Parallex Bank Ltd. has been recognised as the Reputable Bank of the Year by the Global Reputation Forum in the United Kingdom.

The Chief Executive Officer of Parallex Bank, Dr Olufemi Bakre, who represented the bank at the event, made this known in a statement on Monday in Lagos.

Bakre said the award was presented at the 2023 Reputable Banks and Fintech Awards held at Westminster Bridge, London.

He noted that the rapidly emerging commercial bank in Nigeria, stood out among a select group of the most reputable banks and fintech institutions across Africa.

He said the Global Reputation Forum acknowledged Parallex Bank’s distinguished performance in corporate governance as the basis for the prestigious accolade.

Bakre expressed satisfaction with the award, emphasising that the award underscored Parallex Bank’s substantial impact on the Nigerian banking sector.

He highlighted that the bank’s commitment to its founding values has earned recognition from esteemed organisations through a series of prestigious awards.

Bakre reiterated the bank’s unwavering commitment to its “limitless banking” mantra, ensuring that every Nigerian experiences banking differently.

He emphasised the substantial investment in banking technology, enhancing customer experiences with seamless transactions on the bank’s platforms.

“Parallex Bank’s dedication to innovation and customer satisfaction recently earned it the esteemed title of the Agency Bank of the Year at the Businessday’s Banks and Other Financial Institutions Awards.

“This latest accolade not only solidifies Parallex Bank’s reputation as an industry pathfinder but also serves as a testament to its ongoing commitment to shaping the future of banking in Nigeria and beyond,” he said.

Bakre quoted Mr Tonye Indaminabo, the Chief Executive Officer of Reputation Poll International, as saying that Parallex Bank holds a unique position as the first and currently the sole financial institution to transition from a microfinance bank to a commercial bank in Nigeria.

“The annual Reputable Banks and Fintech Awards and Conference, orchestrated by Reputation Poll International, a globally acclaimed reputation-management firm, is strategically designed to recognise the exponential growth, accelerated progress, and transformative reforms within Africa’s banking and financial sector.

“The selection process is meticulously based on polls conducted among the public and customers, honouring and celebrating banks and fintech institutions that play pivotal roles in propelling Africa’s rapidly evolving financial landscape forward.

“Parallex Bank, a recipient of multiple awards, has consistently demonstrated excellence in banking practices, securing various accolades both locally and internationally over the past two years,” he said.