Nigeria-based Parallex Bank has obtained a USD 10 million trade finance facility from the African Export-Import Bank ( Afreximbank ). Parallex Bank officials cited by nannews.

ng revealed that the financing was obtained under the Afreximbank Trade Facilitation Programme (AfTRAF). The financing was part of the bank’s strategies to assist other African banks to improve and complement existing trade finance lines. Parallex Bank wants to use the funds to create lines of credit for entities that operate in industries such as export, education, health, agriculture, and renewable energy.

Representatives from Parallex Bank also revealed plans to engage in product-based collaborations in an effort to increase transactions in specific and strategic segments. These include women-owned and managed businesses, as well as the creative industry. Afreximbank will work with Parallex Bank to provide technical assistance when it comes to capacity development and other training programmes that were designed to support the relationship between the two entities.

Afreximbank officials also talked about the financing facility and emphasised how it complements other trade facilities already in use by other partner banks in Nigeria and throughout the continent. These partnerships aim to help bridge the financing gap created by the withdrawal of international correspondent banks. More information about Parallex Bank According to premiumtimesng.

com, Parallex Bank transitioned to commercial banking in January 2022. Parallex Limited was previously a microfinance bank, and it announced its transition to commercial banking as well as its plans to enter the competitive Nigerian banking sector. The Lagos-based bank was registered in 2008 and launched its transition on 14 January 2022, a year after it received a licence from the Central Bank of Nigeria.

At the time, Parallex Bank officials revealed that the entity was entering the commercial banking space with the goal of driving consumer-centric innovation that would support the banking industry. While emphasising that the company’s goal is to drive convenient and efficient commerce through the bank’s digital platforms, officials also talked about the Parallex mobile app and how it was designed to provide improved flexibility while minimising friction when carrying out transactions. They revealed that most Parallex mobile app transactions are free and that the platform aims to eliminate inconveniences and hardships often faced by customers while paying for goods and services.

At the time, Parallex Bank highlighted its goals to improve customer experience through innovation and to become a preferred financial solution provider. .