by other networks at the advent of mobile telephony by introducing the per second billing system as opposed to existing N50 per minute charges.
Among others, the bank unveiled a number of juicy and innovative incentives for prospective customers, a move seen as an indication of its readiness to revolutionize the country’s banking sector, enough to give its long established peers a run for their money.
In the main, the bank announced that it will be offering to prospective customers an unsecured, collateral free loan of up to N10m. Put differently, its loan-seeking customers will not be required to provide any collateral to obtain loans within the N10m range. The is markedly different from the practice in existing conventional banks which make the provision of collateral a pre-requisite for loans of whatever hue. They also give our loans when the collateral or assets are of the same value, but mostly higher than sought loan.
In addition, Parallex Bank promised to offer five daily, interest-free, Interbank Transfer for all its customers, adding that it will not charge any Maintenance Fees on all accounts.
Other packages include high commission on account opening, free checkbook and POS, salary advance or overdraft, medical/student loans and free Debit Card. Unlike the case in existing commercial banks were debit cards are obtainable with the payment of N1000, usually deducted from an intending recipient’s account, Parallex Bank debit cards will be given out without any cost to the customer, both inside its banking halls or by delivery.
Already, its launch on Friday, its entrance is drawing huge rave reviews among Nigerians with the promise by its management to provide unparalleled innovative services with specific benefits to prospective customers.
The outlook, according to its Managing Director, Olufemi Bakre, is borne out the desire to be an enabler of limitless banking.
“The Management, and the staff of Parallex Bank Limited have adopted and shall operate by S.E.E.E.D.D, an acronym which stands for Speed, Execution, Extra mile, Executive touch, Digital innovations, and Discipline. This we do, by making available to all Nigerians, our unique digital platforms that make our services available anytime, anywhere.
“Our value propositions to our customers are Instant account opening, convenience, reliability, prompt resolution to complaints and partnerships. This is how we plan to disrupt the market and delight our customers.”
The vision of Parallex Bank, according to He also said the vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation.
The bank also promised an exciting digital experience for its customers. The move, according to its chairman, Adeola Phillips, is aimed at driving a consumer-oriented services.
“We see our coming to the market as an opportunity to empower the banking public and to drive convenient and efficient commerce through our digital platforms. This will undoubtedly position us further to meet the needs of modern banking customers.
“Parallex Bank Limited will disrupt the market and delight customers with very attractive offers. Most transactions on Parallex mobile app are free but beyond that, customers will have the freedom to do much more with the app. Our platform will eliminate inconveniences and hardship often faced by customers while paying for goods and services,” she said.