CBN approves Parallex Bank for export fee collection

The Central Bank of Nigeria (CBN) has granted its official endorsement to Parallex Bank for the collection of Nigeria Export Supervision Scheme (NESS) fees. The NESS Fee is a mandatory payment to the Federal Government for all legitimate goods exported from Nigeria, encompassing both non-oil and oil-based products.

In a circular signed by W.J. Kanya on behalf of the director of the trade and exchange department at Apex Bank, it was revealed that Parallex Bank Limited has been added to the roster of approved banks authorized to collect NESS fees.

Kanya noted that this approval was granted under the auspices of Wale Edun, the minister of finance, budget, and national planning. He called upon all authorised dealers and service providers to take note of this significant development.

Read also: Parallex Bank opens Marina branch, eyes 12 more

Olufemi Bakre, the managing director of Parallex Bank Limited, expressed his satisfaction regarding this milestone. He encouraged all authorised exporters to leverage Parallex Bank’s extensive banking expertise and consider the bank as their preferred financial partner.

Bakre assured exporters of seamless services when it comes to paying their NESS fees and conducting various other transactions with the bank. He extended his appreciation to the CBN for recognizing Parallex Bank as a trustworthy partner in collaboration with the Federal Government.

Read also: Parallex Bank emerges Nigeria’s outstanding young commercial bank

Parallex Bank transitioned into a commercial bank from a microfinance bank in early 2022. It opened five new branches across the country in September and revealed that 12 new branches will be opened before the end of the year.

Meanwhile, at the recent launch of its Marina Branch on Lagos Island, Bakre stated that the bank had hit milestones in its few years of operations.

He said, “Technically, we are less than two years and irrespective of our newness and age, I‘m pleased to inform you that the bank has not only broken barriers, we are on a profitability path. As a bank, we have over 100,000 customers and this is just the starting point.”