CBN approves Parallex Bank for Nigeria Export Supervision Scheme fee collection

Parallex Bank has received authorization from the Central Bank of Nigeria to collect fees for the Nigeria Export Supervision Scheme (NESS). The approval was formalized through a circular signed by Dr. W.J. Kanya, representing the Director of the Trade and Exchange Department at the apex bank. Parallex Bank Limited is now included in the list of approved banks authorized to collect NESS fees.

The NESS Fee is a compulsory payment to the Federal Government for all legally exported goods from Nigeria, covering both non-oil and oil-based products.

Dr. Kanya highlighted that this approval was granted under the oversight of the Minister of Finance, Budget, and National Planning, Wale Edun. He called upon all authorized dealers and service providers to take note of this significant development.

In response to this milestone, Dr. Olufemi Bakre, the Managing Director of Parallex Bank Limited, expressed his satisfaction and encouraged all authorized exporters to utilize Parallex Bank’s extensive banking expertise, considering the bank as their preferred financial partner. Bakre reassured exporters of smooth services when it comes to paying their NESS fees and engaging in various transactions with the bank.

Parallex Bank transitioned from a microfinance bank to a commercial bank in early 2022 and has been expanding its reach. It recently opened five new branches across the country in September and revealed plans to open 12 more branches before the year’s end.

During the launch of its Marina Branch on Lagos Island, Bakre highlighted the bank’s accomplishments in its few years of operation. He emphasized the bank’s profitability path and the growth of their customer base to over 100,000, despite being less than two years in operation.