Abuja, Nigeria
Parallex Bank Limited has been featured in an editorial profile published by Forbes Scotland examining the role of digital banking in expanding financial inclusion across Nigeria. The article, titled “Driving Inclusion at Scale: Parallex Bank Powers Nigeria’s Digital Banking Expansion Nationwide,” was published on January 21, 2026, and is available at: Forbes Scotland.
Author: Mae Cornes, Forbes Scotland (UK-based business and finance publication).
The feature outlines Parallex Bank’s transition from a microfinance institution to a licensed commercial bank and reviews its deployment of agency and digital banking channels aimed at extending access to financial services in underserved regions.
According to figures cited in the article and attributed to Parallex Bank’s internal operational reporting for FY2025, the bank operates an agency network of more than 19,200 agents across 577 local government areas nationwide. These channels processed over 3.3 million transactions in 2025, representing transaction volumes totaling several billion naira. The publication notes that agency and mobile-led banking models are increasingly central to Nigeria’s financial services ecosystem, particularly in regions with limited branch infrastructure.
The editorial also places Parallex Bank’s strategy within broader industry trends, including the shift toward mobile payments, agent banking, and digital onboarding as tools to reduce barriers to entry for individuals and small businesses outside the traditional banking system.
“Our focus has been on building practical access points for customers who have historically been excluded from formal banking,” said Olufemi Bakre, Managing Director and Chief Executive Officer at Parallex Bank. “The Forbes Scotland feature reflects how agent and digital banking models can be applied at scale to support inclusion while maintaining regulatory and operational standards.”
The article further notes that Parallex Bank’s approach aligns with national financial inclusion objectives by combining geographically distributed agents with digital platforms designed for everyday transactions, savings, and payments.
About Parallex Bank Limited
Parallex Bank Limited is a Nigeria-based commercial bank headquartered in 1261 Adeola Hopewell Street, Victoria Island, Lagos, Nigeria, providing digital and agent-led banking services to individuals and businesses nationwide. The bank is licensed and regulated by the Central Bank of Nigeria (CBN) and operates a range of retail and digital financial services, including payments, savings, and agency banking solutions. Parallex Bank focuses on expanding access to formal financial services through technology-enabled delivery models.
Source:
Forbes Scotland
Last modified: February 6, 2026
