VFD Microfinance Bank unveils "V by VFD"

VFD Microfinance Bank today unveils its flagship product called V, Nigeria’s first truly virtual bank. This is a fully digital one-stop platform offering more to the banked and unbanked Nigerian users. This is coming at a time when consumers are groaning under the burden of high maintenance fees, bank related charges and other regulatory demands which banks pass unto the end users of the financial sector.

V is closing the gap which hitherto existed between established traditional banks and their customers. Experts behind V are taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets the objectives of the customer. Included in the development is a quarterly release update process led strictly by consumers needs and experience.

Early wins

Early adopters of V are impressed with the product in that it enables a stress-free banking interaction as well as allowance for flexible investment plan and financial discipline. A great number of users applaud the platform given to Small and Medium Enterprises as well as the retail customers.

Speaking on the unveiling, Azubike Emodi, MD/CEO, VFD Microfinance Bank, stated “We believe the banking customers should have better oversight of their account activities than what is currently obtainable; there are similar banking apps available but V is capitalizing on essential customer-centric features that are currently being ignored. One of such features is the fixed deposit option directly on V which empowers users to make key investment choice. At the heart of what we do is the customer, hence, we ensured V is built around the users. As new features are added and released every quarter, this roll out plan incorporates consumer feedback into every release.”

Furthermore, V allows the user to monitor expenses and income, categorize budgets, and set spending limits. V is available to download by searching for “V by VFD” on App store and Google Play store.

Another landmark feature of V is referral functionality (Veelage), which is also connected to monthly financial reward, this wealth building aspect of V is driven by your power of influence and ability to hustle. The Veelage referral community allows interested users of V to earn income and advance though the V community simply by getting a specified number of account holders signed up with a unique ID and maintaining an average balance. Speaking on this remarkable feature, Olukunle Salami, Business Performance Manager, VFD Group Plc noted this as a novel approach to marketing. It is a 2-way value proposition that ensures individuals can earn consistently for several months beyond the initial referral point.