Parallex Bank

Parallex Bank Limited is a Lagos-based commercial bank that began as Parallex Microfinance Bank, incorporated in May 2008. It later converted to a regional commercial bank licensed by the Central Bank of Nigeria (CBN). In December 2023 the UK-based Global Reputation Forum named it Reputable Bank of the Year, as the first bank to make that move from microfinance. The bank is led by Managing Director and CEO Dr. Olufemi Bakre, with Adeola Phillips as Chairman.

Parallex serves individuals, SMEs and corporate clients with savings, current and corporate accounts, prepaid cards, bill payments, transfers, loans, fixed deposits and POS devices. Its branches span three geopolitical zones, including the Federal Capital Territory. It has also partnered with the Lagos State Sports Commission on payment solutions for athletes.

In March 2026, Parallex announced that it had completed the CBN's recapitalisation programme, surpassing the ₦50 billion minimum for regional commercial banks. Management says the stronger capital base will expand lending capacity, deepen financial inclusion and support customer-focused innovation. With about 555 employees and a growing record of industry recognition, the bank enters 2027 as a young challenger with fresh capital behind its growth plans.