V Bank App Review

The V bank app is powered by VFD microfinance bank.

VFD is a Lagos-based financial services institution operating in the microfinance banking sector. Vbank (www.vbank.ng) is a virtual bank, which is another label for saying it is a digital bank.

People have never really loved the idea of going to physical banks to make money transactions for various reasons.

Hence, it is better that there’s a mobile app that does all of that. And the solution is V Bank App where a virtual account is opened for you and you can carry out all transactions a traditional bank will offer to you.

No doubt, Just like Kuda Bank App, Vbank can be listed as one of the top fin-tech companies in Nigeria.

It is very safe to use V bank and all the services offered on the platform.

V bank app, also called V, is owned by VFD Microfinance bank which is one of the leading microfinance banks in Nigeria. VFD Microfinance Bank is registered in Nigeria and licensed by the Central Bank of Nigeria (CBN).

The funds you put in V bank is insured by the Nigeria Deposit Insurance Corporation (NDIC).

The head office address is located at 214 Broad Street, Lagos Island, Lagos State, Nigeria. VFD Microfinance bank is a member of the VFD Group.

Benefits of Using V Bank App

One advantage is that you don’t need to visit any physical building before you get registrations, complaints and any other transactions done.

V bank benefits

Another advantage is that it enables you to adhere to health and government agencies directive regarding physical distancing amidst this pandemic period.

You can also earn while you bank with V bank app. Imagine that, you can actually earn from your bank! What a great innovation.

Other benefits include:

  1. Zero transaction charges. Much about this will be discussed in the later part of this article
  2. You do not necessarily need ATM card to withdraw money which means you also will not be charged card maintenance fees.
  3. Competitive interest rates on savings
  4. Flexible fixed deposit
  5. Cardless withdrawal
  6. Payment of bills
  7. Budget planning
  8. Target savings
  9. Biometric security
  10. V bank allows its users to track their expenses and income, group budgets, and set spending limits.

This article will take you through some features of V Bank app, the newest digital banking app for Nigerians.

Their mobile app is user friendly and very easy to use. The VFD Bank Mobile Application is an innovative application that offers you access to digital banking solutions on the go.

It allows you to initiate transactions and manage your bank account(s) from your preferred mobile device as the focus at VFD Microfinance Bank, is giving you control of your finances with a bank in the palm of your hands.

The V Mobile App is your access to all things related to banking on the go.

Related: Paystack payments limited review – all you need to know

Uses of the VBank Mobile App

The VFD Bank Mobile Application is designed to help you:

  1. Open a valid NUBAN account in minutes using either a BVN number or an existing bank account
  2. Categorize your expense and set an expense budget to manage your income
  3. Open and maintain a target savings account
  4. Open a fixed deposit account with competitive interest rates
  5. Send money to 3rd parties accounts
  6. Pay utilities bills
  7. Make cardless cash withdrawal at designated ATMs
  8. Transfer funds and share transaction notifications directly from the application
  9. Invite friends and family to join the VFD Bank Mobile Application community with a cash gift
  10. Access service support directly from the application, either via call or sending an email
  11. Share transaction details on Whatsapp. This comes in handy when you need to show transaction receipts to someone on your contact. You can also add notes, add your picture, add your location and add transaction receipts.

You will need to download the V bank app of course. Which mobile platforms are supported?

You can use the app on iOS and Android devices. Go to the Apple store or Google play (Play store) to download the app.

Opening Your Account With Vbank

Opening a V bank account is easy and can be completed in less than 5 minutes.

The application enables you to create an account either by using an existing BVN number or an existing bank account number. The basic idea is to tie your Vbank to your BVN according to the central bank’s regulation.

  1. Here is the step by step guide to opening your Vbank account with your BVN
  2. Open the Vbank app
  3. Click on create account
  4. Enter your phone number, referral code and birthdate, then click continue. For the referral code use P57YZ
  5. Choose ‘use your BVN and your BVN-linked phone number to sign up’
  6. Enter your BVN and check the accompanying box
  7. Enter OTP sent to BVN number via SMS
  8. Enter email address
  9. Set password
  10. Confirm password
  11. Click continue
  12. Take a photo or select photo for photo validation and that of your ID card
  13. Allow VFD bank to take pictures and record video
  14. Take picture
  15. Click ‘send a photo of face’
  16. Create 4 digit PIN
  17. Here is the step by step guide to opening your Vbank account with An Existing Bank Account
  18. Open the Vbank app
  19. Enter your phone number, referral code and birthdate, then click continue. For the referral code use P57YZ
  20. Choose ‘use your existing Account from another Bank to sign up’
  21. Select bank, put your account number and checked the accompanying box
  22. Enter OTP sent to BVN number via SMS
  23. Enter email address
  24. Set password
  25. Confirm password
  26. Click continue
  27. Take a photo or select photo for photo validation and that of your ID card
  28. Allow Vbank take pictures and record video
  29. Take picture
  30. Click ‘send a photo of face’
  31. Create 4 digit PIN

With either of the above option, you will get an account number with Vbank opened for you.

After creating your account you will see a welcome message confirming the successful creation of your account.

Fund your account by depositing an amount of money so that it can be active. Also, use your account to make your various day-by-day transactions as it attracts zero transaction fees.

Features of the App

After successfully opening your account on the V bank app, you have the option of clicking on ‘Verify your identity’, ‘go to my dashboard’ or ‘see terms of use’ links.

When you click on ‘go to my dashboard’, you will find 5 menus at the bottom of the page, they are:

  1. Feeds (your dashboard)
  2. Analytics (shows overall and category income/expense)
  3. Payments (fund your account, transfer to own account, transfer to another account, pay bills, mobile top-up, cardless withdrawal and invite/redeem)
  4. Contact (send an email, call, and please read the FAQ link)
  5. More (customer profile, notifications, settings, set budgets, terms of use, privacy policy, open target/Fixed Deposit Account, etc.)

How to Fund Your Account

Click on the payments menu and tap fund my account.

You have the option to use either your traditional bank app or USSD codes to fund your account. Click on your preferred option and follow the on-screen instructions.

Related: List of All USSD loan codes to borrow money

The USSD codes normally start with each bank’s codes followed by 000 and a code generated by Vbank, connected to the specified amount you have chosen to deposit.

Type all the code generated for you on the phone number you use for transferring funds for your traditional bank account and your V account will be credited.

Creating A Second Account

Creating a second account on the V Bank App is a feature that allows you to save money, earn interest, and effectively manage your business’s expenses and income.

On the VFD Bank Mobile App, the new accounts you can create after signing up for a unique banking experience are Target Savings Account and Fixed Deposit Account.

Click on more and tap Target Savings Account/Fixed Deposit Account.

Target Savings Account

The Target Savings Account helps works like the weekly and monthly contribution thrift. As parents you can use the feature to save to meet up your children’s school fees and other expenses.

As a reward, Vbank give up to 20% of your first month’s contribution. You also enjoy 8% interest rate.

Here are some things to note:

  1. V gives 20% of your first-month contribution
  2. 8% interest rate
  3. You can create multiple target savings accounts for your children, one for each child
  4. The contribution can be made daily, the weekly or monthly, and the same amount as the first-month contribution
  5. Fixed Deposit

The fixed deposit account is a feature of the Vbank mobile app, that allows you to save and earn money at the same time.

At VFD Bank, the interest rates on fixed deposits are competitive with flexible tenure options.

How to Create a Fixed Deposit Account

Here is how to create a fixed deposit account. After clicking on Target Saving/Fixed Deposit Account under more, proceed with the following:

  • Enter debit amount
  • Select duration, Select account source
  • Click on open account
  • Click on confirm with pin
  • Enter pin
  • Receive ‘your fixed deposit account has been created successfully’ notification on the app

The table below contains the fixed deposit interest rate which is 1% higher than a traditional banking channel.

AMOUNT (NGN)TENOR: 30-60 DAYSTENOR: 61-90 DAYSTENOR: 91-180 DAYSTENOR: 181-360 DAYS
 %
100,000 – 0.099 million7.007.509.0011.00
1 – 4.99 million7.257.759.5011.50
5 – 9.99 million7.508.0010.0012.00
10 – 49.99 million7.758.2510.0013.00
50 and above million8.509.0011.0014.00

The interest rates were recently reviewed and increased.

To read the V bank app terms of use, click on the ‘more’ menu then Click on terms of use.

V Bank Transaction Charges

Unlike other apps that are laced with either unbidden or hidden charges, the V bank app is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.

Most of the transactions with Vbank app are free. Transaction charges that are applicable to the VFD Bank Mobile App are listed in the table below:

TRANSACTION TYPETRANSACTION CHARGE
COTNGN0.00 (FREE)
Account Maintenance FeeNGN0.00 (FREE)
SMS NotificationsNGN0.00 (FREE)
Email NotificationsNGN0.00 (FREE)
Mobile TopupNGN0.00 (FREE)
Cash Transfer – Self NGN0.00 (FREE)
Cash Transfer – VFD Bank accountNGN0.00 (FREE)
3rd Party Cash Transfer (charge per transfer transaction)NGN0.00 (FREE)
Cardless Cash Withdrawal (charge per cash withdrawal)NGN100.00
Bill Payment (charge per bill payment)NGN100 – NGN101

Withdrawals

You can make cardless withdrawal or request for a debit card to be used for withdrawing your cash.

Make cardless withdrawals at ATMs across the country without an ATM card by generating a code via the V bank app.

This function enables you to generate a code to make card-less withdrawals on cardless withdrawal enabled ATMs.

You can also request for a debit card linked to your account. Click on more and select request a debit card.

Supply the delivery address. However note that there are terms, conditions, and costs governing the issuance and usage of the Vbank card.

For cardless withdrawal, go to any Stanbic IBTC Bank, Fidelity Bank, Access Bank, GTBank, UBA Bank, or Polaris Bank ATMs to withdraw the cash.

Their ATMs are enabled for cardless transactions. Follow the following step by step guide to withdraw your money:

  • On the V Bank app click on payments
  • Click cardless withdrawal
  • Select source account, amount and set a 4-digit pin (for the withdrawal)
  • Confirm with your Vbank pin (the one you generated during the opening of the accounting process)
  • A passcode will be generated for you (it is usually an 8-14 digit pin) and you have 24 hours to use the code and the pin generated (you will also receive it as SMS along with the pin for withdrawal)
  • Visit the above-mentioned bank ATMs or any bank ATM enabled for cardless withdrawal
  • Press any key on the ATM to display screen prompts
  • Select pay code cash out
  • Enter 8-14 digit pin
  • Enter 4-digit pin (generated for the withdrawal)
  • Enter the amount and collect your cash

Summary of V Bank App Review

That’s it! Isn’t it interesting to have a digital bank account and earn from the bank?

V Bank app is here to offer you that and many more. Grab your phone, download the app, and create an account today. Remember the referral code is P57YZ. Happy banking with Bank.

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