Parallex Bank has once again solidified its place among Nigeria’s leading innovative financial institutions, clinching the “Digital Financial Groundbreaker of the Year” award at the Banks and Other Financial Institutions (BAFI) Awards organized by BusinessDay Newspaper.

The recognition, presented at a grand ceremony in Lagos over the weekend, marks the third consecutive win for Parallex Bank at the prestigious industry event. The bank had earlier bagged the “Challenger Bank of the Year” award in 2023 and the coveted “Bank of the Year” title in 2024.

Receiving the award on behalf of the bank, Head, Treasury and Institutional Bank, Parallex Bank Limited, Mr. Ayodeji Abimbola, described the honour as a validation of Parallex Bank’s unwavering commitment to redefining customer experience through technology and innovation.

“This award is not just for Parallex Bank, but for every customer who believed in our vision to deliver borderless banking experiences,” Abimbola said. “We remain focused on leveraging cutting-edge digital solutions to simplify financial services and empower individuals and businesses across Nigeria and beyond.”

According to BusinessDay, the award recognises financial institutions that have demonstrated exceptional innovation, efficiency, and customer-focused service delivery through digital transformation.

The organisers commended Parallex Bank for its “trailblazing initiatives in digital banking, seamless service integration, and its strong push toward financial inclusion.”

Industry observers noted that Parallex Bank’s consistent wins at the BAFI Awards highlight its rapid rise from a challenger bank to a major player in Nigeria’s competitive financial services landscape.

Since transitioning into a full commercial bank, Parallex Bank has distinguished itself through user-friendly digital platforms, transparent banking practices, and social impact initiatives aimed at empowering SMEs and underserved communities.

Reacting to the award, the Managing Director, Parallex Bank, Dr. Olufemi Bakre said the bank’s journey has always been about challenging the status quo, and “we’re proud to be a bank that leads with innovation, integrity, and impact.” Bakre added

The BAFI Awards, now in its 12th edition, celebrates excellence and leadership across Nigeria’s banking and financial sector, recognizing institutions that have made remarkable contributions to industry growth and customer satisfaction.

With this latest accolade, Parallex Bank continues to strengthen its reputation as one of the most forward-thinking and digitally driven financial institutions in the country.