Parallex Microfinance Bank Ltd  is one of the national microfinance banks in Nigeria. It was incorporated in 2008 with its head office in Lagos.

Currently, Parallex Microfinance Bank has its Paid-Up capital in excess of the the Central Bank’s mandatory N2,000,000,000 (Two billion Naira).

BRANCHES:

The Bank has its head office located at 8A, Ogundana Street, Off Allen Avenue, Ikeja, Lagos, Nigeria

OTHER LAGOS BRANCHES:

Alausa Lagos: (Corporate House) 31b, Oyeleke Street, Alausa, Ikeja, Lagos

(+234) 8127189861(Head of Operations)

Allen Lagos: 8A, Ogundana Street, Off Allen Avenue, Ikeja, Lagos

(+234) 8127190405 (Head of Operations)

Dopemu Lagos: 24, Surulere Street, Dopemu, Lagos

(+234) 8127190360 (Head of Operations)

Oregun Lagos: 51/53, Kudirat Abiola Way, Oregun, Ikeja, Lagos

(+234) 8127190405 (Head of Operations)

Isolo Lagos: 1, Ago Palace way, Okota, Lagos

(+234) 7088642884 (Head of Operations)

ABIA BRANCH:

Aba: 5, Factory Road, Aba

(+234) 701531034 (Head of Operations)

ABUJA BRANCH:

Abuja: Plot 105, Durumi District, Abuja

(+234) 7034649575 (Head of Operations)

EDO BRANCH:

Benin: 1, Christ Embassy Way, Off Oba Erediawa Road, Off Ekehuan Road, Benin City

(+234) 8126193970 (Head of Operations)

CROSS RIVER BRANCH:

Calabar: 16, Eyo Etta Street, Off Barracks Road, Calabar

(+234) 8126194177 (Head of Operations)

DELTA BRANCH:

Warri: 100, Effurun/Sapele Road, (Water Resources), Warri

(+234) 8127190263 (Head of Operations)

RIVERS BRANCH:

Port Harcourt: 82, Psychiatric Road, Port Harcourt

(+234) 8027043364 (Head of Operations)

Parallex Microfinance Bank is best known for their unique ways of creating conducive banking surroundings or environment for its customers, stakeholders and employees in order to meet up with and fulfill their expectations.

They also help their customers attain economic and financial security success through constant growth and support.

VISION AND MISSION:

The Bank’s vision as stated on the company’s website is-

“To be a first -choice Micro Finance Bank known for poverty alleviation and wealth creation in the world”.

While the microfinance’ bank mission is-

“To upgrade the lives of people by providing them with the highest quality financial solutions.”

VALUES:

Parallex Microfinance Bank has its whole value summarized in the simplest term with the acronym “PICTURE”, which stands for:

  • P – Professionalism
  • I – Integrity
  • C – Creativity
  • T – Teamwork
  • U – Unity of purpose
  • R – Regard for People
  • E – Ethics

TYPE OF FINANCIAL PRODUCTS AND SERVICES:

As a financial service provider,  there is a wide range of products and services which prospective and current customers can benefit from.  They include the following:

1) Savings products:

  • – Parallex School fees
  • – Parallex Micro Savings
  • – Parallex Savings Account
  • – Parallex Freedom Account

2) Checking Products :

  • – Parallex Salary Account
  • – Parallex Corporate Current Account
  • – Parallex Premium Corporate Account
  • – Parallex Individual Current Account
  • – Parallex Premium Individual Account
  • – Fixed Deposit
  • – Term loans
  • – Call Deposits
  • -Esusu loans
  • – Temporary Overdraft

LOANS AND CREDIT FACILITIES:

The bank offers a loan facility which enables a beneficiary to have the opportunity of getting 60% of their one month salary. This can be paid back in installments over the course of three (3) months.

This special loan facility has the following features:

  • Customer must have Salary Account with the Bank.
  • Must present a Letter of comfort from employer (if required).
  • For confirmed employee or staff.
  • Little or few documentation required.

E-BANKING OR INTERNET BANKING

The bank also offers its customers all the full benefits can be derived from the emergence of online banking. With this Internet Banking, customers can manage their finances quickly, easily and at their own convenient time.

Below are some of the benefits offered by Parallex Microfinance Bank internet banking :

  • Enables customers access to their account no matter where they are in the world.
  • Offers facility for online real-time account control and monitoring.
  • Enables customers perform transactions from the comfort of their home/office conveniently.
  • Allows customers have easy access to their bank information and products.
  • Offers an easier, effective and cheaper means for their customers to interact with banks.
  • Provides cheap and easy way of communicating and reaching customers.
  • 24/7 access to account.
  • Monitor transactions, check balance, and printing of account statement.
  • Transfer funds, pay utility bills, etc.
  • Enables customers request, confirm and stop cheques.
  • Allows customers update their personal details.

INBRANCHING

This is a service offered by Parallex Microfinance Bank which allows it’s customers to deposit money to their Parallex bank account from or through any of the Sterling bank branch closest to them. This service is available for savings and current account holders.

Also, this platform allows their customers to make withdrawals from any Sterling Bank branch, and is available for only current account holders.

BENEFITS OF INBRANCHING TO CUSTOMERS:

1.Gives customers easy access to bank services regardless of location. in Nigeria.

  1. Online processing and immediate reflection of value (for both deposit and withdrawal).
  2. SMS alerts upon completion of transaction.
  3. Facilitates more easy banking since the bank is brought closer to the customer.

DEBIT CARDS:

The bank also offers Parallex Verve Debit (ATM) Card at all their branches which customers can apply for.

The Parallex ATM card allows customers withdraw from ATM machine anywhere in Nigeria, Pay on web, use in POS, Top-up Airtime, etc.

FOR OTHER INFO:

  • -Whistle Blower: unprincipled transactions should be sent to whistleblowing@parallexbank.com
  • – Our Customer Care: customercare@parallexbank.com
  • -E-business :    e-business@parallexbank.com

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