Formerly established as a Microfinance Bank in 2008, Parallex Bank is the first of its kind to convert into a fully operating commercial bank in Nigeria. It offers internet, mobile, personal, and business financial services amongst others. In this post, we’ve provided everything you need to know about Parallex Bank.
An overview of Parallex Bank
- 2008: Started as a Microfinance Bank.
- 2020: Incorporated as a limited liability company.
- January 2022: Completed transition from Microfinance banking into Commercial banking.
- Parallex Bank officially launched commercial banking operations on Friday, January 14, 2022.
Parallex internet banking
Internet banking, also known as online banking and web banking, allows customers of a bank to access their accounts and make transactions on web browsers.
Parallex Bank also offers internet banking to all its customers. Once you open a bank account with them and register for internet banking, you will have your login details and be able to make transactions on the web.
Registration for Parallex internet banking
To sign up for Parallex internet banking, kindly contact their customer care (details below) or visit a physical bank branch.
Login to Parallex internet banking
After creating a profile for your account on the internet banking portal, you can log in to your account here.
Parallex mobile banking
To provide the most convenient banking experience, Parallex Bank offers mobile and digital banking services to its customers. You can download the Parallex Mobile app to enjoy fast financial services on the go.
How to download the Parallex Bank Mobile app
Android
You can download and install the Parallex Mobile App from the Google Play Store. It has a small size of 20 MB and over 50,000 downloads. It currently has a review rating of 3.4 from over 300 users.
iOS
If you’re using an iOS device, you can download and install the Parallex Mobile App from the Apple App Store.Â
Parallex USSD Banking
As of the time of writing this article, Parallex Bank is yet to designate a USSD code for its banking operations. In the meantime, you can make use of their mobile banking and internet banking services.
Parallex Bank customer care
For questions and complaints, you can always contact Parallex Bank. They have customer support agents that will attend to you.
Customer care numbers
- 0700 727 25539
- 017002600
Parallex Bank head office address
Parallex Bank has a head office where they manage the banking services they offer. You can also visit the office if you have any complaints. It is located at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria.
Parallex Bank financial products, services and account types
Savings Account
Parallex Savings Account enables customers to attain financial independence while enjoying competitive rates. This account is suitable for all salary earners, youth, kids and anyone that’s not a heavy spender.
Account features
- Free Debit Card issuance and delivery
- 10 free monthly withdrawals on any ATM
- 5 free interbank transfers daily
- Debit Verve Card included
- 100% transparent costs
- High interest on target savings
- Deposit cheques and dividend warrants directly into your account
Current account
Parallex Bank Current Account claims to bring customers’ financial goals to reality. They can choose from their classic, gold, platinum and salary accounts.
Customers will also have access to digital transfers, account reconciliation and online financial advisory. E-statements and online feedback are also available.
Account features
- Access loans up to N10 million
- 10 free monthly withdrawals on any ATM
- Free Debit Card issuance and delivery
- 5 free interbank transfers daily
- Zero maintenance fee
- Real-time spending overview
- Deposit cheques and dividend warrants directly into your account
Fixed Deposit Account
Parallex Fixed Deposits give interested customers the opportunity to save their money for some time while also growing it. They can cash out the interest on the maturity date or decide to reinvest.
Fixed deposit features
- Guaranteed return on investment
- Negotiable and competitive rates
- Interest paid in full at maturity
- Auto-renewal upon maturity
- Earn while you save
Debit Card
Another financial product of Parallex bank is the Verve Debit Card. This card gives a customer 24/7 access to funds and card payments, both locally and internationally. It will be linked to your bank account and you can use it to make transactions on the web as well as in physical locations.
Debit card features
- Secure chip and PIN technology
- Nationwide accepted payment
- Cash withdrawals
- ATM funds transfer
- Bill payment
- Airtime top up
Parallex Bank loans (₦10,000,000)
All Parallex Bank customers can apply for and obtain personal loans of up to ₦10 million, as long as they’re eligible. This includes salary advances, tuition loans and other consumer loans.
How to apply for Parallex Bank loans
According to the instructions on their website, all Parallex Bank customers can apply for consumer loans when they open and transact on the Parallex Mobile App.Â
You can also apply for a loan by visiting their office address. If you have any challenges while applying on the mobile app, you can reach out to Parallex customer support.Â
Parallex Bank website
Parallex Bank has a website where you can see all information about them on the web and learn more about their services. The website is Parallexbank.com.Â
Parallex Bank Swift Code information
A SWIFT code is a set of 8 or 11 digits that represents a bank branch. You’ll need to use one when sending money internationally.
| Swift Code | PARANGLAXXX |
| Bank Name | Parallex Bank Limited |
| Bank Address | Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria |
| City | Lagos |
| Country | Nigeria |
Parallex Bank branch locations
If you’re trying to locate a Parallex Bank office, you don’t have to stress yourself. All you have to do is contact Parallex customer service and ask them to give you directions to the branch office closest to your location.
