The Managing Director of Parallex Bank, Olufemi Bakre, announced yesterday that the bank is planning to open 12 new branches before the end of the year; adding that the current disruption to the banking industry from the financial technology sector will have no effect on Parallex Bank’s value proposition. He said this at the official opening of its Marina branch in Lagos Island.
His words: “We are still investing to remain competitive. The fintech arrival or disruption is not a disruption to our value proposition to our customers, rather, we are a bank to compete with, and a bank to beat.”
While attending an insurance sector workshop last October, the former governor of the Central Bank of Nigeria, Godwin Emefiele stated that the rapid evolution of fintech has indeed altered the global financial landscape, and called for regulatory frameworks to guide the activities of the fintech firms.
Bakre further encouraged other microfinance banks to transition into commercial banks so as to boost offerings in the market. He said, “We are coming out as a model to encourage other microfinance banks to come out, and compete with us. Technically, we are less than two years and irrespective of our newness and age, I‘m pleased to inform you that the bank has not only broken barriers; we are on a profitability path. As a bank, we have over 100,000 customers and this is just the starting point.”
In her welcome address, the Chairman of the bank, Dr Adeola Philips, said, “In the coming week, we are set to open five new branches in strategic locations in Lekki, Abuja, Ibadan, Warri and Isolo. These expansions define our unwavering commitment to reaching more communities, serving more customers, and contributing to the economic growth of our nation.”