Loveworld Nation, also known as Christ Embassy, has officially launched its own commercial financial institution, called Parallex Bank, with a view to redefining customer experience through digital innovation.
Christ Embassy owned micro finance bank, Parallex Bank transitioned into a commercial bank just last week Friday, with the Highly Esteemed Pastor/Dr Adeola Philips as Chairman of the board and Mr Olufemi Bakre as the Managing Director, having it’s head quarters in Victoria Island, Lagos.
Checks on the bank’s website revealed that Parallex was formally 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 licenced of 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 “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.”
The CEO of Loveworld Nation, DR PASTOR ADEOLU PHILIPS is the bank’s chairman.
This would be the first time in Nigeria that a micro finance bank transitioned into a commercial bank.
