Parallex Bank Awards N10m to Winners of Employee Innovation Challenge

Team Parallex Autopilot has won Parallex Bank’s 2026 Mayor’s Innovation Challenge, earning a N10 million cash prize and an all-expenses-paid trip to Ghana at the grand finale on November 3, 2026.

According to a statement, Parallex Bank launched the challenge on August 26 to give employees across the bank a way to bring forward ideas for growing revenue, reducing costs and improving day-to-day operations.

Teams advanced through successive rounds, presenting their proposals to a panel drawn from across the bank and from outside the organisation.

Managing Director and Chief Executive Officer of Parallex Bank, Olufemi Bakre, commended the participants for drawing on their experience to find better ways of doing business.

“Innovation thrives when everyone contributes. Through the Mayor’s Innovation Challenge, we have given our employees the opportunity to turn their ideas into solutions that drive efficiency and create value. We are proud of their efforts and look forward to translating these ideas into measurable business results,” Bakre said.

The challenge is part of how Parallex Bank puts its ‘Be Limitless’ philosophy into practice, giving employees a formal route to bring ideas from their day-to-day work to the people who can help develop them.