VFD Group, owners of VFD Microfinance Bank, has launched a virtual banking platform known as ‘V’. The digital bank will be used to create accounts via a mobile app. It will take less than two minutes to register.
Azubike Emodi, the Managing Director of VFD Microfinance Bank, spoke during the media launch event held in Lagos. He said that the digital bank was created to make banking more seamless for users.
The platform provides a more personalized banking experience for users. The V mobile app categorizes spending according to the location of the transaction. It also offers unlimited and free interbank remittances to users.
VFD Microfinance acquired the license for V in 2015. It decided to fully transition into a digital bank with the digitization of its services after obtaining the license and working with third-party providers for a while.
Those using V will be able to earn from referrals. As long as the referred keeps using the account, the user will keep receiving bonuses. With V, a user can create his or her own bank account and become a sales agent. This referral program was introduced to support the average Nigerian youth.