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Digital Banking is fast-growing in Nigeria and all over the world.
Customers are always happy to find alternatives to physical banking, as physical banking tends to come with a lot of stress and procedures.
Therefore, most banks have set up digital channels to meet their customers’ banking needs without stress. VFD Microfinance Bank is one such bank.
It is a fast-growing digital bank headquartered in Lagos Nigeria, and is worth the hype it gets.
Today we shall guide you through the seamless process of opening a VFD Microfinance Bank account and getting started on other VFD programmes.
VFD Microfinance Bank is a digital bank under VTECH. Its headquarters is in Lagos Nigeria, with Gbenga Omolokun as its managing director.
At VFD Microfinance Bank, it is commonly said that “everything happens on your phone.” This is because it is a 100% digital bank. Customers can perform all banking operations on their mobile devices.
The VFD mobile platform is known as VBank (or V). It was launched on the 25th of March, 2020 and currently boasts over 500,000 active users; both individuals and businesses.
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Many people ask the question, “What is the full meaning of VFD?”
Regarding its full meaning, VFD Group used to be called Viadaz FD, which was shortened to VFD Group. VFD Microfinance Bank is a subsidiary of the VFD Group and offers end-to-end Digital Banking to its customers.
VFD is a limited liability company that has several shareholders and the current CEO is Nonso Okpala.
V Bank is a comprehensive digital banking app providing seamless access to banking, lifestyle, and investment services around the clock.
Wave goodbye to tedious paperwork and embrace convenience.
Key Features:
VFD is a unique bank in Nigeria. Some of its core features are as follows:
You can open various types of VFD bank accounts, such as:
You can also make money on the digital bank by joining the VFD referral programme. Customers on this programme are known as Veelagers.
Whether you are looking to save or to join the Veelagers tribe, the first step to take is to register on the VBank mobile app.
Follow these steps to register on VBank:
When you have completed your registration, a VFD Microfinance Bank account number will be sent to your email and mobile number.
You can now carry out any transaction, including opening a separate target savings account.
The VFD Target Savings account is an automated savings system. It is suitable for customers who would like to meet their savings goals without interruption.
Once you automate the system, the set amount is deducted from your VFD Microfinance Bank account at the set date. You also earn some interest on your savings.
Follow these steps to open a VFD Target Savings account:
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You can open a VFD Universal Savings Account by following the steps below:
You can choose to lock your VFD Microfinance Bank account with the Fixed deposit account option.
The minimum saving period is 30 days at a 10% interest rate, and the maximum is 730 days at a 20% interest rate.
Follow the steps below to open a Fixed deposit account:
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Are you looking for a side hustle? Something to earn some extra cash from while you continue your full-time job?
Well, if you can sell VFD, then you can earn that extra cash.
Veelage is a referral programme by VFD Microfinance Bank where customers earn a certain sum for referring the digital bank to a certain number of persons.
Note that you must have an active account with VFD to qualify for this programme. The people you refer must also be active on the digital bank.
To get started on Veelage, follow the steps below:
You can also sign up on the VBank website here.
There are various levels on the Veelage referral game.
For each level, agents are required to refer the bank to a certain number of customers. The cumulative daily balance of these new customers must also hit a target amount before the agents qualify for a reward.
The table below outlines the agency ranks, the required number of customers to onboard, the expected customers’ cumulative daily minimum average balance (CCDMAB), and the amount to be earned on each milestone:
Rank | No of Customers | CCDMAB | You Earn |
Sergent | 25 | ₦500,000 | ₦30,000 |
Lieutenant | 75 | ₦2 Million | ₦50,000 |
Captain | 100 | ₦5 Million | ₦100,000 |
Major | 250 | ₦7.5 Million | ₦150,000 |
Colonel | 1000 | ₦25 Million | ₦500,000 |
General | 2000 | ₦100 Million | ₦1 Million |
Field Mashal | 3000 | ₦200 Million | ₦2 Million |
VFD Microfinance Bank offers a convenient USSD code service that allows customers to perform various banking transactions directly from their mobile phones.
By dialing *5037# from the mobile number registered with V Bank, users can access a wide range of services without needing an internet connection. Here’s a breakdown of what you can do with the VFD Microfinance Bank USSD code:
To use the VFD Microfinance Bank USSD services, simply dial *5037# from the phone number you registered with V Bank. Follow the prompts to perform various transactions, ensuring you have your 4-digit PIN ready for authorization.
The USSD service also provides easy access to saved beneficiaries, making transfers even more convenient. Whether you need to recharge your phone, transfer funds, pay bills, or withdraw cash without your card, the VFD Microfinance Bank USSD code offers a reliable and user-friendly solution.
Here is a more concise recap:
VFD Microfinance Bank is a reliable digital bank for Nigerians.
Below are some reasons you may want to consider banking with VFD:
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VFD Microfinance Bank has different channels by which customers can reach them, based on the issue at hand:
Contact | Issue |
Support@vbank.ng or call 02012271396 | Log complaints or make product inquiries |
Call 02012271396 | Business banking issues |
Dpo@vfd-mfb.com | Breach of personal data |
Compliance@vfd-mfb.com | Regulatory matters |
Click this link | Report a misconduct |
Frauddesk@vfd-mfb.com | Fraud |
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Yes, VFD Microfinance Bank is a real digital bank. It is a subsidiary of VTECH headquartered in Lagos Nigeria.
Small Microfinance Banks are required to have a minimum capital of ₦200 million. You would also pay a license application fee of ₦100,000 and a licensing fee of ₦250,000.
The VFD Microfinance Bank customer care number is 02012271396. You can also contact them via email at Support@vbank.ng.
VFD Group used to be called Viadaz FD, which was shortened to VFD Group. VFD Microfinance Bank is a subsidiary of the VFD Group and offers end-to-end Digital Banking to its customers.
VFD Microfinance Bank is indeed a reliable loan agency in Nigeria.
Its account registration and activation process are quite easy and accessible to many customers.
So, if you’re ready to meet your financial needs and are looking for a reliable digital bank, this bank should be among the top banks on your list.
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