Parallex Bank Limited is launching a robust financial support programme to strengthen the capacity of all 20 Local Government Areas and 37 Local Council Development Areas in Lagos State.
The programme underscores Parallex Bank’s commitment to grassroots governance and aligns with its vision of empowering local authorities to deliver improved services, stimulate economic growth, and enhance community welfare.
The bank has earmarked a global facility limit of N4 billion for this programme, with flexible terms and a 30-day clean-up cycle to ensure financial discipline and sustainability. The programme will provide financial tools to local governments, elected officials, contractors, and suppliers, ensuring the entire local government value chain benefits from improved liquidity and financial flexibility.
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According to Mr. Frank Alarapon, Chief Digital Officer and Head, Retail and SME Banking at Parallex Bank, “Local Governments are the closest tier of governance to the people, and their success directly impacts the well-being of millions of Lagos residents.”
The bank’s initiative is a partnership aimed at promoting fiscal responsibility, driving infrastructural development, and enhancing the delivery of essential services.
The programme offers a range of financial solutions, including asset-backed financing, mortgage services, digital revenue collections, and trust and legacy planning. This commitment forms part of Parallex Bank’s broader mission to redefine relationship banking, support sustainable development, and contribute meaningfully to Nigeria’s socio-economic transformation.
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