Believers 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.
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 headquarters 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 “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 Phillips, is the bank’s chairman.