Christ Embassy Floats ‘Free’ Commercial Bank In Nigeria

The Loveworld Nation, also known as Christ Embassy, has officially launched the latest commercial financial institution in town, called Parallex Bank, with a view to redefining customer experience through digital innovation.

The Parallex Bank was formerly a microfinance bank until the Central Bank of Nigeria, CBN, granted it license to go into full banking services.

The transition into a commercial bank was launched on Friday at its headquaters in Victoria Island, Lagos.

“Parallex Bank Limited was incorporated as a limited liability company on the 22nd day of May 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,” the bank stated on its website.

Part of the special features of the bank includes “Free debit cards, 5 Free Interbank Transfer Daily” and “No Maintenance Fees on all accounts.”

According to the bank, “It will be leveraging the best talents and technology to deliver unparalleled value to our stakeholders.”

In her remark, Chairman of the Board of Directors, who is also the CEO of Loveworld Nation, Dr. Adeola Adejoke Phillips said the vision of the new bank is to be the preferred financial solution provider, not just in the country but in the world.

She further stated that 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 digital platforms.

She added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

The bank’s overall corporate policy is determined by a six-member Board of Directors.

 The Board takes decisions on policy matters aimed at meeting the company’s goals and objectives.