VFD Microfinance Bank: Full Meaning and How to Get Started with the Digital Bank

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.  

What is VFD Micro-finance Bank? 

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. 

Also read: 8 Best Apps to Save in Dollars in Nigeria 2024

VFD Bank Full Meaning

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.

Who Owns VFD Microfinance Bank?

VFD is a limited liability company that has several shareholders and the current CEO is Nonso Okpala.

VFD Microfinance Bank App

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:

• Hassle-free account opening
• Quick transactions and bill payments
• High-yield investment options
• Budgeting and account management tools
• Card services and management
• Savings plan creation with friend invitations
• 24/7 live chat support

Features of VFD Microfinance Bank

VFD is a unique bank in Nigeria. Some of its core features are as follows: 

• It is a 100% digital bank 
• Customers can open various types of accounts, based on their desired results
• Customers do not need any paperwork to open a VFD Microfinance Bank account 
• Customers can save and invest using their account 
• Zero bank charges on customers’ first fifty (50) transactions 
• It offers vast loan options to its customers 
• Customers can perform all banking operations on the digital bank.

How to Get Started on VFD Microfinance Bank

You can open various types of VFD bank accounts, such as: 

• Savings Account 
• Target Savings Account 
• Fixed Deposit Account 
• Joint Account 

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: 

1. Download the VBank app from the Google Play Store or Apple App Store 
2. Click “Create Account”
3. Enter the required details (active phone number, date of birth, and referral code if any) and click continue
4. Take a selfie showing your face clearly and click “Use This Image”
5. Register with your Bank Verification Number or any of your active regular bank account numbers and click “Continue”
6. Enter the OTP sent to your phone number and click Continue
7. Enter your valid Email Address, which will be your username
8. Create and confirm your password
9. Create a 4-digit PIN to authorise transactions
10. Add your signature and a valid ID 

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. 

How to Open a VFD Microfinance Bank Account—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:

1. Login to your VFD Microfinance Bank account on the Vbank App
2. Click “Invest Now” 
3. Click “Open a Target Savings Account”
4. Set the start date, the frequency, the amount to be deducted per time, and the end date
5. Click “Continue” and input your PIN to authorise the transaction.

Also read: Nigerian Banks Resolve $132 Million USSD Debt with Telecom Providers

How to Open a VFD Microfinance Bank Account—Universal Savings Account 

You can open a VFD Universal Savings Account by following the steps below:

1. Login to your VFD Microfinance Bank account on the Vbank App
2. Click “Savings Plan”
3. Click “Universal Savings Account”
4. Confirm your details as prefilled 
5. Insert your account nickname
6. Click the T&Cs checkbox
7. Click “Confirm and Open Account” 
8. Finish up by inputting your PIN or biometrics

How to Open a VFD Microfinance Bank Account—Fixed Deposit Account

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: 

1. Login to your VFD Microfinance Bank account on the Vbank App
2. Click “Invest Now”
3. Click “Open Fixed Deposit Account”
4. Set the start date, the amount to be deducted, and the end date
5. Click “Continue” to view the maturity details and interest to accrue
6.  Input your PIN to authorise the transaction.

Also read: Wema Bank to Continue Operating Nationwide, Says CEO

How to Get Started on Veelage

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: 

1. Download the VBank digital bank from the Google Play Store or Apple App Store
2. Create a VFD Microfinance Bank account or log in if you have an existing account 
3. Click the Profile icon 
4. Click “Become a Veelager” 
5. Click “Sign up”
6. Enter your VFD Microfinance Bank account number 
7. Click the T&Cs checkbox
8. Change your password by following the link in your “Welcome” email
9. Get your referral code and start sharing it. 

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 USSD Code

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:

Key Transactions

1. Funds Transfer
   • Transfer funds within V Bank: Dial *5037*4*amount*account number#.
   • Transfer funds to other banks: Dial *5037*5*amount*account number#.
2. Bill Payments
   • Pay for services such as betting, Cable TV, electricity, and internet services.
   • To pay bills, dial *5037#, select the appropriate category (Betting/Cable TV/Other Bills), and follow the prompts.
3. Airtime and Data Purchases
   • Self-top-up: Dial *5037*1*amount#.
   • Airtime for a friend: Dial *5037*2*amount*beneficiary’s phone number#.
   • Data top-up: Dial *5037*3*phone number#.
4. Cardless Withdrawals
   • Generate a withdrawal code for use at ATMs or POS terminals: Dial *5037*9*2#, select ATM or POS, and follow the prompts.
5. Balance Enquiry
   • Check your account balance: Dial *5037*9*1# and authorize with your PIN.
6. PIN and Account Security
   • Reset your PIN: Dial *5037*9*3# to create or change your PIN.
   • Block your account or card: Dial *5037*9*5#.
7. ATM Card Activation
   • Generate a default PIN for ATM card activation: Dial *5037*10#.
8. One-Time Password (OTP) Generation
   • Generate an OTP: Dial *5037*9*4#.

Getting Started

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:

• Transfer to other banks: *5037*5*amount* NUBAN account number#
• Transfer to Vbank account: *5037*4*amount* NUBAN account number#
• Self-top-up: *5037*1*amount#
• Top up airtime for a friend:*5037*2*amount*beneficiary’s phone number#
• Data top-up: *5037*3*phone number#
• Betting: *5037*6#
• Cable TV: *5037*7#
• Other Bills: *5037*8#
• Cardless withdrawal: *5037*9*2#
• Balance enquiry: *5037*9*1#
• Atm card activation: *5037*10#
• Block account/card: *5037*9*5#
• OTP generation: *5037*9*4#
• Pin reset: *5037*9*3#

Advantages of VFD Microfinance Bank Slice Loan App

VFD Microfinance Bank is a reliable digital bank for Nigerians. 

Below are some reasons you may want to consider banking with VFD:

• You can open an account digitally; there is no need to go through long queues in the bank
• Opening an account does not require paperwork; just your BVN and phone number
• It adds no bank charges to customers’ first fifty (50) transactions 
• VFD encourages customers to save by adding a percentage to funds designated as savings, and 20% per annum on fixed deposits
• VFD makes banking easy with biometric login, cardless withdrawal, and other digitalised options
• It offers a variety of loan options.

Also read: How to Buy Bitcoin in Nigeria With a Bank Transfer

VFD Microfinance Bank Customer Care Number: Customer Service Channels

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

Also read: Nigerian Banks Stop Collection of Deposit Processing Fees

Frequently Asked Questions 

Conclusion: Get Started with VFD Microfinance Bank 

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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References

• www.wikipedia.org – VFD Microfinance Bank 
• www.vbank.ng – About Us, FAQs
• www.vbanksupport.freshdesk.com – Veelage FAQs