Parallex Bank Limited has been named Innovative Bank of the Year 2026 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, in recognition of its investments in digital banking, technology-driven financial solutions and customer-focused service delivery.
In a statement, it stated that the award underscores the bank’s efforts to leverage technology to simplify banking processes, improve access to financial services and create greater value for individuals and businesses.
Since becoming the first microfinance bank in Nigeria to transition to a commercial bank, Parallex Bank has continued to strengthen its digital infrastructure and expand its range of technology-enabled services.
Its digital banking ecosystem spans mobile banking, USSD, corporate and retail internet banking, merchant and payment solutions, cards and remittance services, providing customers with multiple channels through which to access financial services.
The bank’s approach to innovation, according to the institution, goes beyond the adoption of technology to improving how customers interact with and experience banking services.
Its strategy places emphasis on convenience, accessibility, reliability and solutions that address the changing needs of customers.
Commenting on the recognition, the Managing Director and Chief Executive Officer of Parallex Bank, Olufemi Bakre, said the award reflected the bank’s commitment to rethinking traditional banking processes and developing solutions that deliver greater value to customers.
“For us, innovation must ultimately translate into a better experience and greater possibilities for our customers. We continue to invest in technology and solutions that make banking simpler, more accessible and more responsive to the needs of individuals and businesses. This recognition is an affirmation of that commitment and, importantly, a challenge to us to keep raising the bar,” Bakre noted.
He added that the recognition also acknowledged the contributions of employees across the bank.
He noted that their efforts remained central to translating its digital ambitions into practical solutions and improved customer experiences.
The award comes amid growing emphasis on digital transformation across Nigeria’s financial services sector, as banks continue to deploy technology to enhance service delivery, improve customer engagement and expand access to financial products.
For Parallex Bank, the recognition further highlights its focus on integrating technology, innovation and customer experience into its banking operations.
The bank said it remained committed to strengthening its digital capabilities and developing financial solutions that respond to the evolving needs of individuals and businesses, in line with its brand promise to empower customers to “Be Limitless.”