VFD Microfinance Bank

VFD Microfinance Bank

Industry	Banking
Headquarters	Nigeria
Services	Online banking
Parent	VFD Group
Website	https://www.vbank.ng

VFD Microfinance Bank is a fully digital bank with headquarters in Lagos, Nigeria. As a digital bank, it offers free banking services to Nigerians. ^{[1] [2] [3]} The bank was headed by Gbenga Omolokun as the managing director in 2021. ^{[4] [5]} It is currently headed by Rotimi Awofisibe as its managing Director. ^[6] VFD Microfinance Bank is a subsidiary of VFD Group - a proprietary investment company with Nonso Okpala as Managing Director/ CEO ^{[7] [8]}

Vbank

VBank (V by VFD or V) is a virtual bank and platform powered by VFD Microfinance Bank and was launched on March 25, 2020. It was created to offer free online banking. ^{[2] [9] [10] [11]} Currently, VBank has onboarded more than 500,000 active individuals and businesses on its mobile banking platform across Nigeria. ^[12]

Veelage

Veelage is VBank’s community-based reward system that allows customers to earn on the go. Veelagers are ranked and rewarded based on their active participation.

VBiz

VBiz is the VBank equivalent for businesses. It is an all-in-one platform enabling Corporate and SME (Small and Medium Enterprises) users to open, manage and transact from their V Bank Accounts.

Awards

In 2019, VFD Group under Okpala's leadership, debuted on the Nigerian Stock Exchange ^[13] later earning the "Listed Company of the Year" award at the 2023 Nigerian Exchange (NGX) Made of Africa Awards. ^{[14] [15]}

VBank has won the following awards:

• Gage Banking App of The Year, 2021. ^[16]
• Gage Mobile Banking App of The Year, 2022. ^[17]

References

1. "VFD Microfinance bank offers hope to workers, democratizing ownership". The Guardian Nigeria News - Nigeria and World News. 2020-05-02. Retrieved 2022-03-11.
2. Partners, N. M. (2020-11-09). "VFD partners with eBanqo to implement a Banking Chatbot across its messaging platforms". Nairametrics. Retrieved 2022-03-11.
3. "Digital bank records 250,000 users in one year". Punch Newspapers. 2021-04-06. Retrieved 2022-03-11.
4. "Omolokun Advocates Fintech Roadmap for Nigeria". Business Post. 2021-11-18. Retrieved 2022-06-23.
5. "VBANK SPONSORS WOMEN IN TECH GLOBAL; UPSKILLS 1,000 WOMEN AND GIRLS IN STEM". Brandcrunch. 2022-11-29. Retrieved 2022-06-23.
6. https://guardian.ng/business-services/vfd-microfinance-bank-strengthens-leadership-with-strategic-appointments/
7. "VFD to raise N7 billion, targets investments in financial services". The Guardian Nigeria News - Nigeria and World News. 2018-12-13. Retrieved 2022-03-11.
8. Odutola, Abiola (2020-03-06). "VFD MFB bridges banking gap, unveils V". Nairametrics. Retrieved 2022-03-11.
9. John, Janet (2021-04-26). "Fintechs compete with traditional banks, introduce free services". Nairametrics. Retrieved 2022-03-11.
10. "Everyone needs to get on the new VBank App". TechCabal. 2021-04-09. Retrieved 2022-03-11.
11. "2021 Nigeria Fintech Week: VBank leads discourse on innovative payment systems". Tribune Online. 2021-11-08. Retrieved 2022-03-11.
12. "Digital bank records 250,000 users in one year". The Punch. 2021-04-06. Retrieved 2022-06-22.
13. "NASD WELCOMES VFD GROUP PLC TO TRADE". nasdng.
14. "vfd-group-wins-equity-listing-of-the-year-at-ngx-made-of-africa-awards". thisdaylive.
15. "VFD Group Wins Award At NGX Made Of Africa Awards". nationaleconomy.
16. "Nairametrics, Vbank, MTN, Nengi Hampson, Josh2funny and others shine at GAGE Awards 2021". Nairametrics. 2021-04-26. Retrieved 2022-06-22.
17. "V Bank wins Mobile Banking App of The Year back-to-back". Vanguard News. 2022-06-20. Retrieved 2022-06-22.