VFD Microfinance Bank is a financial institution that offers a range of services to individuals and businesses in Nigeria. Some of the benefits include savings accounts, loans, investments, insurance, and financial advisory. The bank claims to have a customer-centric approach and a digital-first strategy that enables it to provide convenient and accessible banking solutions. The bank also has a social impact arm that supports various causes and initiatives in education, health, and empowerment.
The bank is headed by Gbenga Omolokun as the managing director.
The bank has been operating since 2009 and has grown its customer base and network over the years. It has branches in Lagos, Abuja, Port Harcourt, Ibadan, and other major cities. It also has an online platform and a mobile app that allow customers to perform transactions and access their accounts anytime and anywhere. The bank is regulated by the Central Bank of Nigeria and the National Deposit Insurance Corporation.
The benefits of banking with VFD Microfinance Bank are:
– Competitive interest rates on savings and loans
– Flexible repayment terms and options
– Diversified investment products and opportunities
– Personalized financial advice and guidance
– Responsive customer service and support
– Secure and reliable technology and systems
Here are some of the pros and cons of VFD Microfinance Bank:
Pros:
- Free banking services
- Wide range of products and services
- Excellent customer service
- Innovative products and services
Cons:
- Not available in all countries
- Limited ATM network
- No physical branches
– Limited branch network compared to other banks
– High minimum balance requirement for some accounts
– Fees and charges for some services and transactions
– Delays or errors in processing some requests or complaints
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What services does VFD Microfinance Bank offer?
– Savings accounts: These are accounts that allow customers to save money and earn interest on their deposits. Customers can choose from different types of savings accounts, such as regular savings, target savings, and fixed deposit accounts.
– Loans: These are funds that customers can borrow from the bank for various purposes, such as personal needs, business expansion, education, or emergencies. Customers can apply for different types of loans, such as salary advance, asset finance, micro business loans, and education loans.
– Investment products: These are products that allow customers to invest their money and earn returns on their investments. Customers can choose from different types of investment products, such as treasury bills, mutual funds, bonds, and stocks.
– Other services: These are other services that the bank provides to its customers, such as money transfer, bill payment, ATM card issuance, mobile banking, and financial advisory.
Requirements of Opening an Account With VFD Microfinance Bank
To open an account with VFD Microfinance Bank, you need to download the VBank app from the Google Play Store or the Apple App Store and follow the steps to register.
You will need a valid means of identification, such as a national ID card, driver’s license, international passport, or voter’s card. You will also need to provide your BVN and a clear selfie. You can open an individual or a business account with VBank and enjoy free online banking services. VBank is powered by VFD Microfinance Bank, a subsidiary of VFD Group, a proprietary investment company with a portfolio of over 40 businesses across different sectors and geographies.
Things you need to know about VFD Microfinance Bank:
- VFD Microfinance Bank is a fully digital bank, which means that you can access all of your banking services online or through the VFD mobile app.
- VFD Microfinance Bank offers a variety of banking products and services, including savings accounts, current accounts, loans, and investment products.
- VFD Microfinance Bank is regulated by the Central Bank of Nigeria.
- VFD Microfinance Bank is a member of the Nigeria Deposit Insurance Corporation (NDIC).
How can I contact VFD Microfinance Bank?
You can contact the bank through any of the following means:
Address: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos.
Email: Support@vbank.ng
Phone: +234 908 752 2472, 01 2950814.
Conclusion
Overall, VFD Microfinance Bank is a reputable and innovative financial institution that caters to the needs and preferences of different customers. It has a strong vision and mission to provide quality and affordable banking services to the Nigerian market. It also has a social responsibility to contribute to the development and well-being of the society. However, it also faces some challenges and limitations that may affect its performance and customer satisfaction. Therefore, potential customers should weigh the pros and cons of banking with VFD Microfinance Bank before making a decision.
For more information about VFD products, you can simply visit their official website at https://vbank.ng/
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