Christ Embassy Adds a Bank to its Stable

It is with great pride and excitement that we officially introduce our own commercial financial institution called Parallex Bank. It is highly commendable that Chris Oyakhilome and Christ Embassy have launched the first Microfinance Bank to Transit to a Commercial Bank in Nigeria, where the Central Bank of Nigeria has granted it a license to go into full banking services.

The Nigerian Supreme Council for Ecclesiastical Affairs (NSCEA) has applauded the efforts of Chris Oyakhilome, who similarly through the Chris Oyakhilome Foundation International (COFI) was able to build a state-of-the-art health center and tuition-free school in Nigeria last year.

The launch of Parallex Bank is an opportunity to redefine the customer experience through digital innovation. The transition into a commercial bank was launched on Friday at its headquarters in Victoria Island, Lagos. The bank was officially launched on Friday, January 14, 2022, and it promises to change and improve the world of banking in Nigeria and Africa as a whole.

The Secretary-General of NSCEA, Bishop Funmilayo Adesanya-Davies, explained that: “this is not the first time Christian churches and ministries are working assiduously to combat the economic problems, illiteracy, backwardness, injustice, insecurity, health problems, and hazardous situations, in order to promote unity, peace, and progress, not only in Northern Nigeria but in the entire nation.”

Introductions to the Public

While introducing the bank to the public at the bank’s headquarters in Lagos, the Chairman of the bank and CEO of LoveWorld Nation, Pastor Dr. Deola Phillips, said that Parallex Bank would operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. According to her, the goal is to empower the bank customers and to drive convenient and efficient commerce through the bank’s digital platforms.

Deola Phillips further added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniences and hardships often faced by customers while carrying out transactions.

The Managing Director, Olufemi Bakre, corroborated the Chairman’s claims, by adding: “the bank’s promise to its customers is to be an enabler of limitless banking.”

Olufemi Bakre said the vision of Parallex Bank is to be the preferred financial solution provider redefining the customer experience through innovation. He assured customers of excellent banking products and services stating that the bank offerings are designed to address the yearnings of Nigerians.

The bank also has a strong product portfolio that is customer-focused, innovative, and simple.
According to Bakre, the bank has unique features and benefits that are quite rare in this market. On the app, customers can choose to create their unique account numbers, increase their transfer limits, make five free transfers per day to any bank in Nigeria. They can request free debit cards, which will be delivered to them for free. They will receive prompt responses to inquiries. He added that customers will enjoy zero maintenance fees while current account holders will further enjoy up to a 5% interest rate provided, they maintain a minimum average balance of N100,000 ($200).

According to the bank, “it will be leveraging the best talents and technology to deliver unparalleled value to our stakeholders.”

The bank also pays its staff an average salary of N88,200 monthly. This data is collated by 10 employees working with the Bank. The roles include Direct Sales, Team Lead, Client Service Manager.

We wish all the staff and management a huge success in this new endeavour!

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