Brands We Love: VFD Microfinance Bank

  VFD Microfinance bank is one of Nigeria’s leading digital banks. Physically headquartered in Lagos, it serves hundreds of thousands of customers across Nigeria, especially in the country’s major cities. It offers a range of products and sub-services that are similar to what traditional brick-and-mortar banks provide. These include bank accounts for individuals, SMEs, and corporate organizations.

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VFD Microfinance bank is part of the VFD Group, an investment company with a portfolio of more than 40 businesses in various sectors of the local economy. While its parent organization has been active since 2009, the digital bank itself was launched in 2020. It has grown rapidly, and is now a major player in the neo-bank category of Nigeria’s financial services industry, The most widely recognized and used product from VFD is ‘VBank’ (or ‘V’), a digital banking platform that’s accessible via a dedicated mobile app. On it, users can set up fixed, joint, and savings accounts, and set a savings target. One attractive thing about the platform is that it grants savers much higher interest on their savings than they would get from most regular banks. And that’s beside the convenience that it affords them. VBank doesn’t impose charges for transactions carried out with it, and there are no account maintenance fees for its accounts. Customers can make transfers, pay bills, transact with QR codes, and initiate cardless withdrawals. It also comes with budgeting and analytics tools that allow its users to take charge of and track their spending. What’s more, it can issue them multiple debit cards.

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Persons who want to open an account with VBank can do so in just a couple of minutes. All that’s required are their Bank Verification Number (BVN) and phone number. No paperwork is needed. If they are concerned about keeping their funds safe, they can utilize the biometric login feature to ensure that they alone can access their accounts. The interest payment that customers get partly depends on the type of account they have with VBank. The Target Savings Account guarantees returns of up to 8% per annum; the Fixed Deposit Account yields annual interest payments of up to 14% on savings. V is able to deliver these because it functions with lower operating overheads and customer acquisition costs compared to traditional banks. The VBank mobile app can be downloaded from the Google Play Store (for android phones) and Apple App Store (for phones that run on iOS).

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VFD Microfinance Bank also has a VBank equivalent for businesses, called VBiz. This platform allows SMEs and corporate organizations to open and manage bank accounts, and carry out transactions involving those accounts. In the past couple of years, VFD Microfinance Bank has gained recognition from various quarters for the services that it provides. It has also won awards, including the Gage Award for Banking App of the Year, which it picked up in 2021 and 2022. Featured Image Source: MakeMoney NG

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This article was first published on 11th January 2023

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