Parallex Bank

Parallex Bank Limited
FormerlyParalled MicroFinance Bank
TypePrivate Company
FoundedMay 2008; 15 years ago (2008-05)
1261 Adeola Hopewell St, Victoria Island, Lagos, 106104 Lagos State
Area served
Key people
Dr. Adeola Adejoke Phillips

Femi Bakre
Managing Director

Parallex Bank Limited is a Nigerian financial services provider that operates as a licensed commercial bank, regulated by the Central Bank of Nigeria, the country's central bank and national banking regulator. It is the first and only Microfinance Bank to transit to a Commercial Bank in Nigeria.


2008 - 2009

Parallex Bank, previously called Parallex Microfinance Bank. was first incorporated as a limited liability company with paid-up share capital of 2.76 billion naira in May 2008 and by January 2009, Parallex Microfinance Bank obtained a license from the Central Bank of Nigeria to operate as a Unit Microfinance Bank with Femi Otenigbagbe as MD/CEO. Femi Otenigagbe held the office from inception till 2019.

2009 - 2013

By March 2012, Parallex Microfinance Bank upgraded from a Unit to a state Microfinance Bank, and by October 2013, it obtained it was licensed by the Central Bank of Nigeria to operate at National level, becoming one of the ten National Microfiance Banks in Nigeria in 20 months of operation.

2013 - 2021

After operating for ten years, Parallex Microfinance Bank applied to the Central Bank of Nigeria for a Commercial Banking License and by November, received an Approval in Principle for conversion from a MicroFinance to a Commercial Bank. By January 2021, Parallex Microfinance Bank was granted a Commercial Banking Regional operating license to operate as Parallex Bank Limited. As at the time of Parallex Bank's transitioning, it left behind 875 Microfinance Banks in Nigeria, out of which 9 have national licenses, 98 operate at state level, and 768 operate as Unit Microfinance Banks. In 2021, Mr. Femi Bakre was appointed as managing director of Parallex Bank.

Awards and Recognitions

2015 2015 Best Internet bank Nigerian Banking Tech Awards
2015 Best Technology bank Nigerian Banking Tech Awards
2022 Most outstanding young commercial bank in Nigeria Marketing Edge Awards and Summit
2022 Challenger Bank of the Year BusinessDay Banks and Other Financial Institutions Awards
2023 Most Innovative Bank 2022 Champion Newspapers
2023 Regional Bank of the Year 2022 National Daily Newspapers


In 2022, Parallex Bank introduced and sponsored a new category of Awards at the Headies, 'The Humanitarian Award' where the winner receives 10 million naira for donation to charity along with a headies plaque.

See also

This page was last updated at 2023-06-18 14:04 UTC. Update now. View original page.

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