Christian organizations (NGOs and churches) have been heavily involved in microfinance. Many charitable Christians have donated money to microfinancing, either on a personal level or through organizations like World Vision. It could be small “peer to peer loans” through something like Kiva or through private investment funds.
Microfinance has emerged as a larger movement whose object is “a world in which as everyone, especially the poor and socially marginalized people and households have access to a wide range of affordable, high-quality financial products and services, including not just credit but also savings, insurance, payment services, and fund transfers.”
Attracting support from major celebrities and political figures, microfinance was once seen as an easy way to lift people out of extreme poverty. By extending small loans to previously unbankable people this should allow them to start or grow small businesses. In turn, this then leads to income growth. Based on these predicted outcomes, the United Nations dedicated a year to microcredit in 2005. In 2006, a Nobel Peace Prize was awarded to Muhammad Yunus and the Grameen Bank.
A billion or more people still lack access to formal financial services. Instead, they rely on means of managing money which is usually more expensive, while offering less reliability and security. Typically one might have to borrow from local money lenders who could charge 20% interest per day. When done right, microfinance fills these critical gaps.
Best microfinance bank in Nigeria
Parallex Microfinance Bank is known for its ‘unique and distinct way of creating a conducive banking environment, where the expectations of our stakeholders, customers, and employees can be fulfilled. Parallex is known for helping customers to achieve success with economic and financial security.’ This will make the world a better place to live.
As a bank, our strength lies in possibilities provided it is legal and would bring growth and advancement to our community at large. All these, we are able to achieve by creating a platform where our employees can learn, grow and be fulfilled in their work. This will advance community growth.
Mission And Vision.
“The Vision Of The Bank Is To Be A First -Choice Micro Finance Bank Known For Poverty Alleviation And Wealth Creation In The World”.
“Our Mission Is A Commitment To Upgrading The Lives Of People By Providing Them With The Highest Quality Financial Solutions”
Open an Account
The Parallex Micro Savings is designed for low-income families or individuals to save for the future. Microsavings accounts work in similar ways to a regular savings account, however, they are designed around smaller amounts of money with the following features:
You can now open bank accounts online, so there no need to visit a branch. With internet banking, you can enjoy the convenience of managing your finances quickly and easily. If you need a loan and no matter what you need cash for, Parallex Loans has got you covered. They offer small loans from ₦ 50,000 upwards. You can apply online or visit a branch today.
Alternative banking – Parallex Esusu Account
This is a daily cash pick up by a certified agent. All funds collected are credited the same day and each customer has an ESUSU card which enables people to keep track of every cash collection. Members join in groups of ten or more. There is a daily collection of savings by members into a pool and there is a cross-guarantee mechanism. Daily loan repayments are expected and the amount to be borrowed will not exceed the total amount contributed by the group members.
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